Complete: (End of Chapter 7) GROUP 5: CUMULATIVE SOFTWARE PROBLEM The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 16. On December 12, Irene purchased the building where her store is located. She paid $240,000 for the building and $100,000 for the land it is located on. Irenes store is the only business in the building. Ivan owned 1,000 shares of Behemoth Airline stock with a basis of $30 per share. The stock was purchased 6 years ago on June 10. Ivan sells 500 shares of Behemoth stock to his uncle Seth and 500 of the shares to his sister Sara for $5 per share on December 31, 2013. Assume for purposes of the continuation of this problem and the problem in Chapter 8 that the Incisors do not have $80,000 in private activity bond interest income. As a result, no AMT will be due. Required: Combine this new information about the Incisor family with the information from Chapters 16 and complete a revised 2013 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in the next chapter. Complete KEY NUMBER TAX RETURN SUMMARY CHAPTER 7 Comprehensive Problem 1 Schedule C, Gross Income (Line 7) ____________________ Form 4562, Depreciation on 7-year Property (Line 19c) ____________________ Schedule C, Depreciation (Line 13) ____________________ Schedule C, Total Expenses (Line 28) ____________________ Schedule C, Net Profit or Loss (Line 31) ____________________ Comprehensive Problem 2 Adjusted Gross Income (Line 37) ____________________ Itemized Deductions (Line 40) ____________________ Exemptions (Line 42) ____________________ Tax Liability (Line 61) ____________________ Tax Overpaid (Line 73) ____________________ Upload your files to the Assignment 6 Assignment area