Cumulative Problems 56. Roberta Santos, age 41, is single and lives at 120 Sanbome Avenue, Springfield, IL. 60781. Tax Return Pro Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. H&R BLOCK Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2016. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax. TAX SOFT Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $10,500. Roberta can document that she spent $6,500 for Jason's support during 2016. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2016, she has decided not to do so. Roberta provides all of June's support. Roberta's mother died on January 7, 2016. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October. On November 8, 2016, Roberta sells for $22,000 Amber stock that she had pur- chased for $24,000 from her first cousin, Walt, on December 5, 2011. Walt's cost basis for the stock was $26,000 2011. On December 1, 2016, Roberta sold Falcon stock for $13,500. She acquired the stock on July 2, 2013, for $8,000. , and the stock was worth $23,000 on December 5 Cumulative Problems 56. Roberta Santos, age 41, is single and lives at 120 Sanbome Avenue, Springfield, IL. 60781. Tax Return Pro Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. H&R BLOCK Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2016. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax. TAX SOFT Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $10,500. Roberta can document that she spent $6,500 for Jason's support during 2016. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2016, she has decided not to do so. Roberta provides all of June's support. Roberta's mother died on January 7, 2016. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October. On November 8, 2016, Roberta sells for $22,000 Amber stock that she had pur- chased for $24,000 from her first cousin, Walt, on December 5, 2011. Walt's cost basis for the stock was $26,000 2011. On December 1, 2016, Roberta sold Falcon stock for $13,500. She acquired the stock on July 2, 2013, for $8,000. , and the stock was worth $23,000 on December 5
