Debra Simon is a single taxpayer She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868 Her social security number is 412 34 5670 For tax year 2016, Debra had the following income information Wages $ 155,000 Social security withholding 7,347 Medicare withholding 2,248 Federal income tax withheld 34,550 State income tax withheld 0 New Bank 1099 INT 5,500 Hope Bank 1099 INT 3,875 Debra had the following stock transactions during 2016 A 1099 B was received for the proceeds of each sale Transaction Purchased Sold Proceeds Cost Sale Expenses 300 sh IBM 01 05 09 5 11 16 $ 16,500 $ 14,100 $ 875 200 sh SMI 01 05 09 5 15 16 41,000 41,800 2,050 100 sh BMI 03 05 15 4 12 16 10,500 11,400 525 300 sh ABC 07 05 16 9 15 16 16,500 14,100 825 300 sh DDC 05 12 16 10 11 16 45,000 51,000 2,250 300 sh PPC 01 05 09 5 11 16 5,000 2,800 250 4,000 sh LLP Inherited 12 11 16 436,000 21,800 1,500 sh QQM Inherited 5 11 16 41,325 2,066 Debra inherited the LLP stock and the QQM stock when her father passed away on May 1, 2016 Debras father purchased the LLP stock in 1965 for $35,000 The FMV of the LLP stock at the date of death was $415,500 The QQM stock was purchased by Debras father on February 6, 2015, for $49,000 The FMV of the QQM stock at the date of death was $49,600 Debra also sold her wine collection for $38,000 She had purchased the wine on January 5, 2011, for a total of $19,000 Debra has a capital loss carryover from 2015 of $11,700 $3,000 short term and $8,700 long term Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax) Thus she claims the standard deduction Complete the 2016 tax return for Debra Simon You do not need to complete the loss carryover worksheet but do need to enter the carryover amount in the appropriate place on Schedule D She wants to contribute to the presidential election campaign and does not want anyone to be a third party designee Debra had qualifying health care coverage at all times during the tax year For any missing information, make reasonable assumptions (List the names of the taxpayers and any income they receive in the order in which they appear in the problem Round all intermediate calculations to the nearest whole dollar value Input all the values as positive numbers unless otherwise stated in the forms )

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Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868. Her social

Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868. Her social security number is 412-34-5670. For tax year 2016, Debra had the following income information:


Wages	$	155,000
Social security withholding		7,347
Medicare withholding		2,248
Federal income tax withheld		34,550
State income tax withheld		0
New Bank 1099-INT		5,500
Hope Bank 1099-INT		3,875

Debra had the following stock transactions during 2016. A 1099-B was received for the proceeds of each sale:

Transaction	Purchased	Sold	Proceeds		Cost		Sale Expenses
300 sh. IBM	01/05/09	5/11/16	$	16,500	$	14,100	$	875
200 sh. SMI	01/05/09	5/15/16		41,000		41,800		2,050
100 sh. BMI	03/05/15	4/12/16		10,500		11,400		525
300 sh. ABC	07/05/16	9/15/16		16,500		14,100		825
300 sh. DDC	05/12/16	10/11/16		45,000		51,000		2,250
300 sh. PPC	01/05/09	5/11/16		5,000		2,800		250
4,000 sh. LLP	Inherited	12/11/16		436,000		*		21,800
1,500 sh. QQM	Inherited	5/11/16		41,325		*		2,066
* Debra inherited the LLP stock and the QQM stock when her father passed away on May 1, 2016. Debras father purchased the LLP stock in 1965 for $35,000. The FMV of the LLP stock at the date of death was $415,500. The QQM stock was purchased by Debras father on February 6, 2015, for $49,000. The FMV of the QQM stock at the date of death was $49,600.

Debra also sold her wine collection for $38,000. She had purchased the wine on January 5, 2011, for a total of $19,000. Debra has a capital loss carryover from 2015 of $11,700: $3,000 short-term and $8,700 long-term. Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax). Thus she claims the standard deduction. Complete the 2016 tax return for Debra Simon. You do not need to complete the loss carryover worksheet but do need to enter the carryover amount in the appropriate place on Schedule D. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Debra had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Round all intermediate calculations to the nearest whole dollar value. Input all the values as positive numbers unless otherwise stated in the forms.)