Elizabeth and Jamar are married and have three dependent children. The couple's 2016 tax and other related information is as follows:

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Name: Shenyang Gu ACCT 4230 Income Tax Accounting Chapter 4 Homework 1. Elizabeth and Jamar are married and have three dependent children. The couple's 2016 tax and other related information is as follows: Total salaries Bank account interest income Municipal bond interest income Value of employer provided medical insurance Employer paid premiums for $50,000 of group term life insurance Dividend income from XYZ stock Loan from Elizabeth's parents Gifts from Jamar's parents Gain from the sale of qualified small business stock acquired in 2006 Total itemized deductions $ 160,000 3,500 1,650 11,800 5,500 2,400 7,000 15,000 17,000 16,000 Compute Elizbeth and Jamar's 2016 taxable income. Show all calculations in good form. Calculations should be made using excel formulas. 2. Randy, age 52, is a human resource manage for Double D Corporation. His annual salary is $110,000 and he receives the following fringe benefits during 2016: Double D pays for all employees' health and accident insurance. Double D pays $7,000 for Randy's health insurance during the year. Double D provides Randy with group-term life insurance coverage of $200,000 during the year. The monthly inclusion amount per $1,000 of coverage is $.22. Double D has a flexible benefits plan in which employees may participate to pay any qualifying medical costs not reimbursed by their health insurance. Randy has $1,600 withheld from his salary under the plan. During the year he receives reimbursements of $1,400. Double D pays parking costs for all management employees. Randy's parking costs $220 month. Double D pays Randy's annual membership dues of $450 to the Society of Human Resource Management Association. The company also subscribes to several management journals for Randy costing $650 a year. Randy took a college class on financial accounting and Double D reimbursed his tuition of $6,000 through its tuition assistance program for all employees. Randy's consumption of coffee provided by Double D is estimated at $250 a year. How much income must Randy report for 2016 from his job? List the items included in his income. Any calculations should be shown as excel formulas. Each amount should be properly labeled in the schedule. 3. In 2006 , Marty contributed property with a basis of $500,000 and a fair market value of $3,000,000 to a qualified small business corporation for all of its common stock. She sells the stock in 2016 for $4,000,000. a. What is the amount of taxable gain on the transaction? b. Assume that the stock was acquired in December, 2010. What is the amount of the taxable gain