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fill out a 1040 form for the person about. include all documents used (schedule forms). 60. Cecil C. Seymour is a 64-yenr-old widower. He had
fill out a 1040 form for the person about. include all documents used (schedule forms).
60. Cecil C. Seymour is a 64-yenr-old widower. He had income for 2013 as follows: Tax Computation Problem Pension from farmer emplayer Interest income from Ato National Dank Interest income on City of Alto bonds Dividends received from IBM stack held for over one year Collections on annuity contract he purchased from Great Life insurance Sotial Security benefits Rent income an townhouse 39,B30 5,500 4,500 2,000 5,400 14,000 9,000 The cost of the ennuity vres S46.800, end Cecil was expected to receiv. total of 260 monthiy payments of $450. Cecil has received 22 payments through 2018. Cecil's 40-year-old daughter, Sarah C. Seymour, boztowed $60,000 from Cecil on January 2, 2013. She used the money to start new business. Cecil does not charge her interest because she could not nfford to pay it, but he does expect to collect the principal eventually. Sarah is living with Cecil until the business becomes profitable. Except for housing Sarsh provides her own support from her business and $1,600 in dividends on. stocks that she inherited from her mother. Other relevant information is presented below Expenses on rental townhouse: Uliities Maintenance Depreciation Real estate laxes nsurarice 2800 1,000 2,000 750 700 State income taxes paid: $3,500 County personal property taxes paid: $2,100 Payments on estimated 2017 Federsl income tax: $5,900 Charitable contributions of cash to Alta Baptist Church: $7,400 Federal interest rate: 6% Sales taxes paid: $912Step by Step Solution
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