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Attached is a file of my study guide. I am having hard time getting started.

Please complete the file in Excel with works showing. I can offer more money if you wish.

I need this done by Saturday March 25th.

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Chapter 1 I. Your client, Jefferson, fills out his client questionnaire for the previous year and on it provides information for the preparation of his individual income tax return. The IRS has never audited Jefferson's returns. He reports that he made over 100 relatively small cash contributions totaling $24,785 to charitable organizations. In the last few years, his charitable contributions have averaged about $15,000 per year. Last year his adjusted gross income was roughly $350,000, about a 10% increase from the year before. Required: A. Apply Statements on Standards for Tax Services No. 3 to determine whether you can accept at face value Jefferson's information concerning his charitable contributions. B. Now, assume that the IRS recently audited Jefferson's tax return from two years ago and denied 75% of that year's charitable contribution deduction because the deduction was not substantiated. Assume also that Jefferson indicates that, in the previous year, he contributed $25,000 (instead of $24,785). How do these changes of fact affect your answer from (A)? Chapters 2, 3, 4, 6, and 7 II. The following facts pertain to Patriot Corporation (years are given as Y1 for the first year, Y2 for the second, etc. Use current year tax law for your answer): 1. Abigail owns a parcel of land (Land A) having a $30,000 FMV and $16,000 adjusted basis. John owns an adjacent parcel of land (Land B) having a $20,000 FMV and $22,000 adjusted basis. On January 2, Y1, Abigail and John contribute their parcels of land to form Patriot Corporation. In exchange Abigail receives 60% of the corporation's stock and John received 40% of the stock. The corporation elects a calendar tax year and the accrual method of accounting. 2. On January 2, Y1, the corporation borrowed $2 million and used the loan proceeds to build a factory ($1 million), purchase equipment ($500,000), produce inventory ($450,000), pay other operating expenses ($30,000), and retain working cash ($20,000). Assume the corporation sells all inventory produced and collects on all sales immediately so that, at the end of any year, the corporation has no accounts receivable or inventory balances. 3. Operating results for Y1 are as follows: Sales Cost of goods sold Interest paid on loan Depreciation: Equipment Building Operating expenses $964,000 450,000 140,000 70,000 ($25,000 for E&P) 24,000 ($24,000 for E&P) 30,000 Of these amounts, $250,000 is qualified production activities income. The deduction percentage is 9%. 4. In Y2, Patriot Corporation invests $10,000 of excess cash in Macro Corporation stock (less than 20% ownership) and $20,000 in tax-exempt bonds. In addition, the corporation pays Abigail a $12,000 salary and distributes an additional $42,000 to Abigail and $28,000 to John. The corporation also makes a $100,000 principal payment on the loan. 5. Results for Y2 are as follows: Sales Cost of goods sold Interest paid on loan Depreciation: Equipment Building Operating expenses Salary paid to Abigail Dividend received from Macro Corporation Short-term capital gain on sale of portion of Macro Corp. stock ($4,000 - $3,000) Tax-exempt interest income Charitable contributions $990,000 500,000 130,000 125,000 ($50,000 for E&P) 25,000 ($25,000 for E&P) 40,000 12,000 2,000 1,000 1,500 500 Of these amounts, $158,000 is qualified production activities income. The deduction percentage is 9%. 6. In Y3, the corporation did not pay salary to Abigail and made no distributions to the shareholders. The corporation, however, made a $30,000 principal repayment on the loan. 7. Results from Y3 are as follows: Sales Cost of goods sold Interest paid on loan Depreciation: Equipment Building Operating expenses Salary paid to Abigail Long-term capital gain on sale of remaining portion of Macro Corp. stock (9,000 - 7,000) Long-term capital gain on sale of taxexempt bond (21,000 - 20,000) $500,000 280,000 125,000 90,000 ($50,000 for E&P) 25,000 ($25,000 for E&P) 60,000 2,000 1,000 Of these amounts, qualified production activities income is zero. 8. On January Y4, the corporation receives a refund for the Y3 NOL carried back to Y1. (When carrying back the NOL, remember to recalculate the U.S. production activities deduction in the carryback year because of the reduced taxable income resulting from the carryback.) In addition, the corporation sells its assets, pays taxes on the gain, and pays off the $1.87 million of remaining loan balance. Information about the sales of assets are as follows (assume the adjusted bases are correct - do not re-calculate depreciation): Sales Price Equipment Building Land A Land B Totals Tax adjusted basis $ 250,000 986,000 80,000 50,000 $1,366,000 $ 215,000 926,000 16,000 20,000 $1,177,000 E&P adjusted basis $ 375,000 926,000 16,000 20,000 $1,337,000 Immediately after these transactions, the corporation makes a liquidating distribution of the remaining cash to Abigail and John. The remaining cash is $348,639, which the corporation distributes in proportion to the shareholders' ownership (60% and 40%). Assume that the shareholders' long-term capital gains will be taxed at 23.8% (the 20% maximum capital gain rate plus the 3.8% rate on net investment income.) Required: A. Determine the tax consequences of the corporate formation to Abigail, John, and Patriot Corporation. B. For Y1 through Y3, prepare calculations for each year showing corporate taxable income, corporate taxes, and E&P activity. Assume that Patriot pays its taxes in the same year they accrue. C. For Y4, prepare a schedule showing the results of this year's transactions on Patriot Corporation, Abigail and John.