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hello, what would the tax liability be? PART 1. Clark and Ellen Griswold are married and wish to file a joint return for 2019. They

image text in transcribedhello, what would the tax liability be?

PART 1. Clark and Ellen Griswold are married and wish to file a joint return for 2019. They have two dependent children, Audrey (age 18) and Rusty (age 12), who live with them. Their primary residence is in Phoenix, and they own a condo (2nd home) in Flagstaff. They also own a rental house in Anthem. Clark and Ellen have the following items of income and expense for 2019: Income: Clark's salary Ellen's salary Interest income on City of Phoenix bonds Interest income on US Treasury bonds Qualified cash dividends FMV of 50 shares of Marty Co. common stock received as a stock dividend Refund of 2018 Arizona income tax (the Griswolds itemized in 2018) Net rental income from 100% owned rental house* Share of Moose Partnership loss** Share of DF Kaye S Corporation income*** Life insurance proceeds received on the death of Clark's father Short-term capital gains Short-term capital losses 28% Long-term capital gains 15% Long-term capital gains 15% Long-term capital losses S 105,000 110,000 5,000 8,000 10,000 4,500 1,500 7,500 (10,000) 25,000 100,000 11,000 (14,000) 10,000 30,000 (5,000) Expenses: Home mortgage interest ($500,000 principal) 26,000 Home equity loan interest ($110,000 principal) 5,500 Condo loan interest ($125,000 principal) 11,000 Car loan interest 8,000 Credit card finance charges 3,000 Home property taxes 9,500 Condo property taxes 4,000 Condo maintenance fees 2,500 Car tags (ad valorem part) 1,100 Arizona income tax withheld 8,000 Federal income taxes withheld 40,000 Medical insurance premiums (paid by the Griswolds, not part of an employer plan) 10,000 Unreimbursed medical bills 8,000 Charitable contributions 11,000 Unreimbursed employee business expenses 7,500 The rental house does not meet the definition of a "qualified trade or business" for purposes of the $199A deduction. Clark and Ellen invested $10,000 as limited partners in the Moose Partnership at the beginning of 2019. The loss is not the result of real estate rentals. Neither materially participate in the operations of the partnership./ ***Elan is a 50% owner and President of DF Kaye. REQUIRED: Determine Clark and Ellen's tax liability, using the tax formula. You must label your work, PART 1. Clark and Ellen Griswold are married and wish to file a joint return for 2019. They have two dependent children, Audrey (age 18) and Rusty (age 12), who live with them. Their primary residence is in Phoenix, and they own a condo (2nd home) in Flagstaff. They also own a rental house in Anthem. Clark and Ellen have the following items of income and expense for 2019: Income: Clark's salary Ellen's salary Interest income on City of Phoenix bonds Interest income on US Treasury bonds Qualified cash dividends FMV of 50 shares of Marty Co. common stock received as a stock dividend Refund of 2018 Arizona income tax (the Griswolds itemized in 2018) Net rental income from 100% owned rental house* Share of Moose Partnership loss** Share of DF Kaye S Corporation income*** Life insurance proceeds received on the death of Clark's father Short-term capital gains Short-term capital losses 28% Long-term capital gains 15% Long-term capital gains 15% Long-term capital losses S 105,000 110,000 5,000 8,000 10,000 4,500 1,500 7,500 (10,000) 25,000 100,000 11,000 (14,000) 10,000 30,000 (5,000) Expenses: Home mortgage interest ($500,000 principal) 26,000 Home equity loan interest ($110,000 principal) 5,500 Condo loan interest ($125,000 principal) 11,000 Car loan interest 8,000 Credit card finance charges 3,000 Home property taxes 9,500 Condo property taxes 4,000 Condo maintenance fees 2,500 Car tags (ad valorem part) 1,100 Arizona income tax withheld 8,000 Federal income taxes withheld 40,000 Medical insurance premiums (paid by the Griswolds, not part of an employer plan) 10,000 Unreimbursed medical bills 8,000 Charitable contributions 11,000 Unreimbursed employee business expenses 7,500 The rental house does not meet the definition of a "qualified trade or business" for purposes of the $199A deduction. Clark and Ellen invested $10,000 as limited partners in the Moose Partnership at the beginning of 2019. The loss is not the result of real estate rentals. Neither materially participate in the operations of the partnership./ ***Elan is a 50% owner and President of DF Kaye. REQUIRED: Determine Clark and Ellen's tax liability, using the tax formula. You must label your work

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