- I have an assignment due this weekend. Kindly assist. Attached is the question.
\\Tax Return Project Community property Jackson and Evelyn Hughes are married and live in Houston , Texas _ Both turned 65 years old in 2018 . Jackson is a Vice President of Maricopa Oil Company . His W - 2 for 2018 reflects that Jackson and Evelyn also have three children - Jay , John , and Estelle . Jay is 25 years old and earned wages of $50.0. 000 and also received a cash bonus of $300 , 0.00 . The amount of federal lived the full year in California while attending law school full time . Jackson and Evelyn income tax withheld for 2018 amounted to $250. 000 . Proper withholdings were made for his provided all of Jay's support except for $8 , 000 he earned from various part time jobs . He also `ocial security and medicare obligations . received a $10 , 000 academic scholarship . John is 20 years old and resided with Jackson and Eveism is the sole proprietor of Evelyn's Bakery . Evelyn's Bakery has an income statement for Evelyn . He is not in school and works part time as a lab technician . He earned $ 25 , 000 in 2018 12018 which reflects the following : Estelle is 17 years old and is a high school senior . She attends boarding school in Paris . She learned no income in 2018 . Baked good sales $400, 000 Cost of goods sold |$2 25, 000 Jackson and Evelyn also support Evelyn's 9 1 year old mother who lives in a nursing home in Wage expenses \\$100 , 000 Oklahoma . Her mother received $10 ,000 of social security benefits in 2018 but only spent Utilities , telephone , other expenses \\$50 , 000 $1, 000 of that amount on Christmas presents for the family and put the rest in the bank . |Depreciation expenses \\$10.000 Jackson and Evelyn paid real estate taxes of $19, 000 on their home in Houston , and also paid The proprietorship also bought a new , additional baking oven for $5 , 000 in 2018 . Its |$12 , 000 of real estate taxes on their San Diego vacation home . They leased the vacation home to depreciation is not included in the $10, 000 depreciation expense . a group of college students for 3 days during 2018 . The students paid Jackson $3, 000 for the rental . Jackson and Evelyn used the vacation home for 35 days in 2018 . Evelyn made estimated payments of federal income tax of $4 , 000 with respect to the income earned in her business . Jackson and Evelyn also incurred $2 , 000 of credit card interest . They contributed $ 4 4 , 000 to the Catholic Church and $ 1 1 , 000 to the March of Dimes . Jackson and Evelyn received dividends on various stock investments in their portfolio . Those dividends consisted of : \\On August 1 , 2018 their home in Houston was burglarized . The thieves stole a 60 " plasma screen \\$5. 000 on Exxon stock listed on NYSE television that Jackson purchased for $8 , 000 . It's value was $8, 000 as it was never removed from $3, 000 on Chevron stock listed on NYSE it's box . The Hughes received a $1 , 000 insurance payment after a $1 , 000 deductible . \\$1 , 000 on stock of Mammoth which is a privately held Irish company not trading on any stock Prepare the 2018 form 1040 for the Hughes along with schedules A , B , C , and D . exchange . Prepare _ Schedule I as well . All of the stocks in the portfolio have been held for more than five years . Jackson and Evelyn received $1 4 , 000 interest income on various bank CD's and $ 10 , 000 of interest income on State of Ohio general purpose bonds _ Excluded . ? Likees in Texan's bound In ched Jackson sold stock he owned in Maricopa Oil . Relative information is as below : \\On December 31 , 2018 he sold 10,000 shares for $ 100 ,000 which were purchased on May 1 , |2018 for $85. 000 . \\On December 31 , 2018 he sold 25, 000 shares for $300, 000 which were purchased on May 2 , 1998 for $27. 000
