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I need help with problem 7-64 with all the tax forms need to do it in 2018 forms. Itemized Deductions Individuals 7-43 he donate the
I need help with problem 7-64 with all the tax forms need to do it in 2018 forms.
Itemized Deductions Individuals 7-43 he donate the stock directly? Compute the net tax benefit from each alternative and explain the difference. (Ignore the 3.8% tax on the net investment income of high-income taxpayers for this comparison.) :7-62 On December 1, 2017, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates $5,000 to charity. She has no other itemized deductions. This year, she plans to make her charitable donation with stock. She presents you with the following information relating to her stock investments: FMVo Adjusted Dec. 1 9,600 Corporation Sycammore Oak Redwood Purchased 5/22/12 3,800 9/10/13 4,9006/15/17 5,400 Which stock should Rebecca donate to charity? What other tax advice would you give her? TAX FORM/RETURN PREPARATION PROBLEMS :7-63 Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 00 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones Social Security num- bers and ages are as follows: Name S.S. No. Age Peter Amy Aubrynne 333-33-33335 Bryson 444-44-44443 Caden 222-22-2222 28 555-55-5555 Receipts Peter's salary Amy's salary Interest income on municipal bonds Interest income on certificate of deposit (Universal Savings) Dividends on GM stock $70,000 32,000 2,400 3,100 1,600 Disbursements Eyeglasses and exam for Aubrynne Orthodontic work for Bryson to correct a congenital defect2,500 $ 600 insurance premiums, after-tax basis Withholding for state income taxes Withholding for federal income ta State income taxes paid with last year's tax return 1,800 7,200 16,000 (paid when the return was filed in the current year) Property taxes on home Property taxes on automobile Interest on home Interest on c Cash contribution to church 1,100 300 9,700 200 3,900 In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2004 for $300 Compute Peter and Amy's income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kelly's Social Security number is 111-11-1111 and Chanelle's is 222-22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a 1:7-64 Itemized Deductions Individuals 7-43 he donate the stock directly? Compute the net tax benefit from each alternative and explain the difference. (Ignore the 3.8% tax on the net investment income of high-income taxpayers for this comparison.) :7-62 On December 1, 2017, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates $5,000 to charity. She has no other itemized deductions. This year, she plans to make her charitable donation with stock. She presents you with the following information relating to her stock investments: FMVo Adjusted Dec. 1 9,600 Corporation Sycammore Oak Redwood Purchased 5/22/12 3,800 9/10/13 4,9006/15/17 5,400 Which stock should Rebecca donate to charity? What other tax advice would you give her? TAX FORM/RETURN PREPARATION PROBLEMS :7-63 Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 00 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones Social Security num- bers and ages are as follows: Name S.S. No. Age Peter Amy Aubrynne 333-33-33335 Bryson 444-44-44443 Caden 222-22-2222 28 555-55-5555 Receipts Peter's salary Amy's salary Interest income on municipal bonds Interest income on certificate of deposit (Universal Savings) Dividends on GM stock $70,000 32,000 2,400 3,100 1,600 Disbursements Eyeglasses and exam for Aubrynne Orthodontic work for Bryson to correct a congenital defect2,500 $ 600 insurance premiums, after-tax basis Withholding for state income taxes Withholding for federal income ta State income taxes paid with last year's tax return 1,800 7,200 16,000 (paid when the return was filed in the current year) Property taxes on home Property taxes on automobile Interest on home Interest on c Cash contribution to church 1,100 300 9,700 200 3,900 In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2004 for $300 Compute Peter and Amy's income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kelly's Social Security number is 111-11-1111 and Chanelle's is 222-22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a 1:7-64Step by Step Solution
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