I need the blanks filled in the sheet below the facts.

10. In addition to the investments discussed above, Paul owns 1,000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an S corporation and has 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and paid a distribution of $1.00 per share during the current year. Paul does not materially participate in Grubstake's activities. 11. Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit. The disability plan premiums and the disability benefit payments were not included in Paul's W-2 wages reported in paragraph 3. 12. Paul received a Form 1099-B from his broker for the sale of the following securities during the current year. The adjusted basis amounts were reported to the IRS. Purchase Date 10/22/11 Security Sale Date Nebraska bonds03/14/21 Cassill Corp 10/20/21 (500 shares) Sales Price CommissionPaid Sale His Basis $2,300 $280 $1,890 $8,500 $425 $9,760 02/19/16 13. In addition to the taxes withheld from his salary, he also made timely estimated federal tax payments of $175 per quarter and timely estimated state income tax payments of $150 for the first three quarters. The $150 fourth-quarter state payment was made on December 28 of the current year. Paul would like to receive a refund for any overpayment. 14. In August of the current year, he received a federal refund of $60 and a state tax refund of $240 related to the tax returns he filed for the prior year. His itemized deductions for the prior year were $18,930. no F 15. Paul found a renter for his father's house on August 1. The monthly rent is $600, and the lease agreement is for one year. The lease requires the tenant to pay the first and last months' rent and a $600 security deposit. The security deposit is to be returned at the end of the lease if the property is in good condition. On August 1, Paul received $1,800 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he reduced his rental payment to $300 to compensate for the plumbing repairs. Paul provides you with the following additional information for the rental in the current year. Property taxes Other maintenance expenses Insurance expense Management fee Depreciation (to be computed) $620 285 495 350 2 Local practice is to allocate 10 percent of the fair market value of the property to the land. (See 98 for basis information.) Paul makes all decisions with respect to the property. This rental activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction. 16. Paul paid $4,050 in real estate taxes on his principal residence. The real estate tax is used to pay for town schools and other municipal services. 17. Paul drives a 2018 Acura TL. His car registration fee (based on the car year) is $50 and covers the period 1/1/21 through 12/31/21. He paid $280 in property tax to the state based on the book value. 18. In addition to the medical costs presented in 111, Paul incurred the following unreimbursed medical costs: Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery Chiropractor $ 310 390 215 140 125 440 2,000 265 19. Paul paid interest to his lenders as follows: Primary home mortgage Home-equity loan Credit cards Car loan $7,500 435 (not acquisition debt) 498 390 20. On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: Larkin College $700 United Way 152 First Methodist Church 790 Amos House (homeless shelter) 200 Local Chamber of Commerce 100 All of the above entities are nonprofit corporations and $501(c)(3) organizations except the Chamber of Commerce which is not a $501(C)(3) organization. 21. On April 1 of the current year, Paul's house was robbed. He apparently interrupted the burglar because all that's missing is an antique brooch he inherited from his grandmother (June 12, 2006) and $300 in cash. Unfortunately, he didn't have a separate rider on her insurance policy covering the jewelry. Therefore, the insurance company reimbursed him only $500 for the brooch. His basis in the brooch was $6,000, and its fair market value was $7,500. His insurance policy also limits to $100 the amount of cash that can be claimed in a theft. 22. Paul sells real estate in the evening and on weekends (considered an active trade or business). He runs his business from a rental office he shares with several other realtors. Paul has been operating in a business-like way since 2004 and has always shown a profit. He had the following income and expenses from his business: Commissions earned $21,250 Expenses: Advertising Telephone Real estate license Rent Utilities 2,200 95 130 6,000 600 This real estate activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction. 23. He has used his Acura TL in his business during the current year. During the year, he properly documented 6,500 business miles. The total mileage on his car (i.e., business-use and personal-use miles) during the year was 15,000 miles. Paul elects to use the standard mileage method to calculate his car expenses. He spent $45 on tolls and $135 on parking related to the real estate business. 24. Paul's company has an accountable expense reimbursement plan for employees from which Paul receives $12,000 for the following expenses: Airfare Hotel Meals Car rentals Entertainment Incidentals Total $4,700 3,400 2.000 600 900 400 12,000 25. During the current year, Paul also paid $295 for business publications other than those paid for by his employer and $325 for a local CPA to prepare his tax return for the prior year. File Home Insert Draw Page Layout Formulas Data Review View Help Share Com [G = == 0 2 Wrap Text General Calibri 14 A A BIU B I U A - A Insert Dx Delete ' Paste 42 E Merge & Center $% Analyze Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select v Data Clipboard Font Alignment Number Cells Editing Analysis G9 A G - Row: 1 fx B D D E F 1 ENTER ALL VALUES AS POSITIVE - DEDUCTIONS AND EXCLUSIONS WILL BE AUTOMATICALLY CALCULATED AS A SUBTRACTION 2 ENTER ALL VALUES IN BLACKBOARD AS WHOLE NUMBERS (NO PENNIES) WITHOUT A DOLLAR SIGN 3 Paul Turner 4 4 2021 - Form 1040 5 Gross Income: : Blackboard Problem 6 Form W-2 Question No. 7 13 Gross wages from Atom Systems 0 813 Less: $401(k) contributions Enter as a positive 993 Less: Flexible spending account payments Enter as a positive 10 1 11 Plus: Disability plan premiums/benefits 11 14 Plus: Premiums for a whole life policy 12 114 Plus: Health Club membership dues 13 15 Plus: Educational assistance payments 14 16 Plus: Free parking 15 17 Plus: Employee safety award 16 Net Form W-2 1 Paul Turner + OOOOOO 0 W Ready Type here to search x (?? 32F 5:34 PM 11/22/2021 10. In addition to the investments discussed above, Paul owns 1,000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an S corporation and has 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and paid a distribution of $1.00 per share during the current year. Paul does not materially participate in Grubstake's activities. 11. Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit. The disability plan premiums and the disability benefit payments were not included in Paul's W-2 wages reported in paragraph 3. 12. Paul received a Form 1099-B from his broker for the sale of the following securities during the current year. The adjusted basis amounts were reported to the IRS. Purchase Date 10/22/11 Security Sale Date Nebraska bonds03/14/21 Cassill Corp 10/20/21 (500 shares) Sales Price CommissionPaid Sale His Basis $2,300 $280 $1,890 $8,500 $425 $9,760 02/19/16 13. In addition to the taxes withheld from his salary, he also made timely estimated federal tax payments of $175 per quarter and timely estimated state income tax payments of $150 for the first three quarters. The $150 fourth-quarter state payment was made on December 28 of the current year. Paul would like to receive a refund for any overpayment. 14. In August of the current year, he received a federal refund of $60 and a state tax refund of $240 related to the tax returns he filed for the prior year. His itemized deductions for the prior year were $18,930. no F 15. Paul found a renter for his father's house on August 1. The monthly rent is $600, and the lease agreement is for one year. The lease requires the tenant to pay the first and last months' rent and a $600 security deposit. The security deposit is to be returned at the end of the lease if the property is in good condition. On August 1, Paul received $1,800 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he reduced his rental payment to $300 to compensate for the plumbing repairs. Paul provides you with the following additional information for the rental in the current year. Property taxes Other maintenance expenses Insurance expense Management fee Depreciation (to be computed) $620 285 495 350 2 Local practice is to allocate 10 percent of the fair market value of the property to the land. (See 98 for basis information.) Paul makes all decisions with respect to the property. This rental activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction. 16. Paul paid $4,050 in real estate taxes on his principal residence. The real estate tax is used to pay for town schools and other municipal services. 17. Paul drives a 2018 Acura TL. His car registration fee (based on the car year) is $50 and covers the period 1/1/21 through 12/31/21. He paid $280 in property tax to the state based on the book value. 18. In addition to the medical costs presented in 111, Paul incurred the following unreimbursed medical costs: Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery Chiropractor $ 310 390 215 140 125 440 2,000 265 19. Paul paid interest to his lenders as follows: Primary home mortgage Home-equity loan Credit cards Car loan $7,500 435 (not acquisition debt) 498 390 20. On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: Larkin College $700 United Way 152 First Methodist Church 790 Amos House (homeless shelter) 200 Local Chamber of Commerce 100 All of the above entities are nonprofit corporations and $501(c)(3) organizations except the Chamber of Commerce which is not a $501(C)(3) organization. 21. On April 1 of the current year, Paul's house was robbed. He apparently interrupted the burglar because all that's missing is an antique brooch he inherited from his grandmother (June 12, 2006) and $300 in cash. Unfortunately, he didn't have a separate rider on her insurance policy covering the jewelry. Therefore, the insurance company reimbursed him only $500 for the brooch. His basis in the brooch was $6,000, and its fair market value was $7,500. His insurance policy also limits to $100 the amount of cash that can be claimed in a theft. 22. Paul sells real estate in the evening and on weekends (considered an active trade or business). He runs his business from a rental office he shares with several other realtors. Paul has been operating in a business-like way since 2004 and has always shown a profit. He had the following income and expenses from his business: Commissions earned $21,250 Expenses: Advertising Telephone Real estate license Rent Utilities 2,200 95 130 6,000 600 This real estate activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction. 23. He has used his Acura TL in his business during the current year. During the year, he properly documented 6,500 business miles. The total mileage on his car (i.e., business-use and personal-use miles) during the year was 15,000 miles. Paul elects to use the standard mileage method to calculate his car expenses. He spent $45 on tolls and $135 on parking related to the real estate business. 24. Paul's company has an accountable expense reimbursement plan for employees from which Paul receives $12,000 for the following expenses: Airfare Hotel Meals Car rentals Entertainment Incidentals Total $4,700 3,400 2.000 600 900 400 12,000 25. During the current year, Paul also paid $295 for business publications other than those paid for by his employer and $325 for a local CPA to prepare his tax return for the prior year. File Home Insert Draw Page Layout Formulas Data Review View Help Share Com [G = == 0 2 Wrap Text General Calibri 14 A A BIU B I U A - A Insert Dx Delete ' Paste 42 E Merge & Center $% Analyze Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select v Data Clipboard Font Alignment Number Cells Editing Analysis G9 A G - Row: 1 fx B D D E F 1 ENTER ALL VALUES AS POSITIVE - DEDUCTIONS AND EXCLUSIONS WILL BE AUTOMATICALLY CALCULATED AS A SUBTRACTION 2 ENTER ALL VALUES IN BLACKBOARD AS WHOLE NUMBERS (NO PENNIES) WITHOUT A DOLLAR SIGN 3 Paul Turner 4 4 2021 - Form 1040 5 Gross Income: : Blackboard Problem 6 Form W-2 Question No. 7 13 Gross wages from Atom Systems 0 813 Less: $401(k) contributions Enter as a positive 993 Less: Flexible spending account payments Enter as a positive 10 1 11 Plus: Disability plan premiums/benefits 11 14 Plus: Premiums for a whole life policy 12 114 Plus: Health Club membership dues 13 15 Plus: Educational assistance payments 14 16 Plus: Free parking 15 17 Plus: Employee safety award 16 Net Form W-2 1 Paul Turner + OOOOOO 0 W Ready Type here to search x (?? 32F 5:34 PM 11/22/2021