Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need to complete phase 2 with all the forms that are asked for in the schnappauf family question. PHASE lI-CHAP'I'EIIE 5-5 This is the

image text in transcribed

I need to complete phase 2 with all the forms that are asked for in the schnappauf family question.

image text in transcribed PHASE lI-CHAP'I'EIIE 5-5 This is the seeenci phase eF the te:t tenIIn prehlem Ire-u began at the end efhapter 1r. Th' phase uf the tax return ineurputatc: the maten'el 'IJm I: hepters 5 15 TI", and B be [well-riding yen with infennetien eeneeming the Sehnsppeu' Iietiuetiem I'er ll 'l'hei.I preside gene with the renewing inmnine-n l. IIJ-yee mites children's bunks II a Tariff}? IJf publishers. 5111: has been sell- empleyeei sine: EMT. I'Is e. 'eelerbee writen lei'ee incurs ee-sts eseeeiatecl with pre- paring a manuscript list which she dues net yet have : mntrect. During the year, Inge: makes 4 business trim. eeeh 5 days lung, In meet smith veries publishers. Fer shelter trips that ere elerser te heme, she either drives at tnltes the train and retutns the same day. n December HI, 11115, Inga.- receives an advance [see helewjl en her next beret. Under the eemreet. Ieyee is sehctiuieei [D- hegin writ cm the bun-nit em Fehmat'y 1, 21115, and Must have it mmpletecl by Nurember 5D, 21.'l'he Sehmmui's' heme has 2 telephenes. leg-gee has a separate phene num- ber fer her business. The inl'e-rnistien em Ieyce's llllilni' is listed better. wt'hhmmhhnlnm-nhr hhmhHHmnwhwhhk-n- CUE): Mann-I hull-me nun-Hm I-I-u-m-II nummmawmew-mMuuss ir-i-I-II-u spanner-Ia lpp-mtll: A. Ewelties {Exhibits Iii-IO te Iii-ll} Publisher's advance semi: iee supplies I?\" '1' rain tickets 535 Airline {4 trips]- lf Ledging {ll nights] 2,240 Heels {11 days) ll] Telephtrne {$23 IInIeI'IthII.r fee per phnne line] It??? IntenIet prewider 5?\" Cell phnne, ineluding bmine eel]: 91.3 Business-related ptntsgc B? Pntingfenring [+52 Legal Fees 2,000 Interest rm autn 15-1 1. 3. I5. n January 2. .2015, Jesse purchases a net'sr ear tn use in her business. The eat. a Velster, casts 31 530D. Ieyce pays 52,213] in trash and nances the balance thmugh the dealer. She uses the car 45 percent uf'te time at business and elrit' a tetal ei' [0500 miles during 2015. The rental expenses fer the l miles elrit'el't ant: repairs and maintenance.r SEED; insurance, 591i]; and gasrtline, 513%. The eerreetdepreeianen expense Fer ZINE is 54534 [315.1% 3-: 4591i I Ni}. leyce's efee is Incated in a separate rcrcrm in the Items-e and ucmpies 3H scluare Feet. The tets square Eiserage erfthe hearse is seen- The Sel'lnappau purchased the heme cut Jul}.F i", Ill-Ell, hr MIME. The leca] practice is ten allecate ll] percent ctfl'he purchase price ttsland. The depree'estiem percentage For the rather: is [Hi-15454. When lesee started. her busine cnt January.r l. IMF. the Fair market 1nilne e-fthe huuse was 51mm.The tats] huusehultl expenses liar EDIE are as allun's: Heat 51 . I 3\"} Insurance 1.41311 Elcem'city F40 Repairs tn kitchen 3.l1'.]|] Cleaning 1,560 . Bill began work an his MBA at Dem-ill: University. He enmlletl :in use courses, and paid 5331\""?! in tuit'ien and 53m I'er heels. . Bill and lessee each centribute the ntasirnum te their respective libs. aeccrunts in 2m 5- The IRA aeeeunt is Ins'ee's enls retirement vehicle. Eill's basis in his 1M befare the current year's cenlbutien is Simll, and legrce's basis is 53mm. The Fair marlcet 1ralue uf'EilI's \"M. an [Eflfl is $41,?30, and the Fair market value efluy'ee's [IL-1 is 553,100. In additien. Bill and lettuce contributed 52,000 tr: a Cut'erdell Esluealinrl Savings Aeeeunt ar Thomas- Dn lune l5. M15. the Sehnappauii' 30H sentient wag-en 'is totaled in Hurricane Ann. The cat was purchased liar 523,111") in Net-ember EDIE. The Sclmamsauis receive a check fer 52] Jill! Ii'crm zippy [nsuranee Ctlu'npnarn.I that represents the fair market value ef the car minus 1 SEE deductible. [in lune 2e, lIE, they replace the ear with a EDI 5 statics" wag-nu- The new eat costs 53] ,d-l], and the Schnappaufs receive a rebate cheek lines the car's manqu-cturer fur 51,500. 'I"I I. I I f.l. i".I...... r! I. J . i'.I'I ..I 5'. The Eajm'um aloo- domogcs pm of the 5.:thst honor. A m: on; and makcs a. had: in tho rainfall-ow 1hr kitchcn. Ware: dawns-:5 tho kitchcn. causing III: new dishwashm' in short DUI, and :it has II: but: replaced. In addition, the limo; lrum our has to b: rcploood.111c cost ofxh'ng tho hob: in tho mf'is SSJJOEI. Tho Ethiopia-211.1% rem-ire 51,501] {SEMI} rep-air cos: minus S doductiblcj to x the roo Infommion cumming tho dishmshcr and tho oor is as follows: Data: Original PM? FM? Pram Acquired. Cm: mm Afro: Edmbummont bio-hum: Sfafl S 344:! 5 H0 5-0- 1533!} Fluor 33115315 51,300 51,550 s-o- 535:} Kim-ml H'rI LII-All huh: Inn-d Hr. Finn-u. nI. H'm- in -| urn-I. Inn Ira-inh mn hi mmmhmhh nun-Mn: CMFQ'IEH I'- m urin- Iululqul Hug \"in\" hum nil-mu.\" I'll-H.9- D\" mmhllnw null-HI mung-liq maltyu Wuhan-\"i. Wm A5 3. The Schnappaul's incur th: f'ullnrw'mg muodical cxpcmrs {bczirc mnsiclcring tho smo reimbursement {hay roroirc From their health ins-mourn: polirg'}: Medical premiums $3,311\"! Doom-rs Lana Chiropractor 65!} Dcnl'isr 1.9M Vol: x: {55.111119 do; Suid 35H Pruscpl'iun drugs 34- [Jrcrihr-cou not: drugs (aspirin, oough syrup} \"'5 In addition, Bill purcham an Emnlignor machin: for WW. 111a: machin: m rommmcndcd by thc chiropractor In hclp strengthen BiH's back muscles. 9. '11:: Schnappou pay that: following pmpcrw torts: Wakccld house 5] LIED IE":In'JiI:|.r cor Hand 11}; Bill {ad volumm} 430 Joyce's our {ad I'illltl'} 52!} 11}. Th: Schnappanl's reeeie: twer Fenn l'il's far the east eri'interest en bank. leans. 1i. Theyr also pay interest em. their perennial nedit cards. le'erstm Tnlst ig {Exhibit A- iBi't'akeeld hnuse} leersen Tntst 10% {Exhibit h-HHerm: equity: Dempsey's Department Store M'h'ing aeemtnt $19] Breeies' Bargain Basement: remitting seemtnt tin? le'ersun Trust bank card 211 The preeeeds 'em the heme equity lean were used te renm'ate their Ie'tehen and pa}- I'er Tetn's tnitien tn private sehenl. The interest en the pl'lil'l el' the Juan used For private tithe-til tuitien i5 Eli-I11]. Bill and leave: malt: eesh eharitaiale eentributiens ear the United Fund Campaign {SEEM}, Melade Unit-ersiq' [SE-Ill}, Tmnetm University- {SL900}, and Ehrist the King iutreh in Kings-ten. 1H. {Sim-D]. The Eehnappauiit have deeumenta- tie-n tn verify their :ash Emitributilllse Thee else tie-nah: preteen-y tn the Salvatien Hume all My 15., 2|}! 5: Frauen-ere}r PM? lllilrigirtai Cast Date inquired Antique tab-it: 51-10- 5125 lfifD-Ii liishwasher [all Hill fef Seth's bed 1ii'lil' Bill] lel-lfl Men's suits [2} HI} 54!} Van'tms Th: Sah'atien Finn}.- aeltnmvledges that these amentnes represent the Fair math-er value nl' the due-seed items. 13. The Sehnapp-aui inenr the renewing expenses: Type Ame-ant lI-Il tat: prepsraliun fee {paid in llj 5 SCH] Safety deposit bets investment ieernals 3311] Investment atlviee 1,0513 Easiness publieatiens {Bill} ETE Gambling Ins-res 3,4513 13. Because lea-re: is self-empleyed. theyr make federal estimated tea payments et' 521D per quarter an April 15, l1511une IS, 2915, September 15, EDIE, and Ianuartr l5, ll. The}.- alsn malt: estimated payments uFSlE per quarter to the stat: er" Elwd: Island en hptil 15, 2015. inn: 15, 2015, September 15., 31315. and Deeernlrer 3L Zl 5. lii. Bill and layer paid 5?,4III} in tuiILitJu-tI Eli-H] at Ian-aka, and 59,3\") Jr mm and heard fer Will, a juniet, to attend Springbreelt State University. The}: alae paid $115,410 in tultitm, 595:] in wt and 510,100 in mama and heard ar Dan, a frcshman at Pres-cut: College. 15. tllcr inartnaliun: :I. Im's business is named Quecnsht'idgt: Banks, and her cmpl-m'cr II}. nu m- bcr is E-SES-i. h. The Sulwt'mn army's address It IF- High Street, Wakeeld. ILL 023\". c. TI: cemplctc 1111.151: ll. than Will need the l'ellewing additienal thrma'. Schedule A. Schedule C, Schcdulc 5E. and Farms 45E; 4534-, 325 3., 3635.. 3529, and 33%. extreme-nuns: It'yeu an: using an: antiwar: ta prejaate the tat return er are net eemplct- ins pllaac III el'the emblem, Ignere the inatructium that Elle-w. ts in phase I. then: an: Farms in phase II that tunnel he mmptctetl witimut addi- tienaI ini'armatien which Is pie-titled in phase III. Thea-crate, as a genera] rule1 you shuttle! nnl'y putt tl'u: inmnatinn tn the appt'npt'iatc thrm and nut compute tutu]: Fm that harm. The Felleu'ing specic inatntetimta will await: you in preparing Part II nfthc temm. :I. The tanly form that can be cumplctnd at the cud uniphase H is Farm 3233. h. I10 nut calculate tetal ineemc er adjusted grim incemc en mgr. I n'r'FIJntt [I'll]. c. Poet the apprupate inl'muatim en page 3 nt'Flzmu 11140. but {It} not tutal this Page, mmputc the t'edcral tau: liability, DI determinc thc refund ctr balance due. De net calculate the tetal itemized deductions en Schedule A. He nut tetaI Intrac's ctpcnaca cm Schedule C. De llIJ'I centpttre Inc-tree's achcmplcsmtent ma: en Schedule 515. De nut ctmtpletc the Fummmjr acctien ut'Fcam 45E}. Cmttpletc Farm 4&3! only to the peat: at which adthtIed great meant: is requested. i. n Farm 3329, cnmplctc Fart LF and nnty [East the appropriate indirect expenses. De t'lut calculate the alJewable depreciatien er the aIIeu-alale hunte nlcc deduction- Fewes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions