Instructions: Use the relevant tax forms for your computations. You must download the relevant forms from the IRS website. You need not complete the state tax returns. Make sure to include all the relevant supporting schedules for your federal return.

Problem 1: Lora Croft, age 45, is single and lives at 3257 Glenmore Ave, Glendale, CA 91202. Her Social Security number is 111-36-9120. Lora has been divorced from her former husband, Caesar, for three years. She has a son, Bovi, who is 17, and a daughter, Genesis, who is 18. Bovi's Social Security number is 12312-1234, and Genesis' is 321-54-9876. Lora does not want to contribute $3 to the Presidential Election Campaign Fund. Lora, a Financial Planner, earned a salary from Frame Financial of $100,000 in 2019. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax Lora has legal custody of Bovi and Genesis. The divorce decree provides that Lora is to receive the dependency deductions for the children. Bovi lives with his father during summer vacation. Caesar indicates that his expenses for Bovi are $10,500. Lora can document that she spent $6,500 for Bovi's support during 2019. In prior years, Lora gave a signed Form 8332 to Caesar regarding Bovi. For 2019, she has decided not to do so. Lora provides all of Genesis' support. Lora's mother died on January 27, 2019. Lora inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Lora received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Lora's favorite aunt gave her $13,000 for her birthday in November. On November 8, 2019, Lora sells for $22,000 Blueberry stock that she had purchased for $24,000 from her first cousin, Lenny, on December 5, 2012. Lenny's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2012. On December 1, 2019, Lora sold Rainbow stock for $13,500. She had acquired the stock on July 2, 2014, for $8,000. An examination of Lora's records reveals that she received the following: Interest income of $2,500 from Third National Bank. . Groceries valued at $750 from Chad's Shop for being the 500,000th customer. Qualified dividend income of $1,800 from Blueberry. Interest income of $3,750 on bonds from City of Glendale school. Alimony of $16,000 from Caesar. Distribution of $4,800 from a partnership named JP Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses. From her checkbook records, she determines that she made the following payments during 2019: In addition, Lora's records show that she paid out the following: Charitable contributions of $1,500 to the National Down Syndrome Society (proper receipts obtained) and $4,500 to Holy Family Church Paid $5,500 to Glendale Hospital for the medical expenses of a friend from work. Mortgage interest on her residence of $7,800 to Third American Bank. Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $800 for landscaping expenses for residence. Estimated Federal income taxes of $3,800 and estimated state income taxes of $1,000. Medical expenses of $5,000 for her and $800 for Bovi. In December, her medical insurance policy reimbursed $1,500 of her medical expenses. A $1,500 ticket for parking in a handicapped space. Attorney's fees of $1,000 for unsuccessfully contesting the parking ticket. Contribution of $250 to the campaign of a candidate for governor. Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994. Calculate Lora's federal net tax payable or refund due for 2019. Use the appropriate federal forms and schedules. Problem 1: Lora Croft, age 45, is single and lives at 3257 Glenmore Ave, Glendale, CA 91202. Her Social Security number is 111-36-9120. Lora has been divorced from her former husband, Caesar, for three years. She has a son, Bovi, who is 17, and a daughter, Genesis, who is 18. Bovi's Social Security number is 12312-1234, and Genesis' is 321-54-9876. Lora does not want to contribute $3 to the Presidential Election Campaign Fund. Lora, a Financial Planner, earned a salary from Frame Financial of $100,000 in 2019. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax Lora has legal custody of Bovi and Genesis. The divorce decree provides that Lora is to receive the dependency deductions for the children. Bovi lives with his father during summer vacation. Caesar indicates that his expenses for Bovi are $10,500. Lora can document that she spent $6,500 for Bovi's support during 2019. In prior years, Lora gave a signed Form 8332 to Caesar regarding Bovi. For 2019, she has decided not to do so. Lora provides all of Genesis' support. Lora's mother died on January 27, 2019. Lora inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Lora received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Lora's favorite aunt gave her $13,000 for her birthday in November. On November 8, 2019, Lora sells for $22,000 Blueberry stock that she had purchased for $24,000 from her first cousin, Lenny, on December 5, 2012. Lenny's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2012. On December 1, 2019, Lora sold Rainbow stock for $13,500. She had acquired the stock on July 2, 2014, for $8,000. An examination of Lora's records reveals that she received the following: Interest income of $2,500 from Third National Bank. . Groceries valued at $750 from Chad's Shop for being the 500,000th customer. Qualified dividend income of $1,800 from Blueberry. Interest income of $3,750 on bonds from City of Glendale school. Alimony of $16,000 from Caesar. Distribution of $4,800 from a partnership named JP Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses. From her checkbook records, she determines that she made the following payments during 2019: In addition, Lora's records show that she paid out the following: Charitable contributions of $1,500 to the National Down Syndrome Society (proper receipts obtained) and $4,500 to Holy Family Church Paid $5,500 to Glendale Hospital for the medical expenses of a friend from work. Mortgage interest on her residence of $7,800 to Third American Bank. Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $800 for landscaping expenses for residence. Estimated Federal income taxes of $3,800 and estimated state income taxes of $1,000. Medical expenses of $5,000 for her and $800 for Bovi. In December, her medical insurance policy reimbursed $1,500 of her medical expenses. A $1,500 ticket for parking in a handicapped space. Attorney's fees of $1,000 for unsuccessfully contesting the parking ticket. Contribution of $250 to the campaign of a candidate for governor. Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994. Calculate Lora's federal net tax payable or refund due for 2019. Use the appropriate federal forms and schedules