Jackmerius Tacktheritrix (SSN 987-65-4321) is single and has a nine-year-old son, X A-12 who lives with him nine months of the year in a rented condominium at 11621 Main Street in Vermillion, South Dakota. X A-12 lives with his mother, Jackmerius's ex-wife, during the summer months. Sadly, she left Jackmerius for her Pilates instructor named Ozamataz Buckshank. X A-12's mother provides more than half of X A-12's support and Jackmerius has agreed to allow her to claim X A-12 as her dependent. Jackmerius has a salary of $39,000 and itemized deductions of $4,000 (none of the itemized deductions were charitable contributions). Taxes withheld during the year amount to $3,221. Jackmerius received a K-1 from a partnership indicating that his share of the partnership STCL is $200. On July 14 of the current year, he sold the following assets: Land was sold for $35,000. The land was received as a property settlement on January 10, 2010, when the land's FMV amounted to $30,000. His ex-wife's basis for the land, purchased on January 10, 2002, was $18,600. A personal-use computer acquired on March 2 last year for $4,000 was sold for $2,480. A membership card for lifetime soda refills at Casey's convenience stores was sold for 8,500. The card was acquired on September 10, 2006, for $6,000. Marketable securities held as an investment were sold for $20,000. The securities were inherited from his uncle Tyroil, who died on March 10 of the current year when the FMV of the securities was $21,000. The uncle purchased the securities on May 10, 1990 for $10,700. In addition to the above sales, Jackmerius received a $100 refund of state income taxes paid last year. Jackmerius used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare Form 1040 and Schedule D for the current year. Jackmerius Tacktheritrix (SSN 987-65-4321) is single and has a nine-year-old son, X A-12 who lives with him nine months of the year in a rented condominium at 11621 Main Street in Vermillion, South Dakota. X A-12 lives with his mother, Jackmerius's ex-wife, during the summer months. Sadly, she left Jackmerius for her Pilates instructor named Ozamataz Buckshank. X A-12's mother provides more than half of X A-12's support and Jackmerius has agreed to allow her to claim X A-12 as her dependent. Jackmerius has a salary of $39,000 and itemized deductions of $4,000 (none of the itemized deductions were charitable contributions). Taxes withheld during the year amount to $3,221. Jackmerius received a K-1 from a partnership indicating that his share of the partnership STCL is $200. On July 14 of the current year, he sold the following assets: Land was sold for $35,000. The land was received as a property settlement on January 10, 2010, when the land's FMV amounted to $30,000. His ex-wife's basis for the land, purchased on January 10, 2002, was $18,600. A personal-use computer acquired on March 2 last year for $4,000 was sold for $2,480. A membership card for lifetime soda refills at Casey's convenience stores was sold for 8,500. The card was acquired on September 10, 2006, for $6,000. Marketable securities held as an investment were sold for $20,000. The securities were inherited from his uncle Tyroil, who died on March 10 of the current year when the FMV of the securities was $21,000. The uncle purchased the securities on May 10, 1990 for $10,700. In addition to the above sales, Jackmerius received a $100 refund of state income taxes paid last year. Jackmerius used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare Form 1040 and Schedule D for the current year
