Jim Sarowski ( SSN ***-**-****) is 70 years old and single. he received Social Security benefits of $16000. He works part-time as a greeter at a local discount store and received wages of $3700.Federal income taxes of $250 were withheld from his salary. ***** *****ves at Rt. 7 in Daingerfield, Texax. in March of 2013, he purchased a duplex at*****to use as rentalproperty for $100,000, with 20% of the price allocated to land. During the year, he had the following receipts and expenditures with respect to the duplex: Rent recipts $8,800 Interest paid 5,900 Property taxes 1,400 Insurance 800 Maintenance 300 Other expenditures during the year: Contributions to the church $2,600 Personal property taxes 225 Sales tax 345 On July 24, he exchanged ten acres of land for a car with a $16,500 FMV to be held for personal use. The land was purchased on Nevember 22, 1991, for $18,000 as a investment. Because of the pollutin problems in the area, the value of the land declined. On December 1, he sold his residence, which had been his home for 30 years, for $475,000. Sales commissions of $16,000 were paid, and the adjusted basis for his home. is $110,000. he plans to rent a apartment and does not plan to purchase another home. His only other sale of a principal residence occurred 32 years ago. Prepare Forms 1040 and 4562 and Schedules D and E