Julie Hernandez is single and has no dependents. She operates a dairy farm and her Social Security number is 000-00-1111. She lives at 1325 Vermont Street in Costa, Florida. Consider the following information for the current year: Schedule C was prepared by her accountant and the net profit from the dairy operations is $48,000. Itemized deductions amount to $4,185. Dividend income (qualified dividend) amounts to $280. State income tax refund received during the year is $125. She did not itemize last year. In June, a burglar broke into her house and stole the following two assets, which were acquired in 1988: Painting $2,000 (basis) $10,000 (FMV) $9,000 (Insurance proceeds received) Sculpture 1,700 (basis) 1,500 (FMV) 0 (Insurance proceeds received) The following assets used in her business were sold during the year: Tractor June 10, 2004 $25,000 $25,000 Oct. 20 $ 8,300 Barn May 23, 1994 90,000 61,000 May 13 87,000 Land May 23, 1994 15,000 0 May 13 27,000 Cows Sept. 7, 2012 20,000 13,000 Nov. 8 21,000 In August, three acres of the farm were taken by the state under the right of eminent domain for the purpose of building a highway. The basis of the three acres is $1,500, and the state paid the FMV, $22,000, on February 10. The farm was purchased on August 12, 1976. Nonrecaptured net Section 1231 losses from the five most recent tax years preceding the current year amount to $7,000. Estimated taxes paid during the year amount to $32,000. Prepare Forms: 4797, and Schedule D for 2014.

Note : The Tractor, Barn and Cow should be listed at part 3 of form 4797.