Page of 2 ZOOM ACCOUNTING 308 TAX RETURN PROJECT #1 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda owns her own business. They file a joint retum. (Includes both Lance and Wanda) Personal items: Wages/ Salaries Interest Income Child support payments to John Allen Alimony payments John Allen Lottery winnings Federal income tax withholding State income tax withheld $105,000 1,100 8,000 7,200 870 13,000 4,500 Wanda was previously married to John Allen, they divorced several years ago (prior to 2018). Under the divorce decree, Wanda was obligated to pay alimony to John. She paid him $7,200 throughout the year, which agreed with the divorce decree. Wanda is the owner of her own business. Throughout the year she earned $20,000 of taxable income from this business (taxed as an S-Corp). Additionally, Lance and Wanda had: (1) Sale of LMN publically traded stock on 2/15/2021 for $4,000 (originally purchased for $8,000 on 8/15/2020) (2) Sale of QRS publically traded stock on 10/15/2021 for $17,000 (originally purchased for $7,000 on 12/15/2019) (3) Sale of a boat on 5/15/2021 for $10,000 used for personal recreation (originally purchased for $20,000 on 6/15/2016) (4) Wanda inherited publically traded stock worth $30,000 from a deceased uncle on September 30, 2021 (5) Immediately after receiving this stock, Wanda sold it for $30,000. This stock was originally purchased by his uncle on January 15, 2018 for $23,000 Page