Part I ? Due in Week 3

For the Part I (Week 3) assignment, you are asked to use the introductory sentence about the taxpayer and complete paragraph items 10, 13, and 14. You will also use the Social Security numbers provided. Please also examine the bullets on requirements for determining filing status, election of presidential campaign, etc.

10. One month before she died on April 14, 2005, Violet Simon (Anne's mother) gave Anne a coin collection. Based on careful records that Violet kept, the collection had a cost basis of $9,000 and a fair market value of $18,000 at the time Violet passed away. On February 12, 2014, the Miller residence was burglarized and the coin collection was stolen. The Millers filed a claim with the carrier of their homeowner's insurance policy for $24,000 (the current value of the collection). Unfortunately, all they were able to collect was $10,000, which was the maximum pay-out allowed for valuables (e.g., jewelry, antiques) without a special rider attached to the insurance policy. 13. In addition to those previously noted, the Millers' receipts during 2014 are summarized below: Payments to John for services rendered (as reported $82,0 on Forms 1099-MISC issued by several payor 00 insurance companies) pursuant to contractual arrangement Income tax refunds for tax year 2013: Federal 210 State of Minnesota 90 Interest income (reported on separate Forms 1099- INT): State of Minnesota general-purpose bonds 1,400 General Electric corporate bonds 1,100 Certificate of deposit at Aitkin National Bank 900 Qualified dividends (Duke Energy, reported on Form 1,200 1099-DIV) Proceeds from garage sale (see item 14 below) 9,200 Cash gifts from John's parents 24,00 0 John's net state lottery losses ($1,000 of winnings reported on Form W2-G; $2,300 of losses) (1,30 0) 14. On June 7 and 8, 2014, the Millers held a garage sale to dispose of unwanted furniture, appliances, books, bicycles, clothes, and one boat (including trailer). The estimated basis of the items sold is $25,500. All assets were used by the Millers for personal purposes. Name John R. Miller Social Security 111-11-1111 Number Birth Date 06/06/1972 Anne L. Miller 123-45-6781 08/14/1973 Gary Simon 123-45-6784 03/12/1934 Trace Miller 123-45-6788 09/13/1997 Trevor Miller 123-45-6789 07/20/1999 During this term, you will be preparing an income tax return. This return will be submitted in 4 stages as stated in the assignments. These stages are in the form of parts. You are to only submit the parts requesting. For example, part 1 has certain specific requirements that are different than part 2. Works only to submit part 1 when required do not submit advance work. These projects do not require a narrative you will receive no points for providing a narrative. You must provide the tax returns and all forms. You will find the forms in appendix B of the book. Please ignore the problem and requirements for the course project that is already posted in the course shell or in docshare. This announcement supersedes it. What is listed below pertains to Comprehensive Problem 1 listed in appendix E of the textbook. It is important you provide a complete tax return as indicated below. That means each page should have totals even though you will be revising the totals in other weeks by providing additional information. It is also important you attached the relevant forms for each part of the course project. Merely attaching the first 2 pages of FORM 1040 is not enough. The revised requirements for the course project are shown below: Part I - Due in Week 3 For the Part I (Week 3) assignment, you are asked to use the introductory sentence about the taxpayer and complete paragraph items 10, 13, and 14. You will also use the Social Security numbers provided. Please also examine the bullets on requirements for determining filing status, election of presidential campaign, etc. Part II - Due in Week 5 For the Part II (Week 5) assignment, you are asked to do the following: Use the Part I assignment you completed previously. Correct your Part I assignment mistakes, if any, based on the solution you were provided by your instructor at the end of Week 4. Complete the following additional paragraph items: 1 - 5 Please also examine the bullets on requirements to add that may pertain to these paragraphs. State any assumptions you are making in a separate memorandum attached to the return. Save your file as Your Last Name - formname (e.g., Smithf2106.pdf), and submit it to your instructor via the Week 5 Assignments Dropbox. Part III - Due in Week 6 For the Part III (Week 6) assignment, you are asked to do the following: Use the Parts I and II assignments you completed previously. Correct your Part II assignment mistakes, if any, based on the solution you were provided by your instructor at the end of Week 5. Complete the following additional paragraph items: 11 and 12. Please also examine the bullets on requirements to add that may pertain to these paragraphs. State any assumptions you are making in a separate memorandum attached to the return. Save your file as Your Last Name - formname (e.g., Smithf2106.pdf), and submit it to your instructor via the Week 6 Assignments Dropbox. Part IV - Due in Week 7 For the Part IV (Week 7) assignment, you are asked to do the following: Use the Parts I, II, and III assignments you completed previously. Correct your Part III assignment mistakes, if any, based on the solution you were provided by your instructor at the end of Week 6. Complete the following additional paragraph items: 6 - 9 Please also examine the bullets on requirements to add that may pertain to these paragraphs. State any assumptions you are making in a separate memorandum attached to the return. Save your file as Your Last Name - formname.pdf (e.g., Smithf2106.pdf), and submit it to your instructor via the Week 7 Assignments Dropbox. You may use either 2013 or 2014 Tax Forms. Again, please refer to Appendix B in the ebook to assist you. The tax return must include not only the Form 1040 but all related schedules on submission. Each of these parts of this project is to be submitted according to the published deadline. That deadline is generally Sunday night at 11:59 p.m. Mountain time. You may use tax software of your choosing. The ground rules associated with late submissions of weekly assignments apply here as well. Again, I will not grant any exceptions nor entertain any reasons for extensions under any circumstances. Thank you! Professor Bender CHECKING YOUR GRADE Blaise Bender 10/23/2015 12:00 AM TURNITIN AND ASPIRE Blaise Bender 10/23/2015 12:00 AM