Phil Dunphy (SSN 987-65-4321) is single and has a eleven-year-old son, Luke who lives with him nine months of the year in a rented condominium at 999 Main Street in Sioux City, Iowa. Luke lives with his mother, Phil's ex-wife, during the summer months. Sadly, she left Phil for a fireman named Les McBurney. Luke's mother provides more than half of Luke's support and Phil has agreed to allow her to claim Luke as her dependent. Phil has a salary of $52,000 and itemized deductions of $9,000. Taxes withheld during the year amount to $5,275. Phil received a K-1 from a partnership indicating that his share of the partnership STCL is $700. On July 14 of the current year, he sold the following assets where all transactions were reported on Form(s) 1099-B showing basis was reported to the IRS: Land was sold for $30,500. The land was received as a property settlement on January 10, 2012, when the land's FMV amounted to $41,000. His ex-wife's basis for the land, purchased on January 10, 2004, was $29,600. A personal-use computer acquired on July 14th last year for $6,000. Because the computer had the latest NVIDIA GPU, it was sold for $7,780. A lifetime membership card for pizza at Pizza Ranch was sold for $9,400. The card was acquired on September 10, 2006, for $10,900. Marketable securities held as an investment were sold for $45,000. The securities were inherited from his uncle Mitchell, who died sadly on March 10 of the current year from excessive snobbery. On the uncle's date of death, the FMV of the securities was $22,000 the uncle had purchased the securities on May 10, 1995, for $10,700. 125 common shares of Tesla stock held as an investment were sold for $20,000. The common shares of Tesla stock were purchased by Phil on October 23, 2020, for $240 per share. On July 31st of the current year, Phil heard a rumor that Tesla was about to secure a major order to provide 100,000 cars to Hertz rental car. He bought 100 common shares of Tesla stock for $170 in anticipation that the stock would go up when the order was announced. In addition to the above sales, Phil received a $300 refund of state income taxes paid last year. Phil used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare forms 1040, 8949, schedule D and Qualified Dividends and Capital Gains Tax worksheet for the current year.