PLEASE COMPLETE A SCHEDULE C FORM USING THE INFORMATION PROVIDED!!!!!!!!

Iax Return Prob 4. David R, and Ella M. Cole (ages 39 and 38 , respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202 . David is a self-employed consultant dinics. - David earned consulting fees of $145,000 in 2021. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its 401(k) retirement plan. David's employment-related expenses for 2021 are summarized below. The entertainment involved taking clients to sporting and musical events. The business gifts consisted of $50 gift certificates to a national restaurant. These were sent by David during the Christmas holidays to 18 of his major clients. business gifts consisted of $50 gift certificates to sporting and musical events. The sent by David during the Christmas holidays to a national restaurant. These were In addition, David drove his 2019 Ford to 18 of his major clients. and 3,000 for personal use during 2021. Exedition 11,000 miles for business August 15, 2018, and has always used the . He purchased the Expedition on for tax purposes. Parking and tolls relating automatic (standard) mileage method - When the Coles purchased their present residence in Apriness use total $340 in 2021. of the 3.000 square feet of living space residence in April 2018, they devoted 450 $440,000($40,000 of which is atsace to an office for David. The property cost in value. Expenses relating to the residence the land) and has since appreciated and property taxes; see below) are as follows: and property taxes; see below) are as follows: In terms of depreciation, the Coles use the MACRS percentage tables applicabe to 39-year nonresidential real property. As to depreciable property (e.g, offite furniture), David tries to avoid capitalization and uses whatever method provids the fastest write-off for tax purposes. - Ella works at a variety of offices as a substitute when a hygienist is ill or on vace. tion or when one of the clinics is particularly busy (e.g., prior to the beginning of the school year). Besides her transportation, she must provide and maintain her own uniforms. Her expenses for 2021 appear below. Ella's salary for the year is $42,000, and her Form W2 for the year shows income tax withholdings of $4,000 (Federal) and $1,000 (state) and the proper amount of Social Security and Medicare taxes. - Besides the items already mentioned, the Coles had the following receipts dur Sarah, who , Coles' household has included David's divorced mother. unexpectedly died of a heaimed as their dependent. In late December 2020, Sarith For several years, the Coles' household has included David's divorced mother, Sarah, who has been claimed as their dependent. In late December 2020, Sarah unexpectedly died of a heart attack in her sleep. Unknown to Ella and David Sarah had a life insurance policy and a savings account (with David as the des. ignated beneficiary of each). In 2020, the Coles purchased two ATVs for \$14,000. After several near mishaps, they decided that the sport was too dangerous. In 2021, they sold the ATVs to their neighbor. - Additional expenditures for 2021 include: Funeral expenses for Sarah Taxes- $4,500 Real property taxes on personal residence 2021 , the Coles made quarterly estimated tax payments of $6,000 (Federal) and $500 (state) for a total of $24,000 (Federal) and $2,000 (state). Using the appropriate forms and schedules, compute the Coles' Federal inconte tax for 2021. Disregard the alternative minimumpute the Coles' Federal incone ignated beneficiary of each. In decided that the sport was too dangerong is After several near mishaps, they decided that 2021 , they sold the ATVs to their neighbor. - Additional expenditures for 2021 include: In 2021, the Coles made quarterly estimated tax payments of $6,000 (Federal) andi $500 (state) for a total of $24,000 (Federal) and $2,000 (state). Using the appropriate forms and schedules, compute the Coles' Federal incomie tax for 2021. Disregard the alternative minimum tax (AMT) and various eduction credits since these items are not discussed until later in the text (Chaptess 12 and 13). Relevant Social Security numbers are: The Coles have never owned or used any virtual currency. The Coles received the appropriate coronoavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. They do not want to contribute to the Presidential Election Campaign Fund. Also, the Coles want any overpayment of tax refunded to them and not applied toward next year's tax liability. David will have a self-employment tax liability; refer to Exhibit 13.9 in Chapter 13 to compute this liability. Suggested software: ProConnect Tax. 49. Saanvi Patel (Social Security number 123-45-6785), single and age 32, lives at 3218 Columbia Drive, Spokane, WA 99210. She is employed as a regional sales manager by VITA Corporation, a manufacturer and distributor of vitamins and food Iax Return Prob 4. David R, and Ella M. Cole (ages 39 and 38 , respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202 . David is a self-employed consultant dinics. - David earned consulting fees of $145,000 in 2021. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its 401(k) retirement plan. David's employment-related expenses for 2021 are summarized below. The entertainment involved taking clients to sporting and musical events. The business gifts consisted of $50 gift certificates to a national restaurant. These were sent by David during the Christmas holidays to 18 of his major clients. business gifts consisted of $50 gift certificates to sporting and musical events. The sent by David during the Christmas holidays to a national restaurant. These were In addition, David drove his 2019 Ford to 18 of his major clients. and 3,000 for personal use during 2021. Exedition 11,000 miles for business August 15, 2018, and has always used the . He purchased the Expedition on for tax purposes. Parking and tolls relating automatic (standard) mileage method - When the Coles purchased their present residence in Apriness use total $340 in 2021. of the 3.000 square feet of living space residence in April 2018, they devoted 450 $440,000($40,000 of which is atsace to an office for David. The property cost in value. Expenses relating to the residence the land) and has since appreciated and property taxes; see below) are as follows: and property taxes; see below) are as follows: In terms of depreciation, the Coles use the MACRS percentage tables applicabe to 39-year nonresidential real property. As to depreciable property (e.g, offite furniture), David tries to avoid capitalization and uses whatever method provids the fastest write-off for tax purposes. - Ella works at a variety of offices as a substitute when a hygienist is ill or on vace. tion or when one of the clinics is particularly busy (e.g., prior to the beginning of the school year). Besides her transportation, she must provide and maintain her own uniforms. Her expenses for 2021 appear below. Ella's salary for the year is $42,000, and her Form W2 for the year shows income tax withholdings of $4,000 (Federal) and $1,000 (state) and the proper amount of Social Security and Medicare taxes. - Besides the items already mentioned, the Coles had the following receipts dur Sarah, who , Coles' household has included David's divorced mother. unexpectedly died of a heaimed as their dependent. In late December 2020, Sarith For several years, the Coles' household has included David's divorced mother, Sarah, who has been claimed as their dependent. In late December 2020, Sarah unexpectedly died of a heart attack in her sleep. Unknown to Ella and David Sarah had a life insurance policy and a savings account (with David as the des. ignated beneficiary of each). In 2020, the Coles purchased two ATVs for \$14,000. After several near mishaps, they decided that the sport was too dangerous. In 2021, they sold the ATVs to their neighbor. - Additional expenditures for 2021 include: Funeral expenses for Sarah Taxes- $4,500 Real property taxes on personal residence 2021 , the Coles made quarterly estimated tax payments of $6,000 (Federal) and $500 (state) for a total of $24,000 (Federal) and $2,000 (state). Using the appropriate forms and schedules, compute the Coles' Federal inconte tax for 2021. Disregard the alternative minimumpute the Coles' Federal incone ignated beneficiary of each. In decided that the sport was too dangerong is After several near mishaps, they decided that 2021 , they sold the ATVs to their neighbor. - Additional expenditures for 2021 include: In 2021, the Coles made quarterly estimated tax payments of $6,000 (Federal) andi $500 (state) for a total of $24,000 (Federal) and $2,000 (state). Using the appropriate forms and schedules, compute the Coles' Federal incomie tax for 2021. Disregard the alternative minimum tax (AMT) and various eduction credits since these items are not discussed until later in the text (Chaptess 12 and 13). Relevant Social Security numbers are: The Coles have never owned or used any virtual currency. The Coles received the appropriate coronoavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. They do not want to contribute to the Presidential Election Campaign Fund. Also, the Coles want any overpayment of tax refunded to them and not applied toward next year's tax liability. David will have a self-employment tax liability; refer to Exhibit 13.9 in Chapter 13 to compute this liability. Suggested software: ProConnect Tax. 49. Saanvi Patel (Social Security number 123-45-6785), single and age 32, lives at 3218 Columbia Drive, Spokane, WA 99210. She is employed as a regional sales manager by VITA Corporation, a manufacturer and distributor of vitamins and food