PLEASE FILL UP ALL THE 1040 FORMS THAT ARE LISTED (SCHEDULE A, B, C, D, E, SE, FORM 8949, AND SCHEDULE 1) Thank you. forms can be downloaded on the IRS website

Practice Set #2.pdf + E C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf SJC : Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 1 / 18 100% + | George and Nila Amberson Accounting 144 Practice Set #2 1 This second practice set is worth 45 points. Requirements are to complete form 1040 up to line 15 and the following forms: Schedule A Schedule B Schedule C Schedule D Schedule E Schedule SE Form 8949 Schedule 1 2 There will be offered 10 points of extra credit for the completion of the following forms: Form 8582 Form 4562 Form 1040 Lines 16-37 Schedule 2 Partial extra credit is available if you do not complete all four forms. 3 F: N * o WE W ^4 * l 1:46 PM 4/17/2021 Practice Set #2.pdf + x C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... * mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 2 / 18 70% + 1 LLLLLLLLLLLLL HRESBE EDELLE George and Nila Amberson Practice Set #2 Check Figures Form # Line # Amount 1040 9 142,348 1040 11 130,063 1040 13 13,670 1040 15 90,580 1040 16 11,007 Stmt 1 8 1,840 Stmt 1 9 75,473 Stmt 1 14 5,485 Stmt 1 22 12,285 Sch A 17 25,813 Sch B 4 6,275 Sch B 6 7,200 Sch C 13 4,867 Sch C 28 130,367 Sch C 31 77,633 Sch D 16 1,400 Sch E Pg2 41 (4,000) Sch SE 12 10,969 2 3 F: o A4) #ra 1:47 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 3 / 18 77% + | INDIVIDUAL PRACTICE SET #2 GEORGE AND NILA AMBERSON INDIVIDUAL FEDERAL INCOME TAX RETURN 2020 ANNUAL EDITION ALL DATES RELATE TO YEAR 2020 UNLESS STATED OTHERWISE 1.0 INTRODUCTION: 1 You have been employed to complete the 2020 Federal income tax return for George and Nila Amberson. The Ambersons have provided you with original copies of all third-party documents filed with the IRS, such as W- 2's, 1099's, and K-1's. They have also provided you with adequate written documentation to substantiate all transactions mentioned in this case. Lastly, they have provided you with copies of their respective 2019 Federal income tax returns. 1.1 Taxpayer Biographical Information: Biographical data relating to the Ambersons are as follows: . . George Cohan Amberson, SSN 448-56-2301. Born February 26, 1970. Operated unincorporated landscape engineering business in Temple, Texas during the entire year. Nila Rademaker Amberson, SSN 460-30-2020. Born November 11, 1970. Employed as a professor of English literature at Howard Payne University in Brownwood, Texas during the entire year. George and Nila Amberson were married in Temple on February 14. They reside at 315 West Avenue, Temple, Texas 76501. Their daytime telephone number is (254)555- 3976. 2 1.2 Persons Supported by the Ambersons: George has the following single children by his first wife Michelle Ryan Amberson who died on July 14, 2018: 1 Jennifer Harrison Amberson, SSN 280-90-6502. Born on October 22, 1998. Full-time student at University of Dallas prior to graduation in May. Moved to Galveston, Texas in July. Employed as commercial artist there starting in October. Income consisted of wages of $6,000 and dividend income of $300. The Ambersons provided 60 percent of her support. 2 Charles Michael Amberson, SSN 280-54-6099. Born July 19, 2001. Began college as full-time student at wil z 3 gi N o 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 3 / 18 77% + 10 3976. 1.2 Persons Supported by the Ambersons: George has the following single children by his first wife Michelle Ryan Amberson who died on July 14, 2018: 1 Jennifer Harrison Amberson, SSN 280-90-6502. Born on October 22, 1998. Full-time student at University of Dallas prior to graduation in May. Moved to Galveston, Texas in July. Employed as commercial artist there starting in October. Income consisted of wages of $6,000 and dividend income of $300. The Ambersons provided 60 percent of her support. 2 Charles Michael Amberson, SSN 280-54-6099. Born July 19, 2001. Began college as full-time student at DePaul University in Chicago in August. Only income consisted of scholarship worth $4,000, of which 75 percent was used to pay for tuition and fees. The Ambersons contributed 90 percent of his support. 3 Jeffery Logan Amberson, SSN 488-60-0560. Born November 1, 2005. Full-time high school student. Only income consisted of dividend income of $2,000. The Ambersons contributed all of his support. 4 Killian George Amberson, SSN 488-56-3400. Born June 19, 2009. Full-time elementary student. Only income consisted of dividend income of $1,700. The Amberson's contributed all of his support. 2 The Ambersons also supported the following persons: 1. Christopher Charles Wilson, SSN 780-45-2093, lifelong family friend of Nila. Single. Born April 3, 1961. Resided with Ambersons from April 1 to end of year. Resided in McGregor, Texas prior to moving in with the Ambersons. The Ambersons provided all of his support. 3 2. Ralph John Watkins, SSN 243-94-4052, nephew of Nila. Single. Born March 29, 1997. Resided in Milano, Texas. Earned $11,000 as a rather Bohemian freelance artist, but spent only $2,340 of his earnings and banked the rest. The Ambersons contributed 75 percent of his support. 1.3 Taxpayer Filing Information: The following filing information relates to the Ambersons: The Ambersone wish to file as married filing lointly for 2020 F: N o 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 4 / 18 77% + [ @ 2. Ralph John Watkins, SSN 243-94-4052, nephew of Nila. Single. Born March 29, 1997. Resided in Milano, Texas. Earned $11,000 as a rather Bohemian freelance artist, but spent only $2,340 of his earnings and banked the rest. The Ambersons contributed 75 percent of his support. 1.3 Taxpayer Filing Information: The following filing information relates to the Ambersons: 2 The Ambersons wish to file as married filing jointly for 2020. Nila elects to contribute to the Presidential Election Campaign Fund. George does not make this election, The Ambersons are both calendar year taxpayers. The Ambersons both follow the cash receipts method. The Ambersons prefer that any tax overpayment be refunded rather than credited to their 2021 Federal tax return. . 1.4 Data Relating to 2019 Federal Tax Returns: The following data relate to the 2019 tax returns filed by George and Nila Amberson: 3 George filed his 2019 Federal income tax return as a qualifying widower. Nila filed her 2019 Federal income tax return as a single taxpayer. Neither George or Nila reported any other carry forwards on their 2019 Federal Income tax returns. INCOME SOURCES 2.1 Salary Income: As stated in Section 1.1 above, Nila was employed as a professor of English literature at Howard Payne University during the entire year. Her Form W-2 as filed by Howard Payne University is attached. Note that Texas has no state individual income tax regime. Therefore, the section of Nila's W-2 dealing with state tax information is blank. 2.2 Income from Trade or Business: F: N 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 4 / 18 77% + | 0 information is blank. 2.2 Income from Trade or Business: A. As stated in Section 1.1 above, George operated an unincorporated landscape engineering firm during the entire year. His business consists of designing and installing landscape designs that comprise an integral component of the construction of new buildings in central Texas. George has operated the landscaping engineering business continuously since 2008. George has operated his business out of an office in his principal residence in Temple. George accounts for all transactions on the cash receipts method. George's employer identification number (EIN) is 86-2528181. His applicable business code is 541320, George is at-risk for all losses. 3 B. The following income were posted to George's business checkbook: a. Sales $208,000 b. Proceeds from business loan $42,000 a Employee's social security number 22222 b Employer identification number (EN) 1 Wages, tips, other compensation 2 Federal income tax withheld 3 Social security wages 4 Social security tax with peld c Employer's name, address, and ZIP code 460-30-2020 OMB No 1545-0008 72-5415634 52,000 Howard Payne University 52 000 1000 Fisk Anel 52 000 Brownwood TX 76801 10,400 3224 Medicare wages and tips 6 Medicare tax withheld 754 7 Social Security tips 8 Allocated tips 9 d Control number 10 Dependent care benefits 12 . Employee's first name and initial Suff. 11 Nonqualified plans Last name 1 13 Radio 12b employee Nila R Amberson 315 west Are There are n 14 Other 12c 5 1 F: N o 1:51 PM 4/17/2021 Practice Set #2.pdf + C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 5 / 18 97% + a a Employee's social security number 22222 460-30-2020 b Employer identification number (EIN) OMB No. 1545-0008 Wages, tips, other compensation 2 Federal income tax withheld 10,400 c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withbold 72-5415634 Howard Payne University 1000 Fisk Ave Brownwood TX 76801 52,000 52 000 52 000 5 Medicare wages and tips 6 Medicare tax withheld 3224 754. 7 Social Security tips 8 Allocated tips 3 10 Dependent care benefits 9 d Control number e Employee's first name and initial Last name Sult. 120 11 Nonqualified plans 13 Statutory Retirement 12b 14 Other 12c Nila R Amberson 315 west Are Temple TX 76501 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name IX Department of the Treasury - Internal Revenue Service Form W-2 wage and Tax Statement 2020 Copy 1-For State, City, or Local Tax Department 5 F: * o 1:55 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 6 / 6 / 18 77% + a C. The following cash payments were posted to George's business checkbook: a. Gross wages paid to employees b. Payroll taxes c. Secretarial services d. Meals e. Travel f. Legal expense g. Accounting expenses h. Telecommunications i. Insurance j. Supplies k. Principal on business loan I. Interest on business loan m. Advertising n. Repairs o. Contribution to George's traditional IRA p. Entertainment expenses 4. Speeding tickets 1. Subscription to Landscape Monthly S. State permit $62,000 11,900 8,000 1,900 2,200 1,100 2,200 4,600 5,000 2,700 35,000 4,300 6,000 1,500 3,000 3,500 200 100 300 D. George utilized the following assets in his landscaping business: 5 Description of Property: Date Placed into Service: Adjusted Basis when Placed into Service: Business Use: 5/21/16 $40,000 100% Landscaping equipment Computer system Computer printer Office furniture 7/22/17 7/25/18 6/20/19 3,200 1,000 3,000 100% 100% 100% All of the assets listed above were purchased new by George on the date they were placed into service, Due to technical requirements, George was not able to elect 179 treatment for any year prior to 2020. All assets were depreciated under accelerated MACRS prior to 2020. 6 F: N 1:52 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 7 / 18 77% + a E. George drove a 2004 Chevrolet pick-up truck which he placed into service on January 2, 2016. The truck cost George $12,800. The truck weighs 6,800 pounds. George logged 22,000 business related miles in his pick-up truck. He also logged 20,000 non-business related miles. Written documentation exists justifying the business-use of the pick-up truck. George has always used the standard mileage method. The truck has never been depreciated under the MACRS method. 5 2.3 Dividends Received: A. The Ambersons received a Form 1099-DIV from each of the following sources: Dalbey Corporation Draper Corporation Interworld Growth Fund 6 Each Form 1099-DIV is attached. -. 2.4 Interest Received: A. The Ambersons received a Form 1099-INT from each of the following sources: First National Bank of Temple McLennan County Savings and Loan Microsoft, Inc. Each Form 1099-INT is attached. -. 7 Nila also received interest of $3.4.00 on City of Temple general obligation bonds. gi E N o 1:52 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 7 / 18 7 / 77% + | 0 Microsoft, Inc. Each Form 1099-INT is attached. B. Nila also received interest of $3,400 on City of Temple general obligation bonds. The City of Temple was not required to file a Form 1099-INT with the IRS. 2.5 Sale of Capital Assets: The Ambersons sold the following capital assets: 5 Description Of Asset: 500 Shares Draper Corp. Date of Date of Acquisition: Sale: 11/19/08 1/13/20 Proceeds from Sale: 41,000 Method of Acquisition: Purchased by George for $50,000 Method of Sale: Sold directly to Nila's friend Willie 3/17/07 6/27/20 $4,000 200 Shares Dalbey Corp. Purchased By Nila for for $2,500 Sold on New York Stock Exchange 7/3/20 12/15/20 $2,000 1,000 Shares Parli Corp. Purchased by Ambersons for $3,000 Sold on Mexico City Stock Exchange 6 6/9/09 Diamond Pendant 6/15/20 $15,000 Sold directly to unrelated jewelry dealer Inherited by Nila from her mother. Basis to mother was $2,700. FMV at Time of death Was $11,400. 7 F: E N o 1:52 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf hostess w psyc G part time jobs in fre... Home Home Home... Apps Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 8 / 18 77% + | VOID CORRECTED PAYER'S name, street address, city or town, state or province, country. ZP 10 Total ordinary dividends or foreign postal code, and telephone no. OMB No. 1545-0110 2020 Dividends and Distributions 1b Qualified dividends s 3000 - 2a Total capital gain distr. $ 2c Section 1202 gain Form 1099-DIV 2b Unvece Sec, 1250 gain $ 2d Collectibles (8%) gain 6 Copy 1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN Dalbey Corporation s 3000 - Washington & 3rd Sts. Springe field IL 62701 76-3451789 448-56-2301 George & Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENTS name $ $ 3 Nondividend distributions 4 Federal income tax withheld $ $ 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid Foreign country or Spoon Street address incloding apt. no.) Cilly or town, state or province, country, and ZIP or foreign postal code $ 9 Cash liquidation distributions 10 Noncash liguidation on $ $ FATCA fling 11 Exempt interest dividends 12 Specified private activity requirement bond interest dividends $ $ Account number see Instructions 13 State 14 Station no. 15 State tax withheld $ 7 Form 1099-DIV www.lrs.gowForm10990 Department of the Treasury - Internal Revenue Service 8 F: N o 1:52 PM 4/17/2021 Practice Set #2.pdf + { Q 1 JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 9 / 18 77% + | VOID D CORRECTED PAYER'S name, street address, city or town, state or province, country, ZP 1a Total ordinary dividends 1a Total ordinary dividends OMB No 1545-0110 or foreign postal code, and telephone no. $ 1b Qualified dividends 2020 4000 4000 Dividends and Distributions 7 2a Total capital gain distr. $ 2c Section 1202 gain Form 1099-DIV 2b Urrecap. Sec. 1250 gain $ 2d Collectibles (28%) gain Copy1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN Draper Corporation 902 washington Are Houston, TX 77002 76-1151234 448-56-2301 George Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name $ $ 3 Nondividend distributions 4 Federal income tax withhold $ $ 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid Forsion country or U.S. Posion Street address including apt. no.) 8 City or town, we or province, country, and ZIP or foreign postal code $ 9 Cash liquidation distributions 10 Moncash liquidation distribution $ $ FATCA sing 11 Exempt-interest dividende 12 Specified private activity requirement bond Interest dividends $ 13 State 14 dni na 15 State tax withhold Account number see instructions! Form 1099-DIV www.insgowForm10990IV Department of the Treasury - Internal Revenue Service - 9 9 F: N * o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q 1 JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 10 / 18 77% + 10 ) TOMB No 1545-0110 2020 Dividends and Distributions VOID I CORRECTED PAYER'S name, street address, alty or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. $ 200 - 1b Qualified dividends 150- $ 2a Total capital gain distr $ 200 - PAYER'S TIN RECIPIENT'S TIN 2e Section 1202 gain Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (20%) gain Copy1 For State Tax Department 8 Interworld Growth Fund | 300 West Pershing | Kansas City, mo 64108 74-6678001 460.30.2020 Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name $ 3 Nondividend distributions 4 Federal income tax withheld $ $ 5 Section 199A dividends 6 Ivestment expenses $ $ 7 Foreign tax paid 8 Foreign country or U.S. possession Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code $ 9 Cashiquidation distributions 10 Nancashiquidation in $ $ FATCA fing 11 Exempt-interest dividends 12 Specified private activity requirement bond interest dividends $ Account number see instructions) 13 State 14 ton no. 15 State tax withheld 9 Form 1099-DIV www.rsgow Form1099DIV Department of the Treasury - Internal Revenue Service 10 ! E N o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q ET JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 11 / 18 77% + | VOID N CORRECTED PAYER'S name, street address, Gilty or town, state or province, country. ZIP Payer's RTN (optional) or foreign postal code, and telephone no. OMB No 1545-0112 2021 Interest Income 1 Interest income 6000 - Form 1099-INT 2 Early withdrawal penalty Copy1 9 PAYER'S TIN RECIPIENT'S TIN 3 Interest on U.S. Savings Bonds and Treas, obligations For State Tax Department First National Bank of Temple 11700 East Are Temple, TX 76502 74-6767005 448-56-2301 George + Nila Amberson 315 West Ave Temple, TX 76501 $ 4 Federal income tax withheld Investment expenses RECIPIENT'S name 6 Foreign tax pald 7 Foreign country or US. possession Street address including apt.no) 8 Tax-exempt interest 9 Specified private activity bond interest City or town, state or province, courry, and ZIP or foreign postal code $ 10 Market discount 11 Bond premium FATCA filing $ $ requirement 12 Bordprenton Treasury abitation 13 Bond premium on ter-exempt bond $ 14 Tax-exempt and tax credit 15 State 16 State Identification no. 17 State tax withheld bend CUSP no 10 Account number free instructions www.lrs.gowForm 1099INT Department of the Treasury - Internal Revenue Service Form 1099-INT 11 F: N o 1:53 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf hostess w psyc Gpart time jobs in fre... Home Home Home... Apps Ryan's Story Presen... mental Anxiety Research Pa.. f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 12 / 18 77% + | VOID CORRECTED PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional or foreign postal code and telephone no OMB No. 1545-0112 2021 Interest Income 1 Interest income 100- Form 1099-INT 10 2 Early withdrawal penalty Copy1 PAYER'S TIN RECIPIENT'S TIN 3 Interest on U.S. Savings Bonds and Treas obligations For State Tax Department McLennan County Savings Loan 11900 East Ave Temple , TX 7650Z | 24-2345889 460.30-2020 Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name 4 Federal income tax withheld 5 Testment expenses 7 Foreign country of U.S. possession Street address including apt, no.) 6 Foreign tax paid $ 8T8x-exempt interest 9 Spected private activity bond City or town, state or province, country, and ZIP or foreign postal code $ 11 Bond premium 10 Market discount 11 FATCA fings $ requirement 12 Bond premium on Treasury obligation 13 Bond premium on tas-escompt band S 14 Tax-exempt and tax credit 15 State 16 State identification no. 17 State tax withheld bond CUSIP NO $ Account number see instructions Form 1099-INT www.rs.gowForm1099INT Department of the Treasury - Internal Revenue Service 12 F: E N * o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q ET JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa.. f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 13 / 18 77% + | OMB No. 1545-0112 VOID CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP Payer's RTN (optional or foreign postal code, and telephone no 2021 Interest Income 1 Interest Income 11 Microsoft, Inc 303 E. Jackson st Seattle, WA 98104 175 - Form 1099-INT 2 Early Withdrawal penalty Copy1 PAYER'S TIN RECIPENT S TIN 3 Interest on U.S. Savings Bonds and Trees obligations For State Tax Department 76-1167888 460-30-2020 RECIPIENT'S name 4 Federal income tax withheld 5 Investment expenses S 6 Foreign tax paid 7 Foreign country or U.S. Possession Street address including apt. no.) 8 Tax-empt interest 9 Specified private fly bond Nila Amberson 315 West Ave Temple, TX 76501 City or town, state or province, country, and ZIP or foreign postal code $ 10 Market discount 11 Bond premium 12 FATCA filing $ requirement 12 Band prince Treasury aboutons 13 Bond premium on tan-exempt bond $ S 14 Tax-exempt and tax credit 15 Stale 16 State identification no. 17 State tax withheld bond CUSP no Account number (see instructions) Form 1099-INT www.irs.gow Form1090INT Department of the Treasury - Internal Revenue Service 13 ! E N * o 1:53 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 14 / 18 77% + L Description Of Asset: Date of Date of Acquisition: Sale: Proceeds from Sale: Method of Acquisition: Method of Sale: Silver tea Service 9/25/06 7/12/20 $900 Received by George as a gift. Basis to donor was $300 FMV at time of Gift was $700. Sold to unrelated neighbor 12 The donor paid no gift tax on the gift. All assets listed above were held by the Ambersons for investment purposes. 2.6 Other Investments: A. George is a general partner of Harrison Tubulars, LP. He owns a 15 percent interest in the partnership. He devoted 200 hours to the operation of the partnership. The three other partners contributed 140, 420 and 80 hours respectively. His basis in his partnership interest at the beginning of 2020 was $44,000. His Form K-1 from Harrison Tubulars is attached. 13 B George is a shareholder of Amberson Brothers, Inc., an Scorporation. He owns 20 percent of all shares in the corporation. George devoted only 100 hours to the operation of the corporation. The other shareholder contributed only 40 hours to the corporation. The corporation has no employees. His basis in his stock at the beginning of 2020 was $25,000. His Form K-1 from Amberson Brothers, Inc. is attached. 2.7 Other Income: A. The Ambersons received the following: 14 ! N 1:53 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 14 / 18 77% + | in the corporation. George devoted only 100 hours to the operation of the corporation. The other shareholder contributed only 40 hours to the corporation. The corporation has no employees. His basis in his stock at the beginning of 2020 was $25,000. His Form K-1 from Amberson Brothers, Inc. is attached 2.7 Other Income: A. The Ambersons received the following: . 12 Nila received a 1948 Oldsmobile automobile as a late wedding gift from Uncle Victor. The Oldsmobile was purchased for $12,000 in 1985, but was worth $28,000 at the time of the gift. George won $1,700 in a poker game. He had no gambling losses during the year. George inherited $2,000 from his grandmother. Nila was paid $140 in jury duty fees. Nila received the "Outstanding Professor in English Award" from Howard Payne University. She received $200 as part of the award. This cash prize was included on her Form W-2 received from Howard Payne University. 13 Schedule K-1 2020 (Form 1065) Department of the Treasury Internal Revenue Service For calendar year 2020. or tax year beginning / 2020 ending 1 Partner's Share of income, Deductions, Credits, etc. See separate instructions, 651119 Final K.1 Amended K-1 OMB No 1545-0123 Part III Partner's Share of Current Year Income, Deductions, Credits, and Other Items 1 Ordinary business Incore ! 15 Credits 3000 2 Net rental real estate income (loss) 3 Other net rental income foss) 14 16 Foreign transactions ! N o 1:53 PM 4/17/2021 Practice Set #2.pdf + { O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Q 1 JC : Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 15 / 18 | 77% 651119 K1 Amended K.1 OMB No 1545-0123 Part III Partner's Share of Current Year Income, Deductions, Credits, and Other Items Ordinagy business income on! 15 Credits Q 1 JC : c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf hostess w psyc Gpart time jobs in fre... Apps Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 16 / 18 97% + | @ Final K-1 4 14 Amended K-1 OMB No. 1545-0123 Schedule K-1 (Form 1120-S) 2020 Part II Shareholder's Share of Current Year Income, Deductions, Credits, and Other Items Department of the Treasury For calendar year 2020, or tax year 1 Ordinary business Income (oss) 13 Credits Internal Revenue Service 2 //2020 beginning ending 11 Net rental real estate income foss) Shareholder's Share of Income, Deductions, 3 Other net rental income oss) Credits, etc. See separate instructions. Interest income Part 1 Information About the Corporation A Corporation's employer identification number 5a Ordinary dividends 26-0232010 B Corporation's name, address, city, state, and ZIP code 5b Qualified dividends Foreign transactions Amberson Brothers 6 Royalties aus Pacific Ane 7 7 Net short-term capital gain (loss) TX 75601 5000 Ba Net long-term capital gain (loss) CIRS Center where corporation filed return Ogden UT 84201 8b Collectibles (28%) gain (loss) Part II Information About the Shareholder 14 Lengview, 8c Unrecaptured section 1250 gain 15 D Shareholder's identifying number 9 Net section 1231 gain (loss) E Shareholder's name, address, city, state, and ZIP code w 10 Other Income (loss) 15 Altemative minimum tax (AMT) items identining numbers 6 2301 George Amberson 3150 West Ave Temple, TX 76501 20 F Current year allocation percentage. G Shareholder's number of shares Beginning of tax year 16 1:54 PM gi E A4 ( 4/17/2021 N Practice Set #2.pdf + C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf ET JC : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 17 / 18 97% + EXPENSES 3.1 Medical Expenses: The Ambersons paid the following unreimbursed medical-related expenses: $3,800 15 2,500 Medical insurance premium on George Psychiatrist for Nila Weight reduction clinic for George Ambulance services for Killian 1,600 400 3.2 Payments on Debt: The Ambersons paid the following from their personal checking account: 16 Mortgage interest on George's home Principal on home mortgage on George's home Interest charged on their VISA charge account Principal paid to VISA Interest on loan from friend Principal paid to friend Interest on loan to buy automobile $11,400 (Bank of Temple) 5,800(Bank of Temple) 700 4,000 300 1,000 3,400(Texas Bank Corp) 3.3 Payment of State and Local Taxes and Fees: A. The Ambersons paid the following expenses from their own personal checking account: 17 Property taxes on George's home $1,900 1:54 PM ! A4 ( 4/17/2021 Practice Set #2.pdf + C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list Practice Set #2.pdf 17 / 18 97% + Interest on Toan to buy automobne 57400 Tewas DUTIK COTPI 3.3 Payment of State and Local Taxes and Fees: A. The Ambersons paid the following expenses from their own personal checking account: Property taxes on George's home Property taxes on Nila's home $1,900 295 16 B. The applicable sales tax rate in Temple, Texas is 7.25 percent. The Ambersons had no major purchases on which they paid sales tax in 2020. The Ambersons failed to maintain adequate records substantiating purchases subject to the sales tax. Note that Texas does not impose any individual income tax. The table for 7.25% shows a deduction of $2,218. 3.4 Charitable Contributions: The Ambersons made cash payments from their personal checkbook to each of the following: 17 United Way Knox College American Leukemia Society Boy Scouts of America Mexican Red Cross Elks Lodge $2,000 4,000 2,000 2,000 1,000 100* Represents payments of George's annual dues. 18 1:58 PM ! 4 l 4/17/2021 Practice Set #2.pdf + E C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Q 1 JC : Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 17 / 18 / 97% + | 0 + 3.4 Charitable Contributions: The Ambersons made cash payments from their personal checkbook to each of the following: United Way Knox College American Leukemia Society Boy Scouts of America Mexican Red Cross Elks Lodge $2,000 4,000 2,000 2,000 1,000 100* 16 * Represents payments of George's annual dues. 17 3.5 Quarterly Federal Tax Deposits: The Ambersons made the following deposits with the United States Treasury for their Federal income tax liability from their own personal checking account on the dates indicated: April 15, 2020 1st estimate for 2020 10,000 June 15, 2020 2nd estimate for 2020 10,000 September 15, 2020 3rd estimate for 2020 10,000 January 17, 2021 4th estimate for 2020 10,000 . . . 18 F: N A4 ( 1:54 PM 4/17/2021 Practice Set #2.pdf + E C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf SJC : Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 1 / 18 100% + | George and Nila Amberson Accounting 144 Practice Set #2 1 This second practice set is worth 45 points. Requirements are to complete form 1040 up to line 15 and the following forms: Schedule A Schedule B Schedule C Schedule D Schedule E Schedule SE Form 8949 Schedule 1 2 There will be offered 10 points of extra credit for the completion of the following forms: Form 8582 Form 4562 Form 1040 Lines 16-37 Schedule 2 Partial extra credit is available if you do not complete all four forms. 3 F: N * o WE W ^4 * l 1:46 PM 4/17/2021 Practice Set #2.pdf + x C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... * mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 2 / 18 70% + 1 LLLLLLLLLLLLL HRESBE EDELLE George and Nila Amberson Practice Set #2 Check Figures Form # Line # Amount 1040 9 142,348 1040 11 130,063 1040 13 13,670 1040 15 90,580 1040 16 11,007 Stmt 1 8 1,840 Stmt 1 9 75,473 Stmt 1 14 5,485 Stmt 1 22 12,285 Sch A 17 25,813 Sch B 4 6,275 Sch B 6 7,200 Sch C 13 4,867 Sch C 28 130,367 Sch C 31 77,633 Sch D 16 1,400 Sch E Pg2 41 (4,000) Sch SE 12 10,969 2 3 F: o A4) #ra 1:47 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 3 / 18 77% + | INDIVIDUAL PRACTICE SET #2 GEORGE AND NILA AMBERSON INDIVIDUAL FEDERAL INCOME TAX RETURN 2020 ANNUAL EDITION ALL DATES RELATE TO YEAR 2020 UNLESS STATED OTHERWISE 1.0 INTRODUCTION: 1 You have been employed to complete the 2020 Federal income tax return for George and Nila Amberson. The Ambersons have provided you with original copies of all third-party documents filed with the IRS, such as W- 2's, 1099's, and K-1's. They have also provided you with adequate written documentation to substantiate all transactions mentioned in this case. Lastly, they have provided you with copies of their respective 2019 Federal income tax returns. 1.1 Taxpayer Biographical Information: Biographical data relating to the Ambersons are as follows: . . George Cohan Amberson, SSN 448-56-2301. Born February 26, 1970. Operated unincorporated landscape engineering business in Temple, Texas during the entire year. Nila Rademaker Amberson, SSN 460-30-2020. Born November 11, 1970. Employed as a professor of English literature at Howard Payne University in Brownwood, Texas during the entire year. George and Nila Amberson were married in Temple on February 14. They reside at 315 West Avenue, Temple, Texas 76501. Their daytime telephone number is (254)555- 3976. 2 1.2 Persons Supported by the Ambersons: George has the following single children by his first wife Michelle Ryan Amberson who died on July 14, 2018: 1 Jennifer Harrison Amberson, SSN 280-90-6502. Born on October 22, 1998. Full-time student at University of Dallas prior to graduation in May. Moved to Galveston, Texas in July. Employed as commercial artist there starting in October. Income consisted of wages of $6,000 and dividend income of $300. The Ambersons provided 60 percent of her support. 2 Charles Michael Amberson, SSN 280-54-6099. Born July 19, 2001. Began college as full-time student at wil z 3 gi N o 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 3 / 18 77% + 10 3976. 1.2 Persons Supported by the Ambersons: George has the following single children by his first wife Michelle Ryan Amberson who died on July 14, 2018: 1 Jennifer Harrison Amberson, SSN 280-90-6502. Born on October 22, 1998. Full-time student at University of Dallas prior to graduation in May. Moved to Galveston, Texas in July. Employed as commercial artist there starting in October. Income consisted of wages of $6,000 and dividend income of $300. The Ambersons provided 60 percent of her support. 2 Charles Michael Amberson, SSN 280-54-6099. Born July 19, 2001. Began college as full-time student at DePaul University in Chicago in August. Only income consisted of scholarship worth $4,000, of which 75 percent was used to pay for tuition and fees. The Ambersons contributed 90 percent of his support. 3 Jeffery Logan Amberson, SSN 488-60-0560. Born November 1, 2005. Full-time high school student. Only income consisted of dividend income of $2,000. The Ambersons contributed all of his support. 4 Killian George Amberson, SSN 488-56-3400. Born June 19, 2009. Full-time elementary student. Only income consisted of dividend income of $1,700. The Amberson's contributed all of his support. 2 The Ambersons also supported the following persons: 1. Christopher Charles Wilson, SSN 780-45-2093, lifelong family friend of Nila. Single. Born April 3, 1961. Resided with Ambersons from April 1 to end of year. Resided in McGregor, Texas prior to moving in with the Ambersons. The Ambersons provided all of his support. 3 2. Ralph John Watkins, SSN 243-94-4052, nephew of Nila. Single. Born March 29, 1997. Resided in Milano, Texas. Earned $11,000 as a rather Bohemian freelance artist, but spent only $2,340 of his earnings and banked the rest. The Ambersons contributed 75 percent of his support. 1.3 Taxpayer Filing Information: The following filing information relates to the Ambersons: The Ambersone wish to file as married filing lointly for 2020 F: N o 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 4 / 18 77% + [ @ 2. Ralph John Watkins, SSN 243-94-4052, nephew of Nila. Single. Born March 29, 1997. Resided in Milano, Texas. Earned $11,000 as a rather Bohemian freelance artist, but spent only $2,340 of his earnings and banked the rest. The Ambersons contributed 75 percent of his support. 1.3 Taxpayer Filing Information: The following filing information relates to the Ambersons: 2 The Ambersons wish to file as married filing jointly for 2020. Nila elects to contribute to the Presidential Election Campaign Fund. George does not make this election, The Ambersons are both calendar year taxpayers. The Ambersons both follow the cash receipts method. The Ambersons prefer that any tax overpayment be refunded rather than credited to their 2021 Federal tax return. . 1.4 Data Relating to 2019 Federal Tax Returns: The following data relate to the 2019 tax returns filed by George and Nila Amberson: 3 George filed his 2019 Federal income tax return as a qualifying widower. Nila filed her 2019 Federal income tax return as a single taxpayer. Neither George or Nila reported any other carry forwards on their 2019 Federal Income tax returns. INCOME SOURCES 2.1 Salary Income: As stated in Section 1.1 above, Nila was employed as a professor of English literature at Howard Payne University during the entire year. Her Form W-2 as filed by Howard Payne University is attached. Note that Texas has no state individual income tax regime. Therefore, the section of Nila's W-2 dealing with state tax information is blank. 2.2 Income from Trade or Business: F: N 1:49 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 4 / 18 77% + | 0 information is blank. 2.2 Income from Trade or Business: A. As stated in Section 1.1 above, George operated an unincorporated landscape engineering firm during the entire year. His business consists of designing and installing landscape designs that comprise an integral component of the construction of new buildings in central Texas. George has operated the landscaping engineering business continuously since 2008. George has operated his business out of an office in his principal residence in Temple. George accounts for all transactions on the cash receipts method. George's employer identification number (EIN) is 86-2528181. His applicable business code is 541320, George is at-risk for all losses. 3 B. The following income were posted to George's business checkbook: a. Sales $208,000 b. Proceeds from business loan $42,000 a Employee's social security number 22222 b Employer identification number (EN) 1 Wages, tips, other compensation 2 Federal income tax withheld 3 Social security wages 4 Social security tax with peld c Employer's name, address, and ZIP code 460-30-2020 OMB No 1545-0008 72-5415634 52,000 Howard Payne University 52 000 1000 Fisk Anel 52 000 Brownwood TX 76801 10,400 3224 Medicare wages and tips 6 Medicare tax withheld 754 7 Social Security tips 8 Allocated tips 9 d Control number 10 Dependent care benefits 12 . Employee's first name and initial Suff. 11 Nonqualified plans Last name 1 13 Radio 12b employee Nila R Amberson 315 west Are There are n 14 Other 12c 5 1 F: N o 1:51 PM 4/17/2021 Practice Set #2.pdf + C O File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf : Apps hostess W psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 5 / 18 97% + a a Employee's social security number 22222 460-30-2020 b Employer identification number (EIN) OMB No. 1545-0008 Wages, tips, other compensation 2 Federal income tax withheld 10,400 c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withbold 72-5415634 Howard Payne University 1000 Fisk Ave Brownwood TX 76801 52,000 52 000 52 000 5 Medicare wages and tips 6 Medicare tax withheld 3224 754. 7 Social Security tips 8 Allocated tips 3 10 Dependent care benefits 9 d Control number e Employee's first name and initial Last name Sult. 120 11 Nonqualified plans 13 Statutory Retirement 12b 14 Other 12c Nila R Amberson 315 west Are Temple TX 76501 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name IX Department of the Treasury - Internal Revenue Service Form W-2 wage and Tax Statement 2020 Copy 1-For State, City, or Local Tax Department 5 F: * o 1:55 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 6 / 6 / 18 77% + a C. The following cash payments were posted to George's business checkbook: a. Gross wages paid to employees b. Payroll taxes c. Secretarial services d. Meals e. Travel f. Legal expense g. Accounting expenses h. Telecommunications i. Insurance j. Supplies k. Principal on business loan I. Interest on business loan m. Advertising n. Repairs o. Contribution to George's traditional IRA p. Entertainment expenses 4. Speeding tickets 1. Subscription to Landscape Monthly S. State permit $62,000 11,900 8,000 1,900 2,200 1,100 2,200 4,600 5,000 2,700 35,000 4,300 6,000 1,500 3,000 3,500 200 100 300 D. George utilized the following assets in his landscaping business: 5 Description of Property: Date Placed into Service: Adjusted Basis when Placed into Service: Business Use: 5/21/16 $40,000 100% Landscaping equipment Computer system Computer printer Office furniture 7/22/17 7/25/18 6/20/19 3,200 1,000 3,000 100% 100% 100% All of the assets listed above were purchased new by George on the date they were placed into service, Due to technical requirements, George was not able to elect 179 treatment for any year prior to 2020. All assets were depreciated under accelerated MACRS prior to 2020. 6 F: N 1:52 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 7 / 18 77% + a E. George drove a 2004 Chevrolet pick-up truck which he placed into service on January 2, 2016. The truck cost George $12,800. The truck weighs 6,800 pounds. George logged 22,000 business related miles in his pick-up truck. He also logged 20,000 non-business related miles. Written documentation exists justifying the business-use of the pick-up truck. George has always used the standard mileage method. The truck has never been depreciated under the MACRS method. 5 2.3 Dividends Received: A. The Ambersons received a Form 1099-DIV from each of the following sources: Dalbey Corporation Draper Corporation Interworld Growth Fund 6 Each Form 1099-DIV is attached. -. 2.4 Interest Received: A. The Ambersons received a Form 1099-INT from each of the following sources: First National Bank of Temple McLennan County Savings and Loan Microsoft, Inc. Each Form 1099-INT is attached. -. 7 Nila also received interest of $3.4.00 on City of Temple general obligation bonds. gi E N o 1:52 PM 4/17/2021 Practice Set #2.pdf + Q SJC : F c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 7 / 18 7 / 77% + | 0 Microsoft, Inc. Each Form 1099-INT is attached. B. Nila also received interest of $3,400 on City of Temple general obligation bonds. The City of Temple was not required to file a Form 1099-INT with the IRS. 2.5 Sale of Capital Assets: The Ambersons sold the following capital assets: 5 Description Of Asset: 500 Shares Draper Corp. Date of Date of Acquisition: Sale: 11/19/08 1/13/20 Proceeds from Sale: 41,000 Method of Acquisition: Purchased by George for $50,000 Method of Sale: Sold directly to Nila's friend Willie 3/17/07 6/27/20 $4,000 200 Shares Dalbey Corp. Purchased By Nila for for $2,500 Sold on New York Stock Exchange 7/3/20 12/15/20 $2,000 1,000 Shares Parli Corp. Purchased by Ambersons for $3,000 Sold on Mexico City Stock Exchange 6 6/9/09 Diamond Pendant 6/15/20 $15,000 Sold directly to unrelated jewelry dealer Inherited by Nila from her mother. Basis to mother was $2,700. FMV at Time of death Was $11,400. 7 F: E N o 1:52 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf hostess w psyc G part time jobs in fre... Home Home Home... Apps Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 8 / 18 77% + | VOID CORRECTED PAYER'S name, street address, city or town, state or province, country. ZP 10 Total ordinary dividends or foreign postal code, and telephone no. OMB No. 1545-0110 2020 Dividends and Distributions 1b Qualified dividends s 3000 - 2a Total capital gain distr. $ 2c Section 1202 gain Form 1099-DIV 2b Unvece Sec, 1250 gain $ 2d Collectibles (8%) gain 6 Copy 1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN Dalbey Corporation s 3000 - Washington & 3rd Sts. Springe field IL 62701 76-3451789 448-56-2301 George & Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENTS name $ $ 3 Nondividend distributions 4 Federal income tax withheld $ $ 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid Foreign country or Spoon Street address incloding apt. no.) Cilly or town, state or province, country, and ZIP or foreign postal code $ 9 Cash liquidation distributions 10 Noncash liguidation on $ $ FATCA fling 11 Exempt interest dividends 12 Specified private activity requirement bond interest dividends $ $ Account number see Instructions 13 State 14 Station no. 15 State tax withheld $ 7 Form 1099-DIV www.lrs.gowForm10990 Department of the Treasury - Internal Revenue Service 8 F: N o 1:52 PM 4/17/2021 Practice Set #2.pdf + { Q 1 JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 9 / 18 77% + | VOID D CORRECTED PAYER'S name, street address, city or town, state or province, country, ZP 1a Total ordinary dividends 1a Total ordinary dividends OMB No 1545-0110 or foreign postal code, and telephone no. $ 1b Qualified dividends 2020 4000 4000 Dividends and Distributions 7 2a Total capital gain distr. $ 2c Section 1202 gain Form 1099-DIV 2b Urrecap. Sec. 1250 gain $ 2d Collectibles (28%) gain Copy1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN Draper Corporation 902 washington Are Houston, TX 77002 76-1151234 448-56-2301 George Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name $ $ 3 Nondividend distributions 4 Federal income tax withhold $ $ 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid Forsion country or U.S. Posion Street address including apt. no.) 8 City or town, we or province, country, and ZIP or foreign postal code $ 9 Cash liquidation distributions 10 Moncash liquidation distribution $ $ FATCA sing 11 Exempt-interest dividende 12 Specified private activity requirement bond Interest dividends $ 13 State 14 dni na 15 State tax withhold Account number see instructions! Form 1099-DIV www.insgowForm10990IV Department of the Treasury - Internal Revenue Service - 9 9 F: N * o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q 1 JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 10 / 18 77% + 10 ) TOMB No 1545-0110 2020 Dividends and Distributions VOID I CORRECTED PAYER'S name, street address, alty or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. $ 200 - 1b Qualified dividends 150- $ 2a Total capital gain distr $ 200 - PAYER'S TIN RECIPIENT'S TIN 2e Section 1202 gain Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (20%) gain Copy1 For State Tax Department 8 Interworld Growth Fund | 300 West Pershing | Kansas City, mo 64108 74-6678001 460.30.2020 Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name $ 3 Nondividend distributions 4 Federal income tax withheld $ $ 5 Section 199A dividends 6 Ivestment expenses $ $ 7 Foreign tax paid 8 Foreign country or U.S. possession Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code $ 9 Cashiquidation distributions 10 Nancashiquidation in $ $ FATCA fing 11 Exempt-interest dividends 12 Specified private activity requirement bond interest dividends $ Account number see instructions) 13 State 14 ton no. 15 State tax withheld 9 Form 1099-DIV www.rsgow Form1099DIV Department of the Treasury - Internal Revenue Service 10 ! E N o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q ET JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc Gpart time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa... f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 11 / 18 77% + | VOID N CORRECTED PAYER'S name, street address, Gilty or town, state or province, country. ZIP Payer's RTN (optional) or foreign postal code, and telephone no. OMB No 1545-0112 2021 Interest Income 1 Interest income 6000 - Form 1099-INT 2 Early withdrawal penalty Copy1 9 PAYER'S TIN RECIPIENT'S TIN 3 Interest on U.S. Savings Bonds and Treas, obligations For State Tax Department First National Bank of Temple 11700 East Are Temple, TX 76502 74-6767005 448-56-2301 George + Nila Amberson 315 West Ave Temple, TX 76501 $ 4 Federal income tax withheld Investment expenses RECIPIENT'S name 6 Foreign tax pald 7 Foreign country or US. possession Street address including apt.no) 8 Tax-exempt interest 9 Specified private activity bond interest City or town, state or province, courry, and ZIP or foreign postal code $ 10 Market discount 11 Bond premium FATCA filing $ $ requirement 12 Bordprenton Treasury abitation 13 Bond premium on ter-exempt bond $ 14 Tax-exempt and tax credit 15 State 16 State Identification no. 17 State tax withheld bend CUSP no 10 Account number free instructions www.lrs.gowForm 1099INT Department of the Treasury - Internal Revenue Service Form 1099-INT 11 F: N o 1:53 PM 4/17/2021 Practice Set #2.pdf + Q 1 JC : c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf hostess w psyc Gpart time jobs in fre... Home Home Home... Apps Ryan's Story Presen... mental Anxiety Research Pa.. f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 12 / 18 77% + | VOID CORRECTED PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional or foreign postal code and telephone no OMB No. 1545-0112 2021 Interest Income 1 Interest income 100- Form 1099-INT 10 2 Early withdrawal penalty Copy1 PAYER'S TIN RECIPIENT'S TIN 3 Interest on U.S. Savings Bonds and Treas obligations For State Tax Department McLennan County Savings Loan 11900 East Ave Temple , TX 7650Z | 24-2345889 460.30-2020 Nila Amberson 315 West Ave Temple, TX 76501 RECIPIENT'S name 4 Federal income tax withheld 5 Testment expenses 7 Foreign country of U.S. possession Street address including apt, no.) 6 Foreign tax paid $ 8T8x-exempt interest 9 Spected private activity bond City or town, state or province, country, and ZIP or foreign postal code $ 11 Bond premium 10 Market discount 11 FATCA fings $ requirement 12 Bond premium on Treasury obligation 13 Bond premium on tas-escompt band S 14 Tax-exempt and tax credit 15 State 16 State identification no. 17 State tax withheld bond CUSIP NO $ Account number see instructions Form 1099-INT www.rs.gowForm1099INT Department of the Treasury - Internal Revenue Service 12 F: E N * o 1:53 PM 4/17/2021 Practice Set #2.pdf + { Q ET JC : + c File C:/Users/Owner/Downloads/Practice%20Set%20%232.pdf Apps hostess w psyc G part time jobs in fre... Home Home Home... Ryan's Story Presen... mental Anxiety Research Pa.. f Homeo Bb Issues Researcher -... Reading list = Practice Set #2.pdf 13 / 18 77% + | OMB No. 1545-0112 VOID CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP Payer's RTN (optional or foreign postal code, and telephone no 2021 Interest Income 1 Interest Income 11 Microsoft, Inc 303 E. Jackson st Seattle, WA 98104 175 - Form 1099-INT 2 Early Withdrawal penalty Copy1 PAYER'S TIN RECIPENT S TIN 3 Interest on U.S. Savings Bonds and Trees obligations For State Tax Department 76-1167888 460-30-2020 RECIPIENT'S name 4 Federal income tax withheld 5 Investment expenses S 6 Foreign tax paid 7 Foreign country or U.S. Possession Street address includi