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WAR (We Are Rich) has been in business since 1989. WAR is an accrual-method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack \& Hack CPAs has filed accurate tax returns for WAR's owner since WAR opened its doors. The managing partner of Hack \& Hack (Jack) has gotten along very well with the owner of WAR-Mr. Someday Woods (single). However, in early 2022, Jack Hack and Someday Woods played a round of golf, and Jack, for the first time ever, beat Mr. Woods. Mr. Woods was so upset that he fired Hack \& Hack and has hired you to compute his 2022 taxable income. Mr. Woods was able to provide you with the following information from prior tax returns. The taxable income numbers reflect the results from all of Mr. Woods's activities except for the items separately stated. You will need to consider how to handle the separately stated items for tax purposes. Also, note that the 2017-2021 numbers do not reflect capital loss carryovers. In 2022, Mr. Woods had taxable income in the amount of $520,000 before considering the following events and transactions that transpired in 2022: a. On January 1, 2022, WAR purchased a plot of land for $110,000 with the intention of creating a driving range where patrons could test their new golf equipment. WAR never got around to building the driving range; instead, WAR sold the land on October 1,2022 , for $44,000. b. On August 17, 2022, WAR sold its golf testing machine, "Iron Byron," and replaced it with a new machine, "Iron Tiger." "Iron Byron" was purchased and installed for a total cost of \$26,000 on February 5, 2018. At the time of sale, "Iron Byron" had an adjusted tax basis of $8,000. WAR sold "Iron Byron" for $35,000. c. In the months October through December 2022, WAR sold various assets to come up with the funds necessary to invest in WAR's latest and greatest invention-the three-dimple golf ball. Data on these assets are provided below: d. Finally, on May 7, 2022, WAR decided to sell the building where it tested its plutonium shaft, lignite head drivers. WAR purchased the building on January 5, 2010, for $240,000 ( $210,000 for the building, $30,000 for the land). At the time of the sale, the accumulated depreciation on the building was $60,000. WAR sold the building (with the land) for $360,000. The fair market value of the land at the time of sale was $55,000. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Loss amounts should be indicated by a minus sign. Complete Mr. Woods's Form 8949, 1040 Schedule D and Form 4797 (use the most current version of these schedules) to be attached to his Form 1040. Assume that asset bases are not reported to the IRS. Mr. Woods's social security number: 412-34-5670 (Input all values as positive numbers unless instructed otherwise on the forms. Use 2022 tax rules regardless of year on tax form.) Form 8949,1040 Schedule D and Form 4797 of Mr. Woods's Incorporated. (C) Short-term transactions not reborted to vou on Form 1099-B Form 8949, 1040 Schedule D and Form 4797 of Mr. Woods's Incorporated. Form 8949 Schedule D. 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and 8824 12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See the instructions 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then go to Part III on the back For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11338H 17 Combine lines 10 through 16 18 For all except individual returns, enter the amount from line 17 on the as from "Form 4797, line 18a." See instructions b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Schedule 1 (Form 1040 or Form 1040-SR), Part I, line 4 \begin{tabular}{|c|c|} \hline 18a & \\ \hline 18b & \\ \hline \end{tabular} For Paperwork Reduction Act Cat. No Form 4797 Page 1 and 2. Form 4797 (2021) Page 2 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245,1250,1252,1254, or 1255 property: I HIS FUKM IS A SIMULAIIUN UR AN UrFIGIAL U.S. IAX RUKM. II IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. () 2022 Form 4797 McGraw-Hill Education. (2021) WAR (We Are Rich) has been in business since 1989. WAR is an accrual-method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack \& Hack CPAs has filed accurate tax returns for WAR's owner since WAR opened its doors. The managing partner of Hack \& Hack (Jack) has gotten along very well with the owner of WAR-Mr. Someday Woods (single). However, in early 2022, Jack Hack and Someday Woods played a round of golf, and Jack, for the first time ever, beat Mr. Woods. Mr. Woods was so upset that he fired Hack \& Hack and has hired you to compute his 2022 taxable income. Mr. Woods was able to provide you with the following information from prior tax returns. The taxable income numbers reflect the results from all of Mr. Woods's activities except for the items separately stated. You will need to consider how to handle the separately stated items for tax purposes. Also, note that the 2017-2021 numbers do not reflect capital loss carryovers. In 2022, Mr. Woods had taxable income in the amount of $520,000 before considering the following events and transactions that transpired in 2022: a. On January 1, 2022, WAR purchased a plot of land for $110,000 with the intention of creating a driving range where patrons could test their new golf equipment. WAR never got around to building the driving range; instead, WAR sold the land on October 1,2022 , for $44,000. b. On August 17, 2022, WAR sold its golf testing machine, "Iron Byron," and replaced it with a new machine, "Iron Tiger." "Iron Byron" was purchased and installed for a total cost of \$26,000 on February 5, 2018. At the time of sale, "Iron Byron" had an adjusted tax basis of $8,000. WAR sold "Iron Byron" for $35,000. c. In the months October through December 2022, WAR sold various assets to come up with the funds necessary to invest in WAR's latest and greatest invention-the three-dimple golf ball. Data on these assets are provided below: d. Finally, on May 7, 2022, WAR decided to sell the building where it tested its plutonium shaft, lignite head drivers. WAR purchased the building on January 5, 2010, for $240,000 ( $210,000 for the building, $30,000 for the land). At the time of the sale, the accumulated depreciation on the building was $60,000. WAR sold the building (with the land) for $360,000. The fair market value of the land at the time of sale was $55,000. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Loss amounts should be indicated by a minus sign. Complete Mr. Woods's Form 8949, 1040 Schedule D and Form 4797 (use the most current version of these schedules) to be attached to his Form 1040. Assume that asset bases are not reported to the IRS. Mr. Woods's social security number: 412-34-5670 (Input all values as positive numbers unless instructed otherwise on the forms. Use 2022 tax rules regardless of year on tax form.) Form 8949,1040 Schedule D and Form 4797 of Mr. Woods's Incorporated. (C) Short-term transactions not reborted to vou on Form 1099-B Form 8949, 1040 Schedule D and Form 4797 of Mr. Woods's Incorporated. Form 8949 Schedule D. 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and 8824 12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See the instructions 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then go to Part III on the back For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11338H 17 Combine lines 10 through 16 18 For all except individual returns, enter the amount from line 17 on the as from "Form 4797, line 18a." See instructions b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Schedule 1 (Form 1040 or Form 1040-SR), Part I, line 4 \begin{tabular}{|c|c|} \hline 18a & \\ \hline 18b & \\ \hline \end{tabular} For Paperwork Reduction Act Cat. No Form 4797 Page 1 and 2. Form 4797 (2021) Page 2 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245,1250,1252,1254, or 1255 property: I HIS FUKM IS A SIMULAIIUN UR AN UrFIGIAL U.S. IAX RUKM. II IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. () 2022 Form 4797 McGraw-Hill Education. (2021)