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Prepare form 1040 for the taxpayer. You may need to use schedules 1, B, C, and D, forms 4562, 4797, and 8995. 2. When
Prepare form 1040 for the taxpayer. You may need to use schedules 1, B, C, and D, forms 4562, 4797, and 8995. 2. When preparing form 4562, please use calculate the cost recovery amount for related assets. Taxpayer's basic information 1. Name: Leroy Hainer 2. Age: 26 3- Filling status: Single 4- SSN:776-11-2012 Income Information 1. Wage (W-2): $250,000 2. Ordinary dividends: $5,000 3. Qualified dividends: $10,000 4. Income from Da-investment consulting: $75,000 Information related to the business 1. Business name: Da-investment consulting, LLC 2. Principle business: Other financial investment activities (Code:523900) 3- EIN: 59-1108822 4- Accounting method: Cash 5. Form 1099: NO Expenses and costs related to the business 1. Expenses: 1) Advertising: $1,000 Asset 2) Commission fee: $2,200 3) Utilities: $2,300 2. Depreciation Machinery Office Desk Technological equipment Purchase Original date basis (8) 6/1/2019 60,000 2/1/2019 18,000 8/1/2019 30,000 Recovery period (years) Other information 1. Federal income withheld (W-2): $35,000 2. Estimated tax payment: $40,000 7 7 5 . On 6/1/2022, the company sold the machinery for $40,000 On 5/1/2022, the company sold the desk for $20,000 Depreciation method: 200% declining convention method: half-year
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