Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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. Taxpayer's basic information 1. Name: Leroy Hainer 2. Age: 26 3- Filling status: Single 4- SSN:776-11-2012

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

Step by Step Solution

3.32 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

SOLUTION Based on the information you provided heres how I would complete the form Page 1 Name Leroy ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Finance questions

Question

Calculate the missing values

Answered: 1 week ago