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Required: . Using the information provided, prepare the 2019 federal tax return for Dirk and Amanda Cohen. If required information is missing, use reasonable assumptions

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Required: . Using the information provided, prepare the 2019 federal tax return for Dirk and Amanda Cohen. If required information is missing, use reasonable assumptions to fill in the gaps. The forms that need to be turned in for Part II are as follows: o Schedule 2 o Schedules Cand E, and Schedule SE for Dirk o Form 4562 (two copies - one for DogWalker and one for rental) Facts: Dirk E. and Amanda M. Cohen are married and file a joint return. Dirk is self-employed as a professional dog walker and Amanda is a college science professor. Dirk and Amanda have two children, Sophia and Jordan. Sophia is a full-time student at the University of Nebraska. Dirk and Amanda provided over half the support of Sophia, and she lived at home until she was married in December of 2019. She filed a joint return with her husband, David, who earned $40,000 during the year. Jordan lived with Dirk and Amanda for the entire year. The Cohens provide you with the following additional information: The Cohens do not want to contribute to the presidential election campaign. The Cohens would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. The Cohens live at 597 South 15th Street, Lincoln, Nebraska 68510. Dirk's birthday is 6/15/1967 and his social security number is 555-89-7777. Amanda's birthday is 10/16/1968 and her social security number is 355-66-3334. Sophia's birthday is 4/15/1998 and her social security number is 847-44-4021. Jordan's birthday is 6/30/2006 and his social security number is 910-43-9093. The Cohens do not have a foreign bank account or trusts. Dirk practices under the name "Dirk Cohen, Dog Walker". His business is located at 2302 Capitol Ave., Lincoln, NE 68521, and the employer identification number for the business is 01-2233355. Dirks' gross receipts for the year were $115,000. Dirk uses the cash method of accounting for his business. Dirk's business expenses for 2019 are as follows: Advertising $1,140 Professional dues 450 Contributions to employee benefit plans 1,800 Insurance 2,500 4,500 580 Fine for overbilling a client Interest on money borrowed to refurbish office Accounting services Miscellaneous office expense Office building rent for 2019 2,200 340 12,000 250 5,400 Meals & Entertainment (all meals in 2019) Office supplies Utilities Wages 2,850 29,000 Payroll taxes 2,320 In June, Dirk decided to refurbish his office and kennel area. He purchased and placed in service the following assets: Item Date Purchased Amount Kennels (for boarding animals) 06/25/2019 $17,000 Computer 06/28/2019 $2,300 Dirk does not want to immediately expense any of the assets purchased in 2019 under $179. Dirk also does not want to claim any bonus depreciation. (For this project, you do not have to provide the election statement to opt out of bonus depreciation.) Dirk computes his cost recovery allowance under MACRS, and all of the business assets are used 100% for business. Business assets purchased before 2019 have been fully depreciated in years prior to 2019. Amanda's mother, Molly, died on June 12, 2012, leaving Amanda herentire estate. Included in the estate was Molly's residence (525 Goodwill, Lincoln, NE 68508). Molly's basis in the residence was $60,000, and the fair market value of the residence on June 12, 2012 was $155,000. The property was distributed from the estate to Amanda on January 1, 2013. From January 1, 2013, Dirk and Amanda rented the house to the same tenant. Dirk and Amanda have been managing the rental property themselves. In 2019, Cohens collected rent of $1,000 a month, and they incurred the following expenses related to the rental: Property insurance $650 Property taxes 850 Maintenance 725 Depreciation (to be completed) ? They have depreciated the house using MACRS rules and convention applicable to residential rental real estate. To compute depreciation on the house, the Cohens allocated $15,000 of the property's basis to the land. Required: . Using the information provided, prepare the 2019 federal tax return for Dirk and Amanda Cohen. If required information is missing, use reasonable assumptions to fill in the gaps. The forms that need to be turned in for Part II are as follows: o Schedule 2 o Schedules Cand E, and Schedule SE for Dirk o Form 4562 (two copies - one for DogWalker and one for rental) Facts: Dirk E. and Amanda M. Cohen are married and file a joint return. Dirk is self-employed as a professional dog walker and Amanda is a college science professor. Dirk and Amanda have two children, Sophia and Jordan. Sophia is a full-time student at the University of Nebraska. Dirk and Amanda provided over half the support of Sophia, and she lived at home until she was married in December of 2019. She filed a joint return with her husband, David, who earned $40,000 during the year. Jordan lived with Dirk and Amanda for the entire year. The Cohens provide you with the following additional information: The Cohens do not want to contribute to the presidential election campaign. The Cohens would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. The Cohens live at 597 South 15th Street, Lincoln, Nebraska 68510. Dirk's birthday is 6/15/1967 and his social security number is 555-89-7777. Amanda's birthday is 10/16/1968 and her social security number is 355-66-3334. Sophia's birthday is 4/15/1998 and her social security number is 847-44-4021. Jordan's birthday is 6/30/2006 and his social security number is 910-43-9093. The Cohens do not have a foreign bank account or trusts. Dirk practices under the name "Dirk Cohen, Dog Walker". His business is located at 2302 Capitol Ave., Lincoln, NE 68521, and the employer identification number for the business is 01-2233355. Dirks' gross receipts for the year were $115,000. Dirk uses the cash method of accounting for his business. Dirk's business expenses for 2019 are as follows: Advertising $1,140 Professional dues 450 Contributions to employee benefit plans 1,800 Insurance 2,500 4,500 580 Fine for overbilling a client Interest on money borrowed to refurbish office Accounting services Miscellaneous office expense Office building rent for 2019 2,200 340 12,000 250 5,400 Meals & Entertainment (all meals in 2019) Office supplies Utilities Wages 2,850 29,000 Payroll taxes 2,320 In June, Dirk decided to refurbish his office and kennel area. He purchased and placed in service the following assets: Item Date Purchased Amount Kennels (for boarding animals) 06/25/2019 $17,000 Computer 06/28/2019 $2,300 Dirk does not want to immediately expense any of the assets purchased in 2019 under $179. Dirk also does not want to claim any bonus depreciation. (For this project, you do not have to provide the election statement to opt out of bonus depreciation.) Dirk computes his cost recovery allowance under MACRS, and all of the business assets are used 100% for business. Business assets purchased before 2019 have been fully depreciated in years prior to 2019. Amanda's mother, Molly, died on June 12, 2012, leaving Amanda herentire estate. Included in the estate was Molly's residence (525 Goodwill, Lincoln, NE 68508). Molly's basis in the residence was $60,000, and the fair market value of the residence on June 12, 2012 was $155,000. The property was distributed from the estate to Amanda on January 1, 2013. From January 1, 2013, Dirk and Amanda rented the house to the same tenant. Dirk and Amanda have been managing the rental property themselves. In 2019, Cohens collected rent of $1,000 a month, and they incurred the following expenses related to the rental: Property insurance $650 Property taxes 850 Maintenance 725 Depreciation (to be completed) ? They have depreciated the house using MACRS rules and convention applicable to residential rental real estate. To compute depreciation on the house, the Cohens allocated $15,000 of the property's basis to the land

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