Solve the attached document for tax with 2015 forms.

Chapter 1 Dr. Ivan I. Incisor and his wife Irene are married and file a joint return for 2015. Ivan's Social Security number is 477-34-4321 and he is 48 years old. Irene I. Incisor's Social Security number is 637-344927 and she is 45 years old. They live at 468 Mule Deer Lane, Spokane, WA 99206. Dr. Incisor is a dentist and he took 6 months off work to attend a cosmetic dentistry training program in 2015. His 2015 Form W-2 from his job at Bitewing Dental Clinic, Inc., showed the following: Wages $65,0 00 Withholding (federal income tax) 6,000 The Incisors have a 17-year-old son, Ira, who is enrolled in the eleventh grade at the Perpetual Perpetuity School. Ira's Social Security number is 690-99-9999. The Incisors also have an 18-year-old daughter, Iris, who is a part-time freshman student at Snow Mass Community College (SMCC). Iris' Social Security number is 899-99-9999. Iris is married to Sean Slacker (Social Security number 896-33-0954), who is 19 years old and a part-time student at SMCC. Sean and Iris have a 1-year-old child, Seth Slacker (Social Security number 648-994306). Sean, Iris, and Seth all live in an apartment up the street from Ivan and Irene during the entire current calendar year. Sean and Iris both work for Sean's wealthy grandfather as apprentices in his business. Their wages for the year were a combined $50,000, which allowed them to pay all the personal expenses for themselves and their son. Ivan and Irene have savings account interest income of $380 from the Pacific Northwest Bank. Required: Use a computer software package to complete Form 1040 for Ivan and Irene Incisor for 2015. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Make assumptions regarding any information not given. Dividends (qualified) on Big Bank stock Dividends (qualified) on Big Gas Company stock Dividends (nonqualified) from Mango Mutual Fund Interest on Washington State Municipal Bonds Interest on Big Electric Company Bonds $900 Chapter 2 490 The following 145 700 675 additional information is available for the Dr. Ivan and Irene Incisor family. Ivan and Irene have the following investment income, in addition to that reported in Chapter 1: Ivan went to a local casino and won $5,900 playing Keno. Ivan had no other gambling income or loss for the year. In February, Irene received $50,000 in life insurance proceeds from the death of her friend Sharon. In July, Ivan's uncle Igor died and left him real estate (undeveloped land) worth $72,000. Five years ago, Ivan and Irene were divorced. Ivan married Mary Molar, but that marriage did not work out and they were divorced a year later. Under their divorce decree, Ivan pays Mary $12,600 per year alimony. All payments were made on time during 2015. Mary's Social Security number is 66734-9224. Three years ago, Ivan and Irene were remarried. Bitewing Dental Clinic, Inc. pays Ivan's dental license fees and membership dues to dental organizations. During 2015, Bitewing paid $1,240 for such dues and fees for Ivan. Irene was laid off from her job on January 2, 2015. For 2015, she received $3,850 in unemployment benefits. Ivan and his family are covered by an employersponsored health insurance plan at work. Bitewing pays $700 per month premiums for Ivan and his family. During the year, Irene was in the hospital for a few days to have her appendix removed. The bill for the surgery was $5,100 of which the health insurance plan reimbursed Ivan the full $5,100. Required: Combine this new information about the Incisor family with the information from Chapter 1 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Chapter 3 The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car accessories. The name of the store is \"Plus Two Cones.\" The store is located at 617 Main Street, Spokane, WA 99206. The store uses the cash method of accounting. Her income and expenses for the year are as follows: Sales of merchandise Inventory, September 1 $63,400 40,100 (purchased in August) Inventory, December 31 Purchases during the year Sales returns and allowances Store rental Office expense Insurance Advertising Employee wages Payroll and other business taxes Interest on bank loan to open store Accounting fees Utilities Telephone Maintenance Miscellaneous 38,100 37,800 600 7,550 1,380 800 3,100 3,350 505 2,760 310 992 800 427 65 In addition to the above items, Irene incurred travel expenses to attend a seminar on sports car accessories. She spent $300 on airfare, $400 on lodging, $90 on a rental car, and $150 on meals. Irene has proper receipts for these amounts. Irene drove her 2006 Ford Explorer 1,631 miles for business related to Plus Two Cones. The Explorer was driven a total of 17,172 miles for the year. Included in the total 17,172 miles is 5,000 miles spent commuting to the store. Irene has the required substantiation for this business mileage. She uses the standard mileage method. In July, Ivan loaned a friend $7,000 so he could buy a car. Ivan's friend lost his job in 2015 and stopped making payments on the loan. He plans to start making payments again, however, with additional interest as soon as he has new employment. Required: Combine this new information about the Incisor family with the information from Chapters 1 and 2 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Chapter 4 The Incisors own a rental beach house in Hawaii. The beach house was rented for the full year during 2015 and was not used by the Incisors during the year. The Incisors were active participants in the management of the rental. Pertinent information about the rental house is as follows: Address: 1237 Pineapple St., Lihue, HI 96766 Net rental income Mortgage interest Real estate taxes Utilities Maintenance $20,65 0 7,900 2,300 2,125 2,900 The house is fully depreciated so there is no depreciation expense. For the 2015 tax year, on March 15, 2016, Ivan contributes $5,500 to a traditional IRA for himself and $5,500 to a traditional IRA for his wife. He is not covered by a qualified retirement plan at work. Irene had a retirement plan at the job from which she was laid off on January 2, 2015. The plan had a balance of $24,000. On May 10, 2015, Irene had the entire retirement plan balance rolled directly into an IRA at Timador & Embaucar Brokerage, Inc. Required: Combine this new information about the Incisor family with the information from Chapters 1, 2 and 3 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Note that the \"Saver's Credit\" discussed in LO 4.8, may apply. Chapter 5 The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1, 2, 3 and 4. Ivan and Irene paid the following in 2015 (all by check or can otherwise be substantiated): In June, Ivan purchased a new professional digital SLR camera for $6,980. While the Incisors were on vacation in August, someone broke into their residence and stole the camera. Ivan's homeowners' insurance did not reimburse him for any part of the loss since he declined the special premium addon for high value items required by his policy. Required: Combine this new information about the Incisor family with the information from Chapters 1, 2, 3 and 4 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Chapter 6 Ivan's grandfather died and left a portfolio of municipal bonds. In 2015, they pay Ivan $80,000 in tax-free interest. Since the bonds are private activity bonds, the $80,000 is a tax preference for purposes of the AMT. Assume for Chapters 6, 7, and 8 that Ivan's federal income tax withholding from his wages is $12,000, not $6,000. Required: Combine this new information about the Incisor family with the information from Chapters 1, 2, 3, 4 and 5 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Please note: This problem requires the calculation of AMT. The home equity interest of $900 on the purchase of an automobile is not deductible for AMT (see line 4 of Form 6251). Please also note that Page 2 of Form 6251 must be filled in to calculate the lower AMT amount on qualified dividends and that the Saver's Credit still applies. Chapter 7 On November 14, Irene purchased the building where her store is located. She paid $230,000 for the building and $100,000 for the land it is located on. Irene's store is the only business in the building. Ivan owned 1,000 shares of Behemoth Airline stock with a basis of $30 per share. The stock was purchased 6 years ago on June 10. Ivan sells 500 shares of Behemoth stock to his uncle Seth and 500 of the shares to his sister Sara for $5 per share on December 31, 2015. Assume for purposes of the continuation of this problem and the problem in Chapter 8 that the Incisors do not have $80,000 in private activity bond interest income. As a result, no AMT will be due. Required: Combine this new information about the Incisor family with the information from Chapters 1, 2, 3, 4, 5 and 6 and complete a revised 2015 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in the next chapter. Chapter 8 from Chapters 1, 2, 3, 4, 5, 6 and 7. Ivan sold the following securities during the year and received a Form 1099-B that showed the following information: Security Orange, Inc. Description 100 Shares Common Banana, Inc. 100 Shares Common Grape, Corp. 100 Shares Preferred Plum, Inc. 5 Bonds due 4/2015 Peach Mutual 5,010.150 Fund Shares Date Acquir ed 02/11/9 7 07/17/0 1 12/08/1 4 12/30/0 5 05/30/0 6 Date Sold 04/16/1 5 07/31/1 5 09/25/1 5 01/02/1 5 10/22/1 5 Selling Price Adjust ed Basis $ 3,080 $ 2,150 2,000 4,210 8,975 10,510 5,155 5,320 60,120 56,480 The selling price given is net of sales commissions. In addition to the above amounts, the Mango mutual fund distributed a long-term capital gain of $450 on December 30, 2015. Ivan purchased 5 acres of raw land in Reno, NV, 10 years ago. His basis in the land was $90,000. On August 1, 2015, he sold the land for $150,000 on the installment method. Ivan received $52,500 in the year of sale, and the balance was payable at $9,750 per year for the next 10 years, plus a market rate of interest. On May 15, 2015, Ivan and Irene sold their personal residence for $585,150 and purchased a new house for $725,000. They had owned the old house for 20 years and it had an adjusted basis of $35,075. The house had been their personal residence for all the years they were married. They moved into the new house on May 18, 2015. Required: Combine this new information about the Incisor family with the information from Chapters 1, 2, 3, 4, 5, 6 and 7 and complete a revised 2015 tax return for Ivan and Irene. No AMT is payable. This completes the Group 5 multichapter case