Spencer W. Duck is single and lives at 321 Hickory Drive in Ames, lowa 86701. His eight-year-old son. Mitch, lives with him nine morths of the year in Spencar's rented condominium, Mitch lves with his mother, Daisy - Spencer's ev-aife, during the summer months. His mether provides hast of Mitch's support and Spencer has agreed to aliow her to dain Mith as her dependent. Spencer was awarded custody of Mith. Spencer has the following items petaining to his 2120 Federal income tax retum: - Spencer ia ape 35 (5.5N. 33-22-1111). Mech ia age 10. (59N 111-224567). Other than Milch. Spencer has ne children. - As an information 1echnology speciatist, Spencer receives a 5175 ,0c0 salary from his employer (World Dlectronics, LLC). who withheld $35,300 in federal income tax. - He paid 518,000 in alimory to his ex-wille (Dasy, SSN: 222-44-5555]. They were divorced in 2917 . The drvorse decreen was finaleed in 2013 and requires Spencer to pay almony. - He received a stale income tax relund in 2021 of 53,500 for state income taxes withheld in 2020 . Last year (2020), he used the standard deduction when completing his 2020 federal income tax return. - In 2021, he had stale income tax =ithheld from tis wages of 58.200. * Oeher llems - Gatrbiing winnings from playing the sict machines. 515.000. Iosses +$2.000. Spencer's nickename is "The Lucky Duck.' Spencer had the foliowing copital asset transactions in 2021. First Income Tax Return Project - Mat 3315 -006 (Fall Semester 2022) - Pas | |3 - On March 15. 2021, Spencer sold for 56.500 an antique wateh foo. The fob was a gith from his grangtater on January 10,2001 , when its FMV was 51,000. The fob was purchased by his grandfather an April 2, 1901 for 51,500 . a 10 shares of Texsun industries, thc stock heid as an ievestrent were sold for 526,000 on December 5. 2021. The securties were intierited fiom tis unde, who dited on hper t0, 2017 when the fair the securities on fanuary 10, 2014. for \$15,700. Purchesed 40 slock octions for Kissoy Kreme Company common stock on February 14. 2021 ahich expired on Detober 1, 2021. The options cost S.650 and were allowed io oxpire. He has a choefterm capital less carnover of $550 into 202t. - Mech has interest income of 52.000 trom a Bark af Ames certificate of deposit which his mother put in his name. Neither Spencer, Daicy nor Mnch want Mich to file an separate tax retum and elect to include the interest income on the acorochiate pacent's tax retim. - Ocher than those items lated above. Spencer had no obher items of income or itemized deductions. Spencer alse has no foreign bank accounts nor other foreign assets or friancial interests. He also had no - Gambling winnings from playing the slot machiness \$15,000. Gambling losses - \$2,000. Spencer's nickname is "The Lucky Duck." - Spencer had the following capital asset transactions in 2021: First lncome Tax Return Project - Acct 3315 -005 (Fall Semester 2022) - P a g = |3 - On March 15, 2021. Spencer sold for $6,500 an antique watch fob. The fob was a gift from his grandfather on January 10, 2001, when its FMN was $1,000. The fob was purchased by his grandather on April 2, 1981 for $1.500. o 10 shares of Texsun Industries, Inc. stock held as an imvestment were sold for $26,000 on December 5, 2021. The securties were inherited from his uncle, who died on April 10, 2017 when the fair market value of the securities was $19.000. The uncle purchased the securities on January 10, 2014, for $15,700. - Purchased 10 stock options for Krispy Kreme Company common stock on February 14, 2021 which expired on October 1, 2021. The options cost $850 and were allowed to expire. a He has a short-term capital loss carryover of 5550 into 2021. - Mich has interest income of $2,000 from a Bank of Ames certificate of deposit which his mother put in his name. Neither Spencer, Daisy nor Mich want Mitch to fle a separate tax return and elect to include the interest income on the appropriate parent's tax retum. - Other than those items listed above, Spencer had no other items of income or itemized deductions. Spencer also has no foreign bank accounts nor other foreign assets or financial interests. He also had no cryptocurrency transactions in 2021. Complete Form 1040 and accompanying schedules for Spencer W. Duck's Federal income tax return for the 2021 tax year. Use all rates and deductions, that are applicable for 2021 . Ignore all credits, the aternative minimum tax, net. investment income tax and any applicable penalties. Do consider the child tax credit. If you believe that the child tax credit is applicable, then use the rules for 2022 in determining the amount of the child tax credit. In filling out Form 8949, all transactions will have box (C) or (F) checked. There is no need to fill-out more than one Form 8949 . No codes are required for the Form 8949. You may make-up any personal information for Spencer, Daisy, or Mitch not contained in this project Echetule 1 fom 1040 20.1 Spencer W. Duck is single and lives at 321 Hickory Drive in Ames, lowa 86701. His eight-year-old son. Mitch, lives with him nine morths of the year in Spencar's rented condominium, Mitch lves with his mother, Daisy - Spencer's ev-aife, during the summer months. His mether provides hast of Mitch's support and Spencer has agreed to aliow her to dain Mith as her dependent. Spencer was awarded custody of Mith. Spencer has the following items petaining to his 2120 Federal income tax retum: - Spencer ia ape 35 (5.5N. 33-22-1111). Mech ia age 10. (59N 111-224567). Other than Milch. Spencer has ne children. - As an information 1echnology speciatist, Spencer receives a 5175 ,0c0 salary from his employer (World Dlectronics, LLC). who withheld $35,300 in federal income tax. - He paid 518,000 in alimory to his ex-wille (Dasy, SSN: 222-44-5555]. They were divorced in 2917 . The drvorse decreen was finaleed in 2013 and requires Spencer to pay almony. - He received a stale income tax relund in 2021 of 53,500 for state income taxes withheld in 2020 . Last year (2020), he used the standard deduction when completing his 2020 federal income tax return. - In 2021, he had stale income tax =ithheld from tis wages of 58.200. * Oeher llems - Gatrbiing winnings from playing the sict machines. 515.000. Iosses +$2.000. Spencer's nickename is "The Lucky Duck.' Spencer had the foliowing copital asset transactions in 2021. First Income Tax Return Project - Mat 3315 -006 (Fall Semester 2022) - Pas | |3 - On March 15. 2021, Spencer sold for 56.500 an antique wateh foo. The fob was a gith from his grangtater on January 10,2001 , when its FMV was 51,000. The fob was purchased by his grandfather an April 2, 1901 for 51,500 . a 10 shares of Texsun industries, thc stock heid as an ievestrent were sold for 526,000 on December 5. 2021. The securties were intierited fiom tis unde, who dited on hper t0, 2017 when the fair the securities on fanuary 10, 2014. for \$15,700. Purchesed 40 slock octions for Kissoy Kreme Company common stock on February 14. 2021 ahich expired on Detober 1, 2021. The options cost S.650 and were allowed io oxpire. He has a choefterm capital less carnover of $550 into 202t. - Mech has interest income of 52.000 trom a Bark af Ames certificate of deposit which his mother put in his name. Neither Spencer, Daicy nor Mnch want Mich to file an separate tax retum and elect to include the interest income on the acorochiate pacent's tax retim. - Ocher than those items lated above. Spencer had no obher items of income or itemized deductions. Spencer alse has no foreign bank accounts nor other foreign assets or friancial interests. He also had no - Gambling winnings from playing the slot machiness \$15,000. Gambling losses - \$2,000. Spencer's nickname is "The Lucky Duck." - Spencer had the following capital asset transactions in 2021: First lncome Tax Return Project - Acct 3315 -005 (Fall Semester 2022) - P a g = |3 - On March 15, 2021. Spencer sold for $6,500 an antique watch fob. The fob was a gift from his grandfather on January 10, 2001, when its FMN was $1,000. The fob was purchased by his grandather on April 2, 1981 for $1.500. o 10 shares of Texsun Industries, Inc. stock held as an imvestment were sold for $26,000 on December 5, 2021. The securties were inherited from his uncle, who died on April 10, 2017 when the fair market value of the securities was $19.000. The uncle purchased the securities on January 10, 2014, for $15,700. - Purchased 10 stock options for Krispy Kreme Company common stock on February 14, 2021 which expired on October 1, 2021. The options cost $850 and were allowed to expire. a He has a short-term capital loss carryover of 5550 into 2021. - Mich has interest income of $2,000 from a Bank of Ames certificate of deposit which his mother put in his name. Neither Spencer, Daisy nor Mich want Mitch to fle a separate tax return and elect to include the interest income on the appropriate parent's tax retum. - Other than those items listed above, Spencer had no other items of income or itemized deductions. Spencer also has no foreign bank accounts nor other foreign assets or financial interests. He also had no cryptocurrency transactions in 2021. Complete Form 1040 and accompanying schedules for Spencer W. Duck's Federal income tax return for the 2021 tax year. Use all rates and deductions, that are applicable for 2021 . Ignore all credits, the aternative minimum tax, net. investment income tax and any applicable penalties. Do consider the child tax credit. If you believe that the child tax credit is applicable, then use the rules for 2022 in determining the amount of the child tax credit. In filling out Form 8949, all transactions will have box (C) or (F) checked. There is no need to fill-out more than one Form 8949 . No codes are required for the Form 8949. You may make-up any personal information for Spencer, Daisy, or Mitch not contained in this project Echetule 1 fom 1040 20.1