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T (SSN 123-45-6789) is 32 and unmarried but does provide all of the support for Z (age 22) who is Ts younger brother and lived

T (SSN 123-45-6789) is 32 and unmarried but does provide all of the support for Z (age 22) who is Ts younger brother and lived with T for the entire year. In 2017, Z was a full-time student at a local community college but did earn $5,000 from a part-time job during the summer.

T had the following property dispositions during 2017:

sold for $75,000 on 8/12 a rental property that was purchased on 6/25/09 for $75,000; $11,000 of depreciation has been taken on the property.

sold the following equity securities:

Description

Trade Date: Acquisition

Trade Date: Disposition

Adjusted

Basis

Amount Realized

D Corp.

4/13/12

4/13

$16,000

$50,000

M, Inc.

6/11/16

7/15

$12,000

$10,000

H Company

4/13/17

8/13

$19,000

$14,000

Z, Inc.

7/13/15

7/13

$6,500

$17,000

A Associates

5/12/14

6/2

$3,500

$500

T has a LTCL and STCL carryover from 2016 of $4,500 and $3,000, respectively.

T sold a coin collection on 11/22 that was given to her as a Christmas gift in 2013 for $7,000. T doesnt know how much the donor paid for the individual items over the term of their collection.

T bought an old-masters painting on 2/13/17 for $2,500. She subsequently sold the painting for $4,500 on 12/29/17.

T was notified by an old college friend that she should not expect to receive payment, due to unexpected health issues, of a $3,000 loan (a written IOU was executed) that was made in 2011. T did have an attorney send a demand for payment note and also made a referral to a collection agency, neither of which was successful in securing a payment. T has decided to discontinue any further collection efforts since payment will not be forthcoming.

BLAH common stock that was purchased 10/2/16 for $1,500 was delisted on 7/29/17 when all trading activity was suspended due to the beginning of a chapter 7 Bankruptcy.

H Company is 1244 stock; D Corp. is a qualified small business for purposes of 1202.

T did not receive any 1099-Bs.

T received the following information returns:

1095-B indicating minimum essential coverage for all 12 months for T and Z

1099-INT box 1 filled in for total interest income earned from Ts bond portfolio

W-2 with box 2 amount of $45,000; all other boxes are properly completed based on Ts salary amount

Required:

Prepare all relevant parts of Ts form 1040 (including all supporting schedules/forms) for 2017 assuming Ts taxable income prior to consideration of the property dispositions indicated above was $214,300 ($4,350 of qualified dividends, salary of 100,000 from employment as a part-time tax consultant with the remainder from taxable interest earned from a high yield domestic corporate bond portfolio).

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