Tax

was $15,000 on Problem 89. Justin Sione was an employee of DataCare Services, Inc. His salary medical November 10, 2018, when he was laid of. DataCare Services provideh inse. continue this coves. consinue tis cover- ance for Justin and his family during his employment and agreed to age through the end of 2018 He received $7,000 of unemployment comp Social Security of $2.750 ($45,000 x 62%) and Medicare of sossss00 Justin lives at 112 Green Road, Crown City, OH 45623. 111-11-1112. Justin owned an apartment building November 11, 2018, through December 31, 2018. FICA withholdings were as fo His Social Security number is until November 22, 2018, when he 4826 Orange Street OH 45623) For 2018, he had rent revenue of $33,000. He incurred and aCty, axes, Crown paild sold it for $200,000 (the apartment building's address is as follows: $4,568 of repairs, $12,000 of mortgage interest, $10,000 of real estate ta and $1,000 of miscellancous expenses. He purchased the building on January 2 202 for $125,000. The building generated an operating profit each year that Justin owned Justin received $13,000 in cash as a gift from his mother to help tide him over whaike he was unemployed He also withdrew, $10,00 from his checking account. He-invest $300 in lonery tickets during the year but had no winnings. Other information follows: On November 22, 2018, Justin sold for $3,500 equipment that had been used for repairing various items in the apartments. The equipment was purchased for $25,000 on July 10, 2011, and was fully depreciated prior to 2018. Justin has $3,000 of unrecaptured$1231 losses from prior years Justin is age 38, is single, is divorced, and has custody of his nine-year-old son, Flin Justin provides more than 50% of Flint's support. Flint's Social Security number is 123-45-6789 Justin had $1,000 interest income from Blue Corporation bonds. Justin had $1,500 interest income from a State Bank certificate of deposit CHAPTER 14 Property Transactions Capital Gains and Losses, 1231, and Recapture Provisions stin had a $2,000 096/15%/20% long- Brown Stock Investment Pund. term capital gain distribution from the ad the following itemized deductions: $4,600 real ustin .900 mongage interest on his cha all properly documented, and no single contribution exceeding $25): $4.300 state ncome tax withholdi during 2018, $2,600 sales estate taxes on his home home: $4,760 charitable contributions (all in cash, ing during 2018; $2,000 state estimated income tax payments taxes paid n does not want to donate to the Presidential Election Campaign Fund. ue had $10,000 of Federal income tax withholding during 2018 and made total .He ederal estimated income tax payments of $12,000 during 2018. ute Justin's 2018 net tax payable or refund due. Ignore the 199A deduction alified business income (if applicable). If you use tax forms for your ed Porm 1040 and Schedules A, B, D, and E. You will for qua computations, you will ne also need Form 4797 was $15,000 on Problem 89. Justin Sione was an employee of DataCare Services, Inc. His salary medical November 10, 2018, when he was laid of. DataCare Services provideh inse. continue this coves. consinue tis cover- ance for Justin and his family during his employment and agreed to age through the end of 2018 He received $7,000 of unemployment comp Social Security of $2.750 ($45,000 x 62%) and Medicare of sossss00 Justin lives at 112 Green Road, Crown City, OH 45623. 111-11-1112. Justin owned an apartment building November 11, 2018, through December 31, 2018. FICA withholdings were as fo His Social Security number is until November 22, 2018, when he 4826 Orange Street OH 45623) For 2018, he had rent revenue of $33,000. He incurred and aCty, axes, Crown paild sold it for $200,000 (the apartment building's address is as follows: $4,568 of repairs, $12,000 of mortgage interest, $10,000 of real estate ta and $1,000 of miscellancous expenses. He purchased the building on January 2 202 for $125,000. The building generated an operating profit each year that Justin owned Justin received $13,000 in cash as a gift from his mother to help tide him over whaike he was unemployed He also withdrew, $10,00 from his checking account. He-invest $300 in lonery tickets during the year but had no winnings. Other information follows: On November 22, 2018, Justin sold for $3,500 equipment that had been used for repairing various items in the apartments. The equipment was purchased for $25,000 on July 10, 2011, and was fully depreciated prior to 2018. Justin has $3,000 of unrecaptured$1231 losses from prior years Justin is age 38, is single, is divorced, and has custody of his nine-year-old son, Flin Justin provides more than 50% of Flint's support. Flint's Social Security number is 123-45-6789 Justin had $1,000 interest income from Blue Corporation bonds. Justin had $1,500 interest income from a State Bank certificate of deposit CHAPTER 14 Property Transactions Capital Gains and Losses, 1231, and Recapture Provisions stin had a $2,000 096/15%/20% long- Brown Stock Investment Pund. term capital gain distribution from the ad the following itemized deductions: $4,600 real ustin .900 mongage interest on his cha all properly documented, and no single contribution exceeding $25): $4.300 state ncome tax withholdi during 2018, $2,600 sales estate taxes on his home home: $4,760 charitable contributions (all in cash, ing during 2018; $2,000 state estimated income tax payments taxes paid n does not want to donate to the Presidential Election Campaign Fund. ue had $10,000 of Federal income tax withholding during 2018 and made total .He ederal estimated income tax payments of $12,000 during 2018. ute Justin's 2018 net tax payable or refund due. Ignore the 199A deduction alified business income (if applicable). If you use tax forms for your ed Porm 1040 and Schedules A, B, D, and E. You will for qua computations, you will ne also need Form 4797