The following questions are related to Tasks 3A and 3B, and should help you connect the key concepts discussed in class with the work performed for the task. Please write a few sentences to address each question below:

How does the taxable income formula you learned in class map into the items on the Form 1040?

The Form 1040 is a summary of all of the other forms. How did this fit into your groups strategy for preparing the tax return? In what order did you prepare the forms?

How does the recovery of capital concept learned in class relate to the preparation of Scott and Kourtneys tax return?

Assume Scott and Kourtney no longer own a home and contribute to charity only sporadically. What strategy would you recommend to maximize their deductions for charitable contributions?

How do the concepts of ordinary, necessary, and reasonable relate to the expenses taken on Scotts Schedule C?

How did you determine which items to include in your carryforward memo?

How did you determine which items to exclude from your carryforward memo?

What is the importance of the carryforward memo for future years?

TASK 3A and 3B is about :

Preparing current year working papers and documentation

Preparing current year tax forms

Preparing a tax file memo for the current year