Using the information in Problem I:7-62 for Dan and Cheryl, prepare a Form 8283

COMPREHENSIVE PROBLEM :7-62 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42 is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan oper ates his business from his home office. During 2019, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2019 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2019. Dan and Cheryl had interest income from corporate bonds and bank ac counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2019: LTCG $4,900 LTCL (3,200) STCG 0 STCL 17,800) He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2019, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Hotel $4,200 Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6,350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in professional dues, $200 in professional journals, and $350 for uniforms. Dan and Cheryl had the following other expenditures during the year: Health insurance premiums (after-tax) $4,400 Doctor bills 470 Real estate taxes on home 6,800 Personal property taxes 1,400 Mortgage interest-all deductible 7,400 Charitable contributions-cash 9,000 Charitable contributions--Apple stock owned for 5 years: FMV $8,000 Adjusted basis 2,000 Tax preparation fees ($250 allocated to Dan's business) 750 * Paid by Dan in connection with his business 8283 Noncash Charitable Contributions OMB No 1545-0074 Rev. December 2020 Attach one or more Forms 8283 to your tax return if you claimed a total deduction of over $500 for all contributed property Attachment Department of the Treasury Internal Revenue Service Go to www.irs.gov/Forme283 for instructions and the latest information. Sequence No. 155 Names shown on your income tax return Identifying number DAN AND CHERYL PETERS Note: Figure the amount of your contribution deduction before completing this form. See your tax return instructions. Section A. Donated Property of $5,000 or Less and Publicly Traded Securities-List in this section only an item for a group of similar items) for which you claimed a deduction of $5,000 or less. Also list publicly traded securities and certain other property even if the deduction is more than $5,000. See instructions Parti Information on Donated Property - If you need more space, attach a statement Gal Name and address of the if donated property is a while intruction kl Description and condition of donated property done organization check the bes. Also enter the whicle identification For a while enter the year, make, model and number uns For 1008-Cis attached mag. For securities and other property struction 1 A D E Note: If the amount you claimed as a deduction for an itern is $500 or less, you do not have to complete columns (el. (f), and (gl da of the Ich wequired How equired al Donor's coat Method to brine contribution by donor me.) bydon or adjusted sindruction B D E Section B. Donated Property Over $5,000 (Except Publicly Traded Securities, Vehicles, Intellectual Property or Inventory Reportable in Section A) - Complete this section for one item (or a group of similar items for which you claimed a deduction of more than $5,000 per item or group (except contributions reportable in Section A). Provide a separate form for each item donated unless it is part of a group of similar items. A qualified appraisal is generally required for items reportable in Section B. See instructions. Part 1 Information on Donated Property 2 Check the box that describes the type of property donated. a Art (contribution of $20,000 or more) e Other Real Estate i Vehicles Qualified Conservation Contribution Securities i Clothing and household items c Equipment g Collectibles k Other d Art" (contribution of less than $20,000) h Intellectual Property * Art includes paintings, sculptures, watercolors, prints, drawings. ceramics, antiques, decorative arts, textiles, carpets, Silver, rare manuscripts, historical memorabilia, and other similar objects. **Collectibles include coins, stamps, bools, gams, jewelry, sports memorabilia, dolls, etc., but not art as defined above. Note: In certain cases, you must attach a qualified appraisal of the property. See instructions. Description of donated property of you need y langible personal property or real property w donated, give a brief Appraised far more space, attacha prius statement summary of the overall physical condition of the property at the time of the gift marat value B COMPREHENSIVE PROBLEM :7-62 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42 is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan oper ates his business from his home office. During 2019, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2019 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2019. Dan and Cheryl had interest income from corporate bonds and bank ac counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2019: LTCG $4,900 LTCL (3,200) STCG 0 STCL 17,800) He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2019, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Hotel $4,200 Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6,350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in professional dues, $200 in professional journals, and $350 for uniforms. Dan and Cheryl had the following other expenditures during the year: Health insurance premiums (after-tax) $4,400 Doctor bills 470 Real estate taxes on home 6,800 Personal property taxes 1,400 Mortgage interest-all deductible 7,400 Charitable contributions-cash 9,000 Charitable contributions--Apple stock owned for 5 years: FMV $8,000 Adjusted basis 2,000 Tax preparation fees ($250 allocated to Dan's business) 750 * Paid by Dan in connection with his business 8283 Noncash Charitable Contributions OMB No 1545-0074 Rev. December 2020 Attach one or more Forms 8283 to your tax return if you claimed a total deduction of over $500 for all contributed property Attachment Department of the Treasury Internal Revenue Service Go to www.irs.gov/Forme283 for instructions and the latest information. Sequence No. 155 Names shown on your income tax return Identifying number DAN AND CHERYL PETERS Note: Figure the amount of your contribution deduction before completing this form. See your tax return instructions. Section A. Donated Property of $5,000 or Less and Publicly Traded Securities-List in this section only an item for a group of similar items) for which you claimed a deduction of $5,000 or less. Also list publicly traded securities and certain other property even if the deduction is more than $5,000. See instructions Parti Information on Donated Property - If you need more space, attach a statement Gal Name and address of the if donated property is a while intruction kl Description and condition of donated property done organization check the bes. Also enter the whicle identification For a while enter the year, make, model and number uns For 1008-Cis attached mag. For securities and other property struction 1 A D E Note: If the amount you claimed as a deduction for an itern is $500 or less, you do not have to complete columns (el. (f), and (gl da of the Ich wequired How equired al Donor's coat Method to brine contribution by donor me.) bydon or adjusted sindruction B D E Section B. Donated Property Over $5,000 (Except Publicly Traded Securities, Vehicles, Intellectual Property or Inventory Reportable in Section A) - Complete this section for one item (or a group of similar items for which you claimed a deduction of more than $5,000 per item or group (except contributions reportable in Section A). Provide a separate form for each item donated unless it is part of a group of similar items. A qualified appraisal is generally required for items reportable in Section B. See instructions. Part 1 Information on Donated Property 2 Check the box that describes the type of property donated. a Art (contribution of $20,000 or more) e Other Real Estate i Vehicles Qualified Conservation Contribution Securities i Clothing and household items c Equipment g Collectibles k Other d Art" (contribution of less than $20,000) h Intellectual Property * Art includes paintings, sculptures, watercolors, prints, drawings. ceramics, antiques, decorative arts, textiles, carpets, Silver, rare manuscripts, historical memorabilia, and other similar objects. **Collectibles include coins, stamps, bools, gams, jewelry, sports memorabilia, dolls, etc., but not art as defined above. Note: In certain cases, you must attach a qualified appraisal of the property. See instructions. Description of donated property of you need y langible personal property or real property w donated, give a brief Appraised far more space, attacha prius statement summary of the overall physical condition of the property at the time of the gift marat value B