\"you have questions, need additional information or would like to discuss anv aspect ofthis assignment ford-er, please contact me hyemail at iaclnsonthuhdedu. Thank vou foryour atterrtionto this matter and Good Lucitwith the assignment. Forms ecpjred: I 111441- US. Individual IncomeTan Return I Schedule A- Itemited Deductions .- Schedule B-Interest and Drdinarv Dividends .- Schedule I: - Froflt and toss From Business .- Schedule D - capital Gains and Losses .- EBIB- Sales and Dther Dispositions of Capital Assets .- Schedule SE- Self-EmploymentTai: I EEl-dternative Minimum Tax-Individuals I 35-32- Passive Activity- Loss lJmitatiot'is cited: fig-u: Please use the following as indicators asto whether you are on the correct path. Please do not be concerned about small differences between these and the I'EullSy'u get. Different ta: preparatlon software package: often give slightlvdifferent results. Total Income (line 12: 318,321 Adjusted Gross income {line 3?] 315.12: Total Tax [line so] 3,55? Antourrtvou owe [Ijne TE\" 32? Asgnrnent Sultm'ndon notions: it is imperative that, when ready, you submit the project after oomhining all forms and schedules into a single .pdf document. Please upload it using Blackboard. 1iI'ou should name the file ACCHUI {m} Fall 2411? -'I't:irur Name Now, let's hegitthe asdgr-tient Itirca'efullv retitetvi'ig the folowlng facts: Joseph and Diana Cohen live in Pleasantville, rile-ivJersev. Joseph isthe Vice-President ofEales at a small start-up company. Diana is a former advertising executive who cu rrerrtlv consult: with former clients. She also serves on the board of directors of an advertising company. The thens have three children Rehecca (age 131, Alan {age 15}, and David [age 12}. thanuary, Itehecca left home to attend a llheral arts oollege. All three children qualify- as Joseph and Diana's federal income tax dependents The thens plan to file ajoint tax return. The Cohens provided the followlng information: .- Joseph's social secu ritv number is ESE-9:145:53 I Diana's social security- number is EDI-ELIE\": .- Rebecca's social security- number is BET-aa-ETID .- Alan's social securitv number is 31042-13091 I David's social securitv number is 355-11-3D11 I The Cohen's mailing address is 55 North Maple Drive, F'leasantviller HewJersethElaa Joseph then reported the following the following information relating to his em plovment during the vear: Ernplorver Gross Wagu Federal Inoorne Tall: State Inoorne Tan Wrtltltoldhg titrithholding AItErnativE Energ'f' SEBJIE 523.2%] 515,000 The above amounts do not reect aniv income items described below. Joseph's employer withheld all pay-roll tastes it was required to withhold. The entire then familv was covered by- minimum essential health insurance during each month in EDIE. The insuranoe was provided by- Joseph's employ-er, Alternative Energv_ Diana Cohen received the following revenue during the vear :she uses the cash method of accountingl. Consulting revenue reported to her on a Form IDES-MISC, Bun ? High-end Retail 531mm Jensen's Health Products Soa] strategic Solutions 53,?50 Board of director compensation reported to her on a Form IDES-MISC, Box I" Natural Sunshine, Inc. 55.5w During the year, Diana paid the following business expenses: Eansu Itant-related: nit-tare steam Hotel 51,-15D Meals Esau Parking 5320 Diana drove 25D business miles for her consulting-related activities (she has documentation to verilv} Board of Director-related: Meals 5125 Hotel 5125 Diana drove 315 business miles for her board of director activities {she has documentation to veritv: Neithercif Diana's business activities required the filing ef Fcirn'ilsl 1095 be repbrt payments she made during the tax year- In additicin, Ms- Eehen drew: a 201i Leiius purchased an January 1, mm far all her business mileage. She drove the vehicle a tetal cif 111,505 miles during the year far all pu rpcrses. Diana has written dbcumentatien tp supp-art the mileage an'iciunts. She else has access In another vehicle for persenal purposes. The [phens also received the fcillpwing during the year: Interest incen'ie from First Bank bf New Jersey 532D Interest incenie from Pattersbn, New Jersey Schcicil District 5.2:\") Interest incenie frcin'i LIi Treasury Ecind 535D Interest incen'ie from General Mills cbrpbrate lacind S-iIUD Qualified dividend incbme frcin'i Rip Tintci 51,5III Qualified dividend incbrne frcin'i Micrese-Ft FEE-III Qualified dividend incbrne from [paper Tire 51cm Qualified dividend incbrne fl''l'l'l. Cardinal Health 5.125 Qualified dividend incbrne frcin'i LInipn Pacific 514D Qualified dividend incbrne frcin'i Prbcter a Gamble 515D Qualified dividend incpme frcin'i PepsiEci 5225 Qualified dividend incbme frcin'i Kellpgg 520D Qualified dividend inccirne frcim Abbatt Labs 5.2?5 Qualied dividend incerne from SM 535:] Dividend incbme :netciualifiedl frern China Fund ELDEI] The [phens did ncit awn, central cir manage any foreign bank accciun'tsr ncir were they granters er beneficiaries cifa foreign tmst during the tax year. The Ephens had the fellas-ring activity in their brakeragie accciunt during the year l_all transactions were reparted en a Farm IDES-B. Basis informaticin cin each stock sale was reported tn- the IRSI; sold 1pm shares at Micrascift Hly'lb 5225ch Sold T5 shares Dfppl, inc. dy'l 52335:] Seld 350 shares efEeeperTire 111314.!\" 514,100 Scrld Lam shares cif cardinal Health a arm sold 5:] shares at Uniciri Pacic ma 52354} Purchased 100 shares cif PrattEr E: Gamble Hlny'l 51TH} Purchased 350 shares ch [caper 'I'ire 11,.I'1y'15 sumo Purchased 350 shares of PepsiCp End-I15 Elma Purchased 3D: shares of hell-egg lufllfl 521.1111: Relevant tax basisy'hplding pericid infern'iatipn related tci sales bf securities in the cu rrent year: Purchased 1pm shares ef Micrbscht en Sill-'15 far 51 1mm Purchased 1D: sharia l:i-F.Il.ppler Inc. an 3m 14 fcir SHEEN]: Purchased 3m share: ufGneperTire pr. 1:12le for 59pm Purchased Ssha res bf [paper Tire Dn EJIEJIE fer 52mm Received LEIJCI shares of Cardinal Health from Diana's father as a gift on Inlwm. Her father's bais in the steel; at the time of the gift was 510m. Fair market value of the steel: at the date of the gift was Sateen Purchased IDD shares of Union Pacic on BIS-15- fer SEJJDEI The Cehens have a $43,111:] long-term capital loss carryover frern the prior tax year. The Cehens received a New Jersey state income tar. refund of 54m in May efzelis. The Cehens reeeived the refund because the,- had cverpaid their New Jersey state individual incerne tax in EDIE. On their EDIE Federal income tacit returnr the Cehens deducted and received tax benefit for all state tax income taxes paid in 2015. Diana is a IDS-tewner in an advertising agency name-d Bright Ideas [\"EI"] :EIN l-lza-ISETI. BI is a Subchapter S corporation. The eompany reported ordinary business income for the year ofSIS-ELDDIJ. Diana received a it- 1 from El reporting her allocation of this business ineerne. Diana acquired the stock several years age. Her basis in the stock befcire considering bar all-15 ineome allocation was 592M. Diana is a passive owner with respect to this entity. Diana is also a 20% owner in Natural Sunshine, Inc. ["H5"l lEIH 24-55543l. N5 is a Subchapter S corporation. The company reported an ordinary business loss for the year of {SEDJJDEIL Diana received a I:-1 from N5 reporting her allecaticin efthis business less. Diana acquired the stecl: several years age. Her basis in the steel: before considering her EDIE less allecatien was 5453M. Diana is a passive owner with respect be this entity. Joseph reeeivecl 51ml] shares of restricted {commonl shock frem his employer on July 1. EDIE. The terms ofthe restricted stock grant are such that if Joseph is still em played by Alten-iative Energy ciri July 1. 1:121 the entire spun shares will vest and becerne his property. Joseph, upon the advice of his tax adviser, prepared and filed an IFtE Section 33le election on July a, JD 15. Dn July 1. 2015, the shares were valued at 5.5 per share. Joseph estimates the value ofthe shares in ve years will be at least 515D per share. Joseph notied Altemative Energy about the rat: Seicin 33be Election in a timely manner. None efthe income tax censeduences of this restricted stecl: grant was included in the $113,325 reported as part of Joseph's gross wages [see aborve}. In May. Joseph was injured in a heme accident. The injury prevented Joseph from working for about a month. During this tin'ier Joseph received 515_DDD in disability payments attributable to a disability insurance policy. The disability pclicy premiums were paid on Joseph's behalf as a nentasable fringe benefit. The Cehens paid the following expenses during the year: Dentist lunreirnbursed by insurancel 51,511} Decters [unreimbursed by insurancel 5 24125 Prescriptions {unreimbursed by insurancel 5 515 Real property taxes on residence 5153 Vehicle prcperty ta: based upon value 51,251} Mortgage interest on principal residence 512.550 Margin interest paid to broker EEDEI Contribution to United Way 513m Contribution to American Cancer Society 55,13]: Contribution to neighborhood drive to oppose development project 55:11 Contribution to the Temple Mount Synagogue $12,111:] Fee paid to Mouser, Johnson, and Hlntze CPAs forte: preparation S-lltin The Cohens also donated clothing, electronics, furniture and other household goods to the Salvation Army of Pleasant-ville. NewJersey on April15, EDIE. Estimated thrift value of the goods donated was EETE. Miscellaneous Information [in Septerin her 1, the Cohens paid 51m in foreign taxes attributable to the dividend received from the China Fund. During the year, the Cohens paid a portion of Rebecca's tuition to attend The College of liberal Arts of New Jersey [CLAL They also purchased Rebecca's school hooks. Ftebeoc-a attended the springi'summer and the fall semesters as a full-time student. In total, the Cohens paid 51ml] for tuition and $2,0EIJ for books. Rebecca used Eli-pm} from a scholarship she received from CLA to pay the remaining SEJJGEI of tuition for the year. Rebecca was not required to perform arry services as a oondition of acoepting the scholarship. Rehecca was not employed during theyear. CLA's address and employer identication number {an} is as follows: The College of liberal Arts of New Jersey ES Ivory Tower Fenns Grove, NJ DBEB EIH- ll-EEEIBJIII The Cohens would like to contribute to the Presidential Election Campaign Fund. The Cohens would also like to receive a refund [if anyl ot'ta: they may have overpaid for the year. Their preferred method of reoeiving the refund is by check