Federal Taxation Instructions;Tax Return Problem

 

 

You will be working individually to complete an s-corporation tax return and an individual income tax return. The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud – please scan and upload one single document. Note if you upload multiple documents, the assignment will not be graded, and you will be required to turn in a paper copy or resubmit a single document with possible late point deductions). Use 2018 forms only (points will be deducted for using 2017 or 2019 forms).

Required

Prepare an s-corporation tax return. See data below. You will need the following forms:

Form 1120S and corresponding schedules, including Schedules L and M-1
Schedule K-1 for Herman Hiebert (from Problem C:11-64)
For the Schedule K-1, use the address and SSN information below for Herman.

Individual taxpayer information

Individual tax forms required:

Form 1040

Schedule 1

Schedule 5

Schedule A

Schedule B

Schedule D

Schedule E

Form 8949

Form 4797 (see item 4.i. below)

Herman Hiebert’s social security number is 456-12-3789. He is married but does not have any dependents. His wife’s name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44th Street, Phoenix, AZ 85017

Additional information to complete the tax returns:

Rebecca works at Intel Corporation and earned $160,000 during the tax year.

Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500

Mortgage interest on their personal residence was $15,200, and property taxes were $5,150.

Additional charitable contributions of $10,500 were paid during the year.

On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share.

The taxpayer’s have a long-term capital loss carry forward of $5,000.

Assume AMT does not apply.

Apply any refund to estimated tax payments for the next year.

Download the appropriate 2018 tax forms from the IRS website. Include any necessary supporting schedules and supporting documentation. Use 2018 tax forms only (points will be deducted for using incorrect forms).

If submitting to LoudCloud, create one PDF file with all the tax forms in the order they should appear in a submitted tax return. If submitting paper copy, remember to put the forms in the proper order. Points will be deducted if forms are placed out of order. Remember to include the appropriate taxpayer information on the forms; points will be deducted for missing items.

Problem C:11-64

Bottle-Up, Inc., was organized on January 8, 2008, and made its S election on January 24, 2008. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street, City, ST 33333. Bottle-Up uses the calendar year as its tax year, the accrual method of accounting, and the first-in, first-out (FIFO) inventory method. Bottle-Up manufactures ornamental glass bottles. It made no changes to its inventory costing methods this year. It uses the specific identification method for bad debts for book and tax purposes.

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Sample Solution

relations. A new happy era will emerge for these two countries’ (Malik, 1980).

M.A Jinnah, at the time of the appointment of first Turkish ambassador in Pakistan on 4th of March 1948 stated that: ‘Turkey has drawn our admiration for the valor of Turkish people and the way in which your statesman and the leaders have struggled and fought almost single-handed in the midst of Europe for your freedom and sovereignty which is worth mentioning, ‘I really can assure your excellence that the Muslims of Pakistan will entertain sentiments of affection and esteem for your country and now Turkey and Pakistan both as free, sovereign and independent countries can strengthen their ties more and more for the good of both’.

He also hoped and said that being Muslim Countries people of both of these countries will put their genuine backing and team work to establish closer political and cultural ties among these states and thus contribute their share in the welfare and betterment of the subject of these two brotherly states. (Zafar, 1978).

After few years the Western powers anxiously wanted to link the defense of West Europe of the Middle East formed the establishment of the Middle East Defense Organization in March 1953. At that time the Egyptian leadership under Nasser stoutly opposed the above mentioned Middle East Defense organization and no Arab country, except for Iraq, Turkey and Pakistan was found to be enthusiastic. The proposal therefore fell through and Western strategies began to concentrate on the ‘northern tier’, comprising (Ali, 2001).

Joint Communique 1954

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