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Andi Fauci, age-79, is single and has no dependents. Andi had the following relevant transactions for 2019:

Social Security benefits for Andi$19,000

Interest income from local bank 650

Qualified dividends 555

Loss on sale of Tandem Diabetic stock (held from

11/10/2017 to 10/31/2019) -3,100

Federal income tax quarterly deposits (total)2,800

Itemized deductions 7,925

Single

Family

RENTAL OPERATIONS Home Duplex

Rental income $21,900 $29,200

Interest expense 8,800 11,200

Property taxes 1,650 6,366

Maintenance 440 560

Insurance 1,260 1.465

Depreciation-Building (Line 17, Form 4562) 2,495 2,845

Depreciation-Appliances (Line 17, Form 4562) 0 0

SALE OF RENTAL RESIDENCE See Daily 9, Problem D

Sales price (November 27, 2019)

Building $ 48,000

Land 72,000

Cost (October 18, 2010)

Land $ 38,000

Building 30,000

Depreciation allowed 8,998

SALE OF APPLIANCES WITH RESIDENCE See Daily 9, Problem D

Sales price $ 5,500

Cost (October 18, 2014) 9,000

Depreciation allowed 6,880

Complete a Form 1040 with the appropriate Schedules and Forms for 2019 for Andi Fauci.

Minimum forms required:

Form 1040, Schedule 1, Schedule 3

Form 1040, Schedule B, Schedule D, Schedule E.

Form 4562, Form 4797, Form 8949 (Optional), Form 8995 (optional).

Hints:

Claim the QBI deduction for the rentals.
The sale of the land goes in Part I of Form 4797; and the sale of the building and appliances, Part III.
Scan your return and post it to Turnitin by April 25. If you do not have a scanner, please take a picture of the following: front of form 1040, front of Schedule E, front of Schedule D and front of Form 4797 (all in one picture) and post it to Turnitin.

Daily 9 Problem D

Andi Fauci, age-79, is single, and has taxable income, properly calculated, of $226,000. During the year, Andi completed transactions, including:

Qualified dividends555

Loss on sale of Tandem Diabetic stock (held from

11/10/2017 to 10/31/2019, Cost = $7,400)-3,100

SALE OF RENTAL RESIDENCE

Sales price (November 27, 2019)

Building $48,000

Land 72,000

Cost (October 18, 2010)

Land 38,000

Building 30,000

Depreciation allowed 8,998

SALE OF APPLIANCES WITH RESIDENCE

Sales price $ 5,500

Cost (October 18, 2014) 9,000

Depreciation allowed 6,880

Calculate Andi’s federal income tax for 2019.

You might consult Form 4797, as you will be asked to complete it as part of Tax Return 2.

Calculation of Capital Gains:

Qualified dividends $555

Sale of the residence (48,000-30,000+8,998) $26,998

Sale of the land (72,000-38,000) $34,000

Sale of the appliances (5,500-9,000+6,880) $3,380

Capital gain or loss (26,998+34,000-3,000(loss limitation)) $57,998

Taxable income $226,000

Net capital gains and dividends (57,998 +555) $58,553

Ordinary income (226,000-58,553) $167,447

Standard deduction $13,850

Remaining Taxable income will be (167,447-13,850) $153,597

Tax on ordinary income 14,382.50+24% (153,597-84,200) $31,037.78

Lesser of the two 25% or 24% (8,998*.24) $2,159.52

15% gain on 49,555 $7433.25

Total Income Tax will be (31,037.78+2,159.52+7433.25) $40,630.55

Sample Solution

fantasy on historical truths and incidents even though he didn’t set his novels in a well-defined time and place however he was apt to demonstrate it by paralleling his world to the world in the 15th c in several fundamental elements.
The middle ages:
As defined by the New Meriam Webster Dictionary, the middle ages are the period of European history from about A, D. 500 to about 1500. It begins approximately from the collapse of the Roman Empire to the Renaissance period between the 13th to the 14th century and often described by the ‘Dark Ages’ not due to the absence of electricity though, but because it was full of some violently shocking history responsible for turning it into a’ Dark ‘phase.
Some people regard medieval society as a barbaric, war-torn one ruled by illiterate peasants. This perspective however is considered to be biased, because this period is described as ‘Dark’ out of the lack of written records and legible evidence to support the notion that there was any advancement in society during the period 500 to 1400; before the start of the enlightenment of the Byzantine empire described by many scholars as the Golden Age of Islam although, a readjustment period was witnessed after the fall of Rome but was merely concerned with maintaining peace and empire building rather than promoting research and learning centers. Nonetheless, western Europe began slowly to rise up from the constant internal warring in the period between 1000 to 1300 and expand with trading despite the wars with the Muslims who translated Ancient Greek texts into Arabic and consequently many scholars journeyed to Spain to translate these volumes into Latin after mastering the Arabic language strangely these reformations known as the first Renaissance of the Middle Ages was ceased by the ‘ Black Death’ caused by the plague which killed over a third of the European population and led to the suspension of the scientific development and set back the progress of knowledge that didn’t resurface until the Renaissance.( Martyn Shuttleworth / explorable.com/middle-ages science)
Modern people’s interest in the middle ages and the great concern in its reality is influenced by J.R.R. Tolkien’s Lord of the Rings and his depiction of the middle earth. Elisa Scubla claims in CA. that many academics suggest that Tolkien was trying to bridge the missing gap left by early Medieval literatures while explaining the reason behind the loss of information.

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