Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
James and Pamela Brock and William Brock provide you with the following information related to expenditure they have made:
Type of Documentation
James & Pamela Brock
William Brock
Employer paid medical Insurance Premiums
$10,000
$1,200
Medical insurance premiums paid by taxpayer
$4,000
$8,000
Medical expenses related to eye surgery not covered by insurance
17,500
N/A
Reimbursements from medical insurance carrier
$5,200
Prescription drug costs
$1,800
$2,200
State income taxes withheld by employer
$6,750
$450
State income tax paid when filing tax return
$2,300
Real estate taxes on residence
$12,000
Real estate taxes on Westchester Woods property
$5,000
Property tax on automobile
$950
$375
Property tax on Westchester Wood's delivery truck
Sewer use charge
$295
Home mortgage interest
$14,400
Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000)
$3,000
Cash gifts (properly supported)
$1,500
Contribution
Artwork, purchased for $8,000 and held for five years, donated to a qualified charity (the charity will display the artwork). The FMV of the artwork is $27,500
Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800
Contribution carryover from a prior year
$0
$14,000
Unreimbursed travel expenses (job related)
$700
$180
Safe deposit box
$55
Tax preparation (60% allocated to Westchester Wood)
$1000
$125
Required:
Calculate the itemized deductions and
Prepare Form 1040 Schedule A for:
James and Pamela Brock and
William Brock.
Show the calculations you made to determine the deductible itemized deductions for medical, interest, taxes, contributions and miscellaneous deductions. Indicate the amount of any contribution carry forward. Use the AGI for James and Pamela Brock and William Brock that was calculated in Week 5.
Internal Revenue Service's website at https://www.IRS.gov and locate the current year's Form 1040 Schedule A.
Save assignment (Part A) as a Microsoft Excel document. For Part B, save Form 1040 Schedule A accesses from the IRS website after completing.
Patrick Corporation's adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent $14,170; Goodwill $50,540; Franchise Fees Receivable $4,270; Franchises $48,770; Patents $36,890; Trademarks $12,050. Prepare th..
The following schedule shows year end inventory balances under the FIFO and average cost methods:
At its December 31 year end, these securities had a fair value of $ 58,000. This is the first and only time the company purchased such securities.
adjusting entries shabbona corporation operates a retail computer store. to improve delivery services to customers the
xtreme sports has 100000 of 8 noncumulative nonparticipating preferred stock outstanding. xtreme sports also has 500000
journalizing corporate transactions and preparing the stockholders equity section of the balance sheet c-mobile
An accounting firm's independence is most likely to be impaired when:
Compute the amount of profit the company will have for a month in which the company sells 275 lawnmowers.
lenats contribution income statement utilizing variable costing appears below lenat company income statement for the
on january 1 2004 st. street corporation issued 100000 of ten-year bonds that pay 8 annually on december 31. at the
on january 1 2012 fishbone corporation sold a building that cost 272200 and that had accumulated depreciation of 102100
On December 15, 2013, Rigsby Sales Co. sold a tract of land that cost $3,700,000 for $5,000,000. Rigsby appropriately uses the installment sale method of accounting for this transaction.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd