List the names of the taxpayers

Assignment Help Accounting Basics

Reference no: EM132217940

Question - Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and retired at age 51. The couple's income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2017, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15, Highland Park, FL 33853.

The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2017) with 30 units that rent for $27,000 per month and are at 90% occupancy.

Rental income	$291,600
Salaries	115,000
Payroll taxes	8,798
Real estate taxes	18,750
Interest	45,000
Repairs and maintenance	29,000
Depreciation	(Calculate - ignore land value)

The following information is also for the year:

1099-INT	Old Bank	$22,000
1099-DIV	Dell, Inc. Ordinary dividends	15,250
	Qualified dividends	15,250
1099-DIV	IBM, Inc. Ordinary dividends	8,650
	Qualified dividends	8,650
1099-DIV	Pepsi, Inc. Ordinary dividends	18,785
	Qualified dividends	18,785
1099-MISC	Box 2 royalties	152,300

	Purchased	Sold	Sale Price	Basis	Gain/Loss
Dell (held 9 mo.)	12/01/16	09/01/17	$15,000	$9,000	$6,000
Pepsi (held 4 mo.)	09/01/17	12/29/17	17,000	25,000	(8,000)
IBM (held 30 mo.)	06/05/15	12/05/17	38,000	20,000	18,000

On January 3, 2018, Dave repurchased the exact number of shares he sold on December 29, 2017. The Stanleys paid $13,000 each quarter (four payments) in federal estimated income taxes.

Prepare Form 1040 for the Stanleys. Taxpayers had qualifying health care coverage at all times during the tax year. You will also need Schedule B, Schedule D, Schedule E, Form 4562, Form 8949 and Form 8960.

Reference no: EM132217940

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len2217940

1/17/2019 10:18:56 PM

List the names of the taxpayers in the order in which they appear in the problem. Input all the values as positive numbers. Round all intermediate computations and final answers to nearest whole dollar. Instructions can be found on certain cells within the forms.

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