Make realistic assumpions about any missing data

Assignment Help Financial Management

Reference no: EM131587974

Dr. George E. Beeper is a single taxpayer. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security is 775-88-9531. Dr. Beeper works for the Pine Medical Group and his earnings and income tax withholding for 2015 are:

Earnings from Pine Medical $115,844

Federal Tax withheld 25,000

State Tax withheld 0

Dr Beeper owns a rental house located at 672 Lake Street, Spokane, WA 99212. The house rents for $1,000 per month and was rented for the entire year. The following are the related expenses for the rental house:

Real estate taxes $5,700

Mortgage Interest 14,800

Insurance 1,100

Depreciation (assume fully depreciated 0

Repairs 450

Maintenance 973

The house was purchased on July 5, 1981. Dr. Beeper handles all rental activities (e.g. rent collection, finding tenants, etc.) himself.

During May 2015, Dr. Beeper transferred $67,000 out of his Section 401(k) plan from a former employer (Elm Medical Group) to an individual retirement account with the Spokane State Bank. The transfer was made directly from the Section 401(k) plan trustee to the bank.

Required: Complete Dr. Beeper's federal tax return for 2015. Use form 1040 and Schedule E and form 8582. Make realistic assumpions about any missing data.

Reference no: EM131587974

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