Hello I have a project that is on the education intuit account and i need someone to work on it from my account and i have the account info that i will attach later. i did the first chapter part. you well complete the last 3 only.
I need it due by tomorrow night.
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1.
Chapter 1: The Individual Income Tax Return Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
Questions and Problems
Group 5: Cumulative Software Problem
Albert Gaytor and his wife Allison are married and file a joint return for 2019.
The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Captain
Gaytor is a charter fishing boat captain but took 6 months off from his job in
2019 to train and study for his Masters Captain’s License.
In 2019, Albert received a Form W-2 from his employer, Coconut Grove
Fishing Charters, Inc.:
Name
Social Security
Number Date of Birth
Albert T. Gaytor 266-51-1966 09/22/1970
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Name
Social Security
Number Date of Birth
Allison A. Gaytor 266-34-1967 07/01/1971
Crocker Gaytor 261-55-1212 12/21/2002
Cayman Slacker 261-11-4444 03/13/2001
Sean Slacker 344-23-5656 05/01/2000
The Gaytors have a 17-year-old son, Crocker, who is a full-time freshman at
Brickell State University. The Gaytors also have an 18-year-old daughter,
Cayman, who is a part-time student at Dade County Community College
(DCCC). Cayman is married to Sean Slacker, who is 19 years old and a parttime student at DCCC. Sean and Cayman have a 1-year-old child, Wanda
Slacker (Social Security number 648-99-4306). Sean, Cayman, and Wanda all
live in an apartment up the street from Albert and Allison during the entire
current calendar year. Sean and Cayman both work for Sean’s wealthy
grandfather as apprentices in his business. Their wages for the year were a
combined $50,000, which allowed them to pay all the personal expenses for
themselves and their daughter.
Albert and Allison have a savings account and received the following Form
1099-INT for 2019:
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Required: Use a computer software package such as Intuit ProConnect to
complete Form 1040 for Albert and Allison Gaytor for 2019. Be sure to save
your data input files since this case will be expanded with more tax
information in later chapters. Make assumptions regarding any information not
given.
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Chapter 1: The Individual Income Tax Return Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
© 2020 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means -
graphic, electronic, or mechanical, or in any other manner - without the written permission of the copyright holder.
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1.
Chapter 3: Business Income and Expenses Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
Questions and Problems
Group 5: Cumulative Software Problem
The following additional information is available for the Albert and Allison
Gaytor family from Chapters 1 and 2.
On September 1, Allison opened a retail store that specializes in sports car accessories.
The name of the store is “Toge Pass.” The store is located at 617 Crandon Boulevard, Key
Biscayne, FL 33149. The store uses the cash method of accounting for everything except
inventory which is kept on an accrual basis. The store’s EIN is 98-7321654. Allison
purchased inventory in August and thus started her business on September 1 with $40,100
of inventory. The Toge Pass accountant provided the following financial information:
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A review of the expense account detail reveals the following:
The travel expense includes the costs Allison incurred to attend a seminar on sports
car accessories. She spent $300 on airfare, $400 on lodging, $90 on a rental car, and
$150 on meals. Allison has proper receipts for these amounts.
The gift account details show that Allison gave a $30 gift to each of her six best
suppliers.
The supplies expense account detail reflects the purchase of 250 pens with the “Toge
Pass” logo inscribed on each pen. Allison gave the pens away to suppliers,
customers, and other business contacts before the end of the year.
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Uniforms expense reflects the cost to purchase polo shirts Allison provided for each
employee (but not herself). The shirts have the Toge Pass logo printed on the front
and back and are the required apparel while working but otherwise are just like any
other polo shirts.
The license and fee account includes a $600 fine Toge Pass paid to the state of
Washington for environmental damage resulting from an oil spill.
Allison drove her 2011 Ford Explorer 1,700 miles for business related to Toge Pass. The
Explorer was driven a total of 11,450 miles for the year. Included in the total 11,450 miles is
5,000 miles spent commuting to the store. Allison has the required substantiation for this
business mileage. She uses the standard mileage method.
In July, Albert loaned a friend $7,000 so he could buy a car. Albert’s friend lost his job in
2019 and stopped making payments on the loan. He plans to start making payments again,
however, with additional interest as soon as he has new employment.
In late 2019, Albert started to mount and stuff some of his trophy fish to display in his “man
cave” at the Gaytor’s home. Some of his friends liked Albert’s taxidermy work and asked
him to prepare a couple of trophy fish for them as well. Although he doubts he will ever sell
any more stuffed fish, he received $150 and had no expenses related to this activity in 2019.
Required: Combine this new information about the Gaytor family with the information from
Chapters 1 and 2 and complete a revised 2019 tax return for Albert and Allison. Be sure to
save your data input files since this case will be expanded with more tax information in later
chapters.
Chapter 3: Business Income and Expenses Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
© 2020 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means -
graphic, electronic, or mechanical, or in any other manner - without the written permission of the copyright holder.
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Chapter 4: Additional Income and the Qualified Business Income Deduction Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
Chapter Review
Group 5: Cumulative Software Problem
- The following additional information is available for the Albert and Allison Gaytor
family.
The Gaytors own a rental beach house in Hawaii. The beach house was rented for the
full year during 2019 and was not used by the Gaytors during the year. The Gaytors
were active participants in the management of the rental house but the activity is not
eligible for a QBI deduction. Pertinent information about the rental house is as follows:
Address: 1237
Pineapple St., Lihue,
HI 96766
Gross rental income $20,000
Mortgage interest 7,900
Real estate taxes 2,175
Utilities 1,500
Cleaning 2,400
Repairs 675
The house is fully depreciated so there is no depreciation expense.
Albert and Allison received the following combined statements 1099-DIV and 1099-B
from their investment manager:
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On January 12, 2019, Albert and Allison sold their personal residence for $715,200
and purchased a new house for $725,000. This was their personal residence before
and after the divorce (they have lived in it together for three years since remarrying).
The old house cost $120,000 back in January of 2007 and they added on a new
bedroom and bathroom a few years ago for a cost of $20,000. They also built a pool
for a cost of $60,000. They moved into the new house on January 19, 2019.
Required: Combine this new information about the Gaytor family with the information
from Chapters 1, 2, and 3 and complete a revised 2019 tax return for Albert and
Allison. Be sure to save your data input files since this case will be expanded with
more tax information in later chapters.
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Student Name
Class/Section
Date
Chapter 4: Additional Income and the Qualified Business Income Deduction Group 5: Cumulative Software Problem
Book Title: Income Tax Fundamentals, 2020 Edition
Printed By: Lubna Ali ridha (w1650808@apps.losrios.edu)
© 2020 Cengage Learning, Cengage Learning
© 2020 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means -
graphic, electronic, or mechanical, or in any other manner - without the written permission of the copyright holder.
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