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(solution) Tax 610 - Individual Tax Return Project Facts: Devon Bishop,


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Question: Prepare Devon's 2015 Federal Tax Return. A Federal form 1040 and all necessary accompanying  schedules are due for full credit. You may use Form 1040, schedule A,B,C,D, Form 4797 or others. 


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Tax 610 ? Individual Tax Return Project

 

Facts:

 

Devon Bishop, age 40, is single. He lives at 1507 Rose Lane, New Town, NY, 87132. His social security

 

number is 123-45-6789.

 

Devon was divorced in 2013 after 15 years of marriage. He pays alimony of $18,000 a year to his former

 

spouse Ariane. Ariane?s Social Security number is 123-45-6789. Devon?s son, Tom, who is age 16, resides

 

with Ariane. Devon pays child support of $12,000 per year. Ariane has provided Devon with a signed

 

Form 8332 in which she releases the dependency deduction for him for 2015. Tom?s Social Security

 

number is 123-45-6788.

 

Devon owns a sole proprietorship for which he uses the cash method of accounting. His revenue and

 

expenses for 2015 are as follows:

 

Sales Revenue $440,000 Salary Expense 50,000 Rent Expense 88,000 Utilities 8,000 Telephone 6,500 Advertising 4,000 Accounting and legal fees 7,000 Supplies 1,000 Other income received by Devon includes the following:

 

Dividend income:

 

Swan, Inc. $10,000 Wren, Inc. 2,000 Interest Income:

 

First Bank 11,000 Second Bank 2,500 City of Orleans bonds 5,000 Lottery winnings 13,000 During the year, Devon and his sole proprietorship had the following property transactions:

 

a. Sold Blue, Inc. stock for $45,000 on March 12, 2015. He had purchased the stock on

 

September 5, 2007 for $50,000.

 

b. Received an inheritance of $300,000 from his Uncle Henry. Devon used $200,000 to purchase

 

Green, Inc. stock on May 15, 2015, and invested $100,000 in Gold Inc stock on May 30, 2015.

 

c. Received Orange, Inc. stock worth $9,500 as a gift from his Aunt Jane on June 17, 2015. Her

 

adjusted basis for the stock was $5,000. No gift taxes were paid on the transfer. Aunt Jane had

 

purchased the stock on April 1, 2011. Devon sold the stock on December 1, 2015, for $22,000.

 

d. On August 15, 2015, Devon received a parcel of land in Phoenix worth $220,000 in exchange for

 

a parcel of land he owned in Tucson. Since the Tucson parcel was worth $245,000, he also

 

received $25,000 cash. Devon?s adjusted basis for the Tucson parcel was $210,000. He originally

 

purchased it on September 18, 2010.

 

e. On November 18, 2015, Devon sold the condominium in which he had been living for the past 10

 

years. The sales price was $480,000, selling expenses were $28,500 and repair expenses related

 

to the sale were $9,400. Devon and Ariane had purchased the condominium in 2008 as joint

 

owners for $180,000. Devon had received Ariane?s ownership interest as part of the divorce

 

proceedings. The fair market value at that time was $240,000.

 

Devon?s potential itemized deductions, exclusive of the aforementioned information, are as follows:

 

Medical Expenses (before the 10% floor) $9,500 Property taxes on residence 5,300 State income taxes 4,000 Charitable contributions 10,000 Mortgage interest on residence 9,900 Sales tax paid 5,000 During the year, Devon makes estimated Federal income tax payments of $ 25,000. Assignment:

 

Prepare Devon?s 2015 Federal Tax Return. A Federal form 1040 and all necessary

 

accompanying schedules are due for full credit.

 

DUE DATE: December 12, 2015

 


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