BUS 261 Tax Return Problem 6
Question # 00037642
Posted By:
Updated on: 12/18/2014 11:24 PM Due on: 12/19/2014
COMPREHENSIVE PROBLEM 6
With Emphasis on Schedule D
Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle,
Sandville, FL 33172. Her social security number is 412-34-5670.
For tax year 2013, Debra had the following income information:
Debra had the following stock transactions during 2013. A 1099-B was received for the proceeds of each sale:
Debra also sold her wine collection for $38,000. She had purchased the wine more than five
years ago on various dates for $19,000.
Debra has a capital loss carryover from 2012 of $11,700: $3,000 short-term and $8,700 longterm.
Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax). Thus she
claims the standard deduction.
Required:
Required: Complete the 2013 tax return for Debra Simon. You do not need to complete the
loss carryover worksheet but do need to enter the carryover amount in the appropriate place on
Schedule D. She wants to contribute to the presidential election campaign and does not want
anyone to be a third-party designee. For any missing information, make reasonable
assumptions.
With Emphasis on Schedule D
Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle,
Sandville, FL 33172. Her social security number is 412-34-5670.
For tax year 2013, Debra had the following income information:
Debra had the following stock transactions during 2013. A 1099-B was received for the proceeds of each sale:
Debra also sold her wine collection for $38,000. She had purchased the wine more than five
years ago on various dates for $19,000.
Debra has a capital loss carryover from 2012 of $11,700: $3,000 short-term and $8,700 longterm.
Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax). Thus she
claims the standard deduction.
Required:
Required: Complete the 2013 tax return for Debra Simon. You do not need to complete the
loss carryover worksheet but do need to enter the carryover amount in the appropriate place on
Schedule D. She wants to contribute to the presidential election campaign and does not want
anyone to be a third-party designee. For any missing information, make reasonable
assumptions.
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Rating:
/5
Solution: BUS 261 Tax Return Problem 6 - Debra Simon