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Concepts in Federal Taxation



Concepts in Federal Taxation
This is the first part

of a six part problem that will allow you to prepare the 2014 tax return for Laurie and Lynn Norris. Each part of the problem will ask you to prepare a portion of their tax return. You should complete the appropri- ate portion of each form or schedule indicated in the instructions for each problem. The following basic information is provided for preparing their 2014 tax return:

-Lynn and Laurie use the cash method of accounting and file their return on a calendar-year basis. Unless otherwise stated, assume that the Norrises want to minimize the current year's tax liability.
-Lynn is 43 years old. Laurie is 38 years old.
-Lynn's Social Security number is 482-22-2010.
-Laurie's Social Security number is 490-32-8090.
-Josh's Social Security number is 872-44-2929.
-Julie's Social Security number is 798-88-3456.
-They do not have any foreign bank accounts.
-Lynn and Laurie do not wish to contribute to the presidential election campaign.
-Their home address is 1432 Husband Street, Santa Fe, Colorado (81252). Lynn and Laurie are married and have two children, Josh (15 years old) and Julie (19 years old). Laurie works for Fox Corporation as a drilling superinten- dent. Lynn runs an internet business, Handy Hints, from their home that pro- vides handyman advice. Details on their income from these activities will be provided in Chapters 4 and 5.
The other information in the files
Concepts in Federal Taxation
The Form 1099 Lynn and Laurie received from their broker indicated total sales of $24,660 (i.e., sales were reported net of commissions).
Required: Based on the information provided above, only fill out the appropri- ate portions of Form 1040, Form 1040 Schedule B, and Form 1040 Schedule D.
PLEASE DO THE TAX RETURN FROM!

 


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