ACC-460 – Federal Taxation
Instructions: Topic 8 Tax Return Problem
You will be working individually to complete an s-corporation tax return and an individual income tax return. The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud – please scan and upload one single document. Note if you upload multiple documents, the assignment will not be graded, and you will be required to turn in a paper copy or resubmit a single document with possible late point deductions). Use 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online forms only (points will be deducted for using 2017 or 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers forms).
Required
Prepare an s-corporation tax return. See data below. You will need the following forms:
• Form 1120S and corresponding schedules, including Schedules L and M-1
• Schedule K-1 for Herman Hiebert (from problem C11-64)
• For the Schedule K-1, use the address and SSN information below for Herman.
Individual taxpayer information
Individual tax forms required:
• Form 1040
• Schedule 1
• Schedule 5
• Schedule A
• Schedule B
• Schedule D
• Schedule E
• Form 8949
• Form 4797 (see item 4.i. below)
1. Herman Hiebert’s social security number is 456-12-3789. He is married but does not have any dependents. His wife’s name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44th Street, Phoenix, AZ 85017
2. Additional information to complete the tax returns:
a. Rebecca works at Intel Corporation and earned $160,000 during the tax year.
b. Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500
c. Mortgage interest on their personal residence was $15,200, and property taxes were $5,150.
d. Additional charitable contributions of $10,500 were paid during the year.
e. On July 10, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap for $56 per share.
f. The taxpayer’s have a long-term capital loss carry forward of $5,000.
g. Assume AMT does not apply.
h. Apply any refund to estimated tax payments for the next year.
i. Instead of preparing Form 4797 (because it was already prepared for the s-corporation), input any gain/loss from the Section 1231 asset on Form 1040, Schedule 1, line 14.
3. Download the appropriate 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online tax forms from the IRS website. Get custom essay samples and course-specific study resources via course hero homework for you service – Include any necessary supporting schedules and supporting documentation. Use 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online tax forms only (points will be deducted for using incorrect forms).
4. If submitting to LoudCloud, create one PDF file with all the tax forms in the order they should appear in a submitted tax return. If submitting paper copy, remember to put the forms in the proper order. Points will be deducted if forms are placed out of order. Remember to include the appropriate taxpayer information on the forms; points will be deducted for missing items.
S-corporation Tax Return
For this assignment complete and submit two tasks in a single document:
• Prepare an S-corporation tax return. Complete problem C:11-61 in your textbook.
• Complete an individual income tax return with the assumption that one of the shareholders
from the entity return is your client. Reference the attached Topic 8 Assignment Instructions
document in order to properly prepare the individual tax return.
When submitting the tax return project to LoudCloud, the tax returns should be in a single document. Do not scan and submit the completed tax forms individually otherwise, as it may cause a delay in grading. Name the PDF file LastnameFirstinitial.ACC460.TR2, where the TR2 refers to the Tax Return 2 assignment.
This assignment uses a rubric. I need help writing my essay – research paper review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are not required to submit this assignment to LopesAce my homework – Write.
