Federal Taxation

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Required Prepare a partnership tax return. See data below. You will need the following forms: Form 1065 and corresponding schedulesSchedule K-1 for Dr. Bailey (from problem C9-58)For the Schedule K-1. The filing center is Ogden, Utah. Individual taxpayer information Individual tax forms required: Form 1040Schedule ASchedule BSchedule DSchedule EForm 8949Form 4797 (see item 4.i. below) Dr. Leisa Bailey’s social security number is 456-12-3789. She is married but does not have any dependents. Her husband’s name is Daniel Bailey and his social security number is 123-45-6789. Additional information to complete the tax returns:Daniel works at Intel Corporation and earned $160,000 during 2017. His federal tax withholding was $30,000 and his Arizona income taxes withheld were $8,000. Leisa made federal estimated tax payments of $40,000 and Arizona estimated payments of $9,500Mortgage interest on their personal residence was $15,200 and property taxes were $5,150.On July 10, 2017 they sold 100 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share. The Taxpayer’s have a long-term capital loss carry forward of $5,000.Assume AMT does not apply. Apply any refund to estimated tax payments for the next year.Instead of preparing Form 4797, input any gain/loss from the Sec. 1231 asset on line 14 of form 1040. Download the appropriate tax forms from the IRS website, www.irs.gov. Include any necessary supporting schedules and supporting documentation. Use 2017 tax forms only (points will be deducted for using incorrect forms). Additional charitable contributions of $2,750 were paid during the year.

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