(Solution) - The following additional information is available for the Dr Ivan -(2025 Original AI-Free Solution)
Paper Details
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6.
On December 12, Irene purchased the building where her store is located. She paid $240,000 for the building and $100,000 for the land it is located on. Irene's store is the only business in the building.
Ivan owned 1,000 shares of Behemoth Airline stock with a basis of $30 per share. The stock was purchased 6 years ago on June 10. Ivan sells 500 shares of Behemoth stock to his uncle Seth and 500 of the shares to his sister Sara for $5 per share on December 31, 2012.
Assume for purposes of the continuation of this problem and the problem in Chapter 8 that the Incisors do not have $440,000 in private activity bond interest income. As a result, no AMT will be due.
Required:
Combine this new information about the Incisor family with the information from Chapters 1-6 and complete a revised 2012 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in the next chapter.
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