Sam I. Amm (286-45-9634) is 38, single and has no dependents. His salary was $95

Question

Sam I. Amm (286-45-9634) is 38, single and has no dependents. His salary was $95,000 from which $4,900 was withheld for federal income tax and $1,600 for state income tax. Sam's income also included qualifying dividends from General Motors of $520, IBM of $235, interest on Big Bank savings $90, state income tax refund of $220 (he itemized last year), $40,000 from his deceased father's life insurance policy, and $2,000 interest from City of Atlanta school bonds. His share of the partnership distribution from Real Residential Rentals (a partnership) was a loss of $2,350. His original investment in 2010 was $12,000 for a 15% ownership and his share of the partnerships losses through 2011 have been $7,720. He won $2,320 in the GA Lottery and had losing tickets with a cost of $6,345. Sam is so good at his job he won a Caribbean cruise on Royal Caribbean Cruise Lines worth $3,200. Sam sold some of his American Apparel stock this year. He paid $3,000 for 2,000 shares on February 12, 2012 and sold 900 shares for $1,800 on October 21, 2012.

Sam paid home mortgage interest of $8,600, repairs to his house $400, property taxes $890, contributions to the church of $1,720, gift to his brother $120, VISA interest of $230, utilities $1,234, new furniture of $890, health club dues of $240, health insurance premiums of $3,200, and doctor and prescription medicine expenses of $2,000 for himself and $3,800 for his brother. Sam contributed $1,200 to 1st Baptist Church, $100 to Relay for Life, and $200 to the European Fund to End Global Cosmic Gamma Rays.

As a hobby, Sam raises rattlesnakes for the venom. He sells the venom to a local hospital for snake-bite serum. He has revenue of $3,500 and expenses for mice ($90), cages ($200), mulch for the cages ($70).

Sam sold his old truck this year. He paid $4,500 for it two years ago and sold it for $3,600. He also sold his old television for $80. He had paid $450 for the television. His ski boat was stolen from the marina. He had paid $32,100 for it two years ago, and it had a FMV of $21,800 at the time of theft. The insurance company reimbursed him $15,000. He paid his ex-wife $3,400 in child support this year and $6,000 in alimony. Little Sammy spends the summer with Sam and he pays about $3,500 on her support in addition to the child support payments to his ex-wife. He also pays $4,530 in child care expenses during the summer. He wants the child care tax credit and the child tax credit.

Sam took three business trips during the year and was reimbursed $4,500 under a non-accountable plan. His expenses were as follow: transportation $4,700, meals $820, hotel $1,680. He also had unreimbursed expenses for tuition ($4,300), books ($425), and parking ($80). The education meets the Sec. 162 tests for deductibility. He wants to use the Lifetime Learning Credit.

Compute Sam’s income tax due or refund for 2012 by hand written form do not use computer excel. Record your work on the correct tax forms in proper order and turn in the completed return at the beginning of the final exam. Needless to say, I will not accept any computerized tax returns. Attach this sheet to your solution after you sign it.

I would be really appreciate if you could solve this problem.

Thank you, Ahmad Yassaviy

Explanation / Answer

Hi, to solving this problem you have to calculate folowing questions: "Compute Sam’s income tax due or refund for 2012 by hand written form do not use computer excel. Record your work on the correct tax forms in proper order and turn in the completed return at the beginning of the final exam. Needless to say, I will not accept any computerized tax returns. Attach this sheet to your solution after you sign it." Considering this questions i would like to get right answer in shortly time. Thank you.

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