Integrative Tax Return 84. This is the second part of a six part problem that wi

Question

Integrative Tax Return 84. This is the second part of a six part problem that will allow you to prepare the 2016 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a portion of their tax return. You should com plete the appropriate portion of each form or schedule indicated in the instructions. The following basic information is provided for preparing their 2016 tax return: Lynn's brother Joey dies in January. Lynn receives Joey's 2013 Corvette (fair market value $32,000), 200 shares of Goober Corporation stock (fair market value $2,000), and his brother's home (fair market value $125,000) in settle- ment of the estate . Lynn receives a $100 dividend on the Goober stock in June. In October, Goober declared a 25% stock dividend when the stock is selling for $15. Lynn receives 50 additional shares of stock in November. Lynn sells the 50 dividend shares on December 10 for $700. On December 22, Lynn sells Joey's home for $128,000. .

Explanation / Answer

SOLUTION

Montoya's taxable income = $1,810

* Standard deduction for 2017 is $1,050

Amount ($) Interest Income ($2,230 + $630) 2,860 Less: Standard deduction (1,050) Taxable income 1,810

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