final exam tax return problem

final exam tax return problem - a Control number This...

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Unformatted text preview: a Control number This information is being furnished to the lntemal Revenue Service. if you are required to file a tax return, a negligence penalty or other sanction may 0MB N°- 1545'0008 be imposed on you if this income is taxable and you fail to report it. b Employer identification number (EIN) 1 Wages. tips. other compensation 2 Federal income taxwithheJd 63 799. 9 197. c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld 68 599. 4 253. 5 Medicare wages and tips 6 Medicare tax withheld 68 599. 995. 7 Social security tips 8 Allocated tips 6 Employee's social security number 9 Advance EIC payment 10 DePBI'Idt'N1N38|’a benefits 9 Employee's first name and initial Last name Sufi. 1 1 Nonqualified plans 23 ee instructions for b0X12 1 3 Statutory Retirement Third-party employee plan slck pay EDD 1 4 Other 1 8 Local wages, tips. etc 1 9 Local income tax 20 Locality name TECH RESEARCH moon-I @906 on 5' 0-8 M 0 CA 91234 I o F w - 2 Wage and Tax 2 O 0 7 Department of the Treasury—intemal Revenue Semce arm Statement Safe, accurate, Rgfile Copy 0 - For EMPLOYEE'S RECORDS (see Notice to FAST! Use Empioyee on back of Copy B.) Do Not Cut, Fold, or Staple Forms on This Page FOR REVIEW ONLY -- DO NOT SEND WITH FORM 8453. IF RETURN IS FILED ELECTRONICALLY, THE ABOVE INFORMATION MUST BE THE SAME AS PRINTED ON THE ORIGINAL FORM. 7A8291 1.000 51369T N337 12/08/2008 10:47:43 VO7-8.2 PRACTICE .3-~E. $8... 080 38.598”; um 3.52323”. .8... a some... >9: 30> €352.05 :02. «a: a2. a. «up! “23:30.. mm. 05 E.“ 238.5 a. 0:50:— 25 a. :0» :0 332.5,. on >2: 2.38:8 .550 .5 3.2.0.. 3:023»: w .539. a a... 8 $2.30.. 0.5 59> = .oflEUm 03.5.5". 352:. 05 3 3.35:. 9:2. a. as 5.553.:— 58 28.89:. a. a2... .«coEsfln 25 .0 5.88 =80.v 3.032.. 320 Bow 05 8 .23. .mm. 05 8 .EoEauflu a...» .0 5.38 =52. 2530:. 0:3. .w... “.5 h N 2.— 8 50.3. uatono. 23:233.. 9.: sun... «out—60a Sou 59> .0 :30 EB. 3539:. .820 .mm. a... 8 $2.33.. zfiaviuc. 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OO.° .......................................... lbmmsl uniflhuzug N ................................................... .. “gunntlmn .......................................................... ..0E°U:— w £2.11..u..-..-........u....:...........MUC@U_>_O ENE—mEo EsoE< 82.9.32. .02 mic. anon—:3...qu uca .953):— hch >562: h2m2mh<hm 02....MOnuu. X<._. hgw new: 00:. .o>..5 can». Etc: 32. . I . I o... 5.95 a .555... .093... £05.. Etna: , to an , . .2. Es... _. sushi—252% _ oE§_ use... 38 “NF 363w .02 £50. UNION BANK OF CALIFORNIA NA ' BOA - INTEREST REPORTING UNIT Combmed Tax Statement PO BOX 54528, v03-501 for Year 2007 LOS ANGELES, CA 90054 - 0528 THIS STATEMENT REPORTS 10990Iv (OMB No. 1545-0110). 109mm (OMB 10§8~E (OMB No. 1545-1576), 1099lM|sc (OME'No, 1545-0115). 5493 (OMB: No. 15450747), 1099.9 (OMB No. 15450715). 10995 (OMB No 15450997). 1099-11 (OMB No. 1545-0577), 10990 (OMB No. 1545-1424) DEPARTMENT OF THE TREASURY-INTERNAL REVENUE SERVICE — 'Thin h upon-1t tax warmth" Ind It being mun-01o mo Nomi Rev-nu. Service. lyoumnqdndtomanumamma undyu aflursnfimmumodmmlmmmbmfluuflflNRS 12751 0001 0207 mm-mnmmmnpmm- PAYERS E.I.N. "I'Illlll CUST SERV PH # IIIIIIIIIII 50-07 FORM 1099-INT, INTEREST INCOME * * * INTEREST INCOME 1 1,275.12‘ JSA E 5 1r 1. D 7 OMB No. 1545-0099 Partner's Shareof Currentste‘ar income, Deductions; Credits-,iajnd‘iOthervItems Ordinary business income (loss) Credits 1 97 652 Net rental real estate income (loss) _ Other net rental income (loss) Foreign transactions Guaranteed payments - - ordinarYdeends — Alternative minimum tax (AMT) items Tax-exempt income and nondeductible expenses Distributions Schedule K-1 (Form 1065) @007 For calendar year 2007 or tax year beginning _—_ . 2007 ending _— , 200_7 Partner's Share of Income, Deductions, Credits, etc. Department of the Treasury Internal Revenue Service > See back of form and separate Instructions. IPartI In rmatio AbomthePartnership . A Partnership s employer identification number B Partnership's name, address, city, state, and ZIP code Qualified dividends Royalties c IRS Center where partnership filed return 0 GDEN D Net short-term capital gain (loss) I: Check if this is a publicly traded partnership (PTP) Net long-term capital gain (loss) 1 7 I Part II E tan ,ation About the Partner 1 Collectibles (28%) gain (loss) Partner's identifying number Unrecaptured section 1250 gain Partners name, address. city, state, and ZIP code Net section 1231 gain (loss) Other income (loss) Section 179 deduction Other deductions 2 , 586 Self-employment earnings (loss) 197,652 ditional information. Schedule K-1 (Form 1065) 2007 - General partner or LLC member-manager Domestic partner What type of entity is this partner? Partner's share of profit, loss, and capital: Beginning NONE Limited partner or other LLC INDIVIDUAL Other information Enth 100 . 000000 100 . 000000 100 . 000000 Profit Capital NONE Partner‘s share of liabilities at year end: Nonrecourse . . . . . . . . . . . $ $ .. . . . . . . . . ..$ Qualified nonrecoursefinancing . . . Reoou rse n (I) (D 0 ID :1 n: O 3' (D O. ‘1’. n) F.- (D 3 0 3 r-o- 8‘ -\ m 0. Partner's capital account analysis: Beginning oapitalaocount . . . . . $ NONE Capital contributed during the year . . $ — Current year increase (decrease). . . $ —— Withdrawalsetdisti'ibutions . . . . $ L.___.______L Ending capitalaocount . . . . . . . $ —_ Tax basis [:I GAAP - Other (explain) For Paperwork Reduction Act Notlce, see instructions for Form 1065. For IRS Use Only E} Section 704(b) book 7K12001.000 787085 N337 10/09/2008 13:59:17 V07—8.1 600205 Schedule K-1 (Form 1065) 2007 PARTNER 1 TIMOTHY LEEHEALEY Pme 2 This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040. For detailed reporting and filing information, see the separate Partner's Instructions for Schedule K-1 and the instructions for your income tax return. 1. Ordinary business Income (loss). You must first determine whether the income (loss) is passive or nonpassive. Then enter on your return as Non passive income follows: Report on Passive loss See the Partner‘s Instructions Passive income Schedule E, line 28, column (9) Nonpassive loss Schedule E, line 28, column (h) Schedule E, line 28, column 0) 2. Net rental real estate income (loss) See the Partners Instructions 3. Other net rental Income (loss) Net income Schedule E, line 28, column (9) Net loss See the Partner's Instructions 4. Guaranteed payments Schedule E, line 28, column 0) 5. Interest income Form 1040, line 8a 8a. Ordinary dividends Form 1040, line 9a 6b. lefled dividends Form 1040, line So 7. Royalties Schedule E, line 4 8. Net short-term capital gain (loss) Schedule D, line 5, column (1) 9a. Netlong-term capital gain (loss) Schedule D, line 12, column (I) 9b. Collectibles (28%) gain (loss) 28% Rate Gain Worksheet, line 4 (Schedule D instructions) 9c. Unrecaptured section 1250 gain See the Partners Instructions 10. Net section 1231 gain (loss) See the Partner‘s Instructions 11- other income (loss) Code A Other portfolio income (loss) See the Partners Instructions B Involuntary conversions See the Partner‘s Instructions c Sec. 1256 contracts & straddles Form 6781, line 1 D Mining exploration costs recapture See Pub. 535 E Cancellation of debt Form 1040, line 21 or Form 982 F Other income (loss) See the Partners Instructions 12. Section 179 deduction See the Partner's Instructions 13. other deductions A Cash contributions (50%) B Cash contributions (30%) c Noncash contributions (50%) D Noncash contributions (30%) See the Partner‘s E Capital gain property to a 50% Instmctions organization (30%) F Capital gain property (20%) G Investment interest expense Form 4952, line 1 H Deductions-royalty income Schedule E, line 18 I Section 59(e)(2) expenditures See the Partners Instructions J Deductions-portfolio (2% floor) Schedule A, line 23 K Deductions-portfolio (other) Schedule A, line 28 L Amounts paid formedil insurance Schedule A. Iine1 or Form 1040, line 29 M Educational assistance benefits See the Partner's Instructions N Dependent care benefits Form 2441, line 14 o Preproductive period expenses See the Partners Instructions P Com mercial revitalization deduction from rental real estate activities See Form 8582 Instructions 0 Pensions and IRAs See the Partners Instructions R Reforestation expense deduction See the Partners Instructions 5 Domestic production activities information See Form 8903 instructions T Qualified production activities income Form 8903, line 7 U Employer‘s Form W-2 wages Form 8903, line 15 V Other deductions See the Partners Instructions 14. Self-employment earnings (loss) Note. If you have a section 179 deduction or any partner-level deductions, see the Partner's Instructions before completing Schedule SE. 15. A Net earnings (loss) from self-em ployment B Gross farming or fishing income C Gross non-farm income Credits A Low-income housing credit (section 42(1)(5)) (rental real estate) Other rental real estate credits Other rental credits Credit for alcohol used as fuel Work opportunity credit Welfare-to-work credit Disabled access credit G—IOTIIIIU OW 7K1300 1000 787088 N337 Low-income housing credit (other) Qualified rehabilitation expenditures Undistributed capital gains credit Schedule SE, Section A or B See the Partner‘s Instructions See the Partners Instructions See the Partner's Instructions Form 1040, line 70; check box a See the Partners Instructions 10/09/2008 13:59:17 16. 17. 18. 19. 20. Code Report on K Empowerment zone and renewal community employment credit Form 8844, line 3 L Credit for increasing research activities M New markets credit See the Partner's Instructions N Credit for employer social security and Medicare taxes 0 Backup withholding Form 1040, line 64 P Other credits See the Partner's Instructions Foreign transactions A Name of country or US. possession B Gross incomefrom all sources Form 1116, Partl c Gross income sourced at partner level Foreign gross income sourced at partnership level Form 1116, Part I Form 1116, Partl D Passive category E General category F Other Deductions allocated and apportioned at partner level 6 Interest expense H Other Forrn1116,Partl Deductions allocated and apportioned at partnership level to foreign source income I J K Passive category General category Other Other information 01023!- Total foreign taxes paid Total foreign taxes accrued Reduction in taxes available for credit Foreign trading gross receipts Extraterritorial income exclusion Other foreign transadions Alternative minimum tax (AMT) items A B C D Oil, gas, & geothermal -gross income E F Post~1986 depredation adjustment Adjusted gain or loss Depletion (other than on 8. gas) Oil, gas, & geothermal - deductions Other AMT items > Form 1116, Partl Form 1116, Part II Form 1116, Part II Form 1116, line12 Form 8873 Form 8873 See the Partner‘s Instructions See the Partners Instructions and the Instructions for Form 6251 Tax-exempt Income and nondeductibie expenses A B C Tax-exem pt interest income Other tax—exem pt income Nondeductible expenses Distributions A B Cash and marketable securities Other property Other information DOW) 9—: 0 'l'lfl'l 5<c 4m x910 z: r x V07—8.1 Investment income Investment expenses Fuel tax credit information Qualified rehabilitation expenditures (other than rental real estate) Basis of energy property Recapture of low-income housing credit (section 42(j)(5)) Recapture of low-income housing credit (other) Recapture of investment credit Recapture of other credits Look-back interest - completed long-term contracts Look-back interest - income forecast method Dispositions of property with section 179 deductions Recapture of section 179 deduction Interest expense for corporate partners Section 453(I)(3) information Section 453A(c) information Section 1260(b) information Interest allocable to production expenditures CCF nonqualified withdrawals Information needed to figure depletion - oil and gas Amortization of reforestation costs Unrelated business taxable income Other information 600205 Form 1040, line at: See the Partners Instructions See the Partner's Instructions See the Partner's Instructions See the Partner‘s Instructions Form 4952, line 4a Form 4952. line5 Form 4136 See the Partner's Instructions See the Partners Instructions Form 8611, Iine8 Form 8611, |ine8 Form 4255 See the Partner‘s Instructions Form 8697 Form 8866 See the Partners Instructions , v an; mxmx“ ’ ’ 3, L264 ' 7 7 DEAN} $u§ 2‘35sz 7 ,omvjxhbxe, ,wahmms (non—oasQ 3,426 \Mvmmmmd Emfiogee, Exwmax , q , ,. , _ mefl, ‘\ , (9614, 3?va ~ V ‘ 605 (m En’mmmmeme \,I-\2 Le, ' “2700*1 fish , W1 ‘6\ Twwqmmfi H Leoioé‘bm ...
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final exam tax return problem - a Control number This...

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