Janice Morgan 2012 Tax Return_T12_For_Records

if a profit enter on form 1040 line

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Unformatted text preview: ntered an amount on line 1c, see instructions. * If a loss, you must go to line 32. 31 -6,700 8. 9. 10. 11. 12. 13. 0 57,000 5,000 18 19 1,800 3,500 0 7,900 0 Note: If "PAL" appears next to line 31, complete the passive activity worksheet at the bottom of this form. } 32a. All investment is at risk . . . . . . . . . . . . . . . . . . . . 32a 32. If you have a loss, check 32a or 32b: } 32b. Some investment is not at risk . . . . . . . . . . . . . . 32b * If you checked 32a, enter the loss on both Form 1040, line 12, and on Schedule SE, line 2 (Statutory employees do not report this amount on Schedule SE, line 2 ). * If you checked 32b, you must attach Form 6198. Your loss may be limited. If 32b is "X" you MUST fill out Form 6198 and OVERRIDE line 31 (for nonpassive businesses) or column (3) on the Passive Activity Worksheet below (for passive activity businesses) with the allowable loss from Form 6198. Additional adjustments may be required for former passive activities. KIA END OF PAGE 1 SCHEDULE C (CONT'D) PAGE 2 2012*09 SCHEDULE C (Form 1040) Janice PART III (CONT'D) PAGE 2 Morgan 2012*09 SSN: 123-45-6789 COST OF GOODS SOLD 33. Method(s) used to value closing inventory. a. Cost. b. Lower of cost or market. c. Other If inventory method is "c. Other," then attach an explanation. Yes No 34. Any change in determining quantities, costs, valuations in 2012? . . . . . . . . . . . . . . . . . . . . . If any change in determining quantities, costs or valuations between opening and closing inventory, answer "Yes" and attach explanation. 35. Inventory at beginning of year. If different from last year's closing inventory, attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . 36. Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . 37. Cost of labor. Do not include salary paid to yourself . . . . . . . . . . . . . . . . . . . . 38. Materials and supplies . . . . . . . . . . . . . . ....
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