Problem 1 Individuals (Form 1040) Karl F. and Jeanne S. wheat are married and live at 13071 Forestview Drive, Columbia, MO 65201. Karl is a self employed insurance claim adjuster (business activity code 524290) and Jeanne is a dietitian for the local school district. Name Social Security Number Birth Date Karl F. Wheat 111-11-1111 06/06/1969 Jeanne S. Wheat 123-45-6781 08/14/1970 -In early December 2010, a friend advised karl to buy stock inPioneer Aviation Inc.(PAI) At that time, PAI was in serious financial straits and was headed toward bankruptcy. Nevertheless, according to Karl's friend, the value of the corporation's underlying assets was such that the shareholders were bound to recover consideraly more than the current market price of $.50 per share. Excited at the chance for a "sure" profit, on December 15, 2010, Karl purchased 20,000 shares for $10,000. In September 2011, the trustee in bankrupcy announced that the stock was worthless and that even some of PAI's preferred creditors would not be paid. -On June 14, 2011 The Wheat sold 500 shares of Garn17et Corporation for $17,500 ($35 per share). They owned 1,000 shares acquired as follows 500 shares on November 5, 2007, for $25 a share and 500 shares on August 5, 2009, for $30 a share. The Wheats did not insurance their broker as to which 500 shares to sell. One month before she died on April 11,202. Violet Isaacson (Jeanne's mother)gave Jeanne a coin collection. Based on careful record that Violet kept, the collection had a cost basis of $9,000 and a fair market value of $18,000 at the time Violet passed away. On February 12,2011, the Wheat resident was burglarized, and the coin collection was stolen. The Wheat filed a claim for $24,000 ( the current value of the collection with the carrier of their homeowner's insurance policy. All they were able to collect, however, was $10,000, which was the maximum amount allowed for valuables (e.g. jewelry and antiques) without a special rider.
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