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Answered: - pls need help with my homework question, need to compare my answer


pls need help with my homework question, need to compare my answer



 


 

Warner and Augustine Robins, both 33 years old, have been married for 9 years. They live at 638 Russell

 

Parkway, Macon, GA 31207. Augustine?s Social Security number is 445-81-1423 and Warner?s is 798-098526. Warner is the president of Dragon Lady Corporation located in Macon. The Dragon Lady stock is

 

owned 40 percent by Warner, 40 percent by Augustine, and 20 percent by Warner father. Warner?s Dragon

 

Lady wages and income tax withholding for 2015 are:

 


 

Earnings from Dragon Lady

 


 

$153,200

 


 

Federal tax withheld

 


 

8,000

 


 

State tax withheld

 


 

4,000

 


 


 


 

The Robins? other income includes interest on a savings account at Georgia National Bank of $600. In April,

 

Warner canceled a small certificate of deposit at Georgia National Bank and had to pay a $360 penalty on

 

this early withdrawal of savings.

 


 


 


 

During the year, Warner and Augustine paid the following amounts (all of which can be substantiated):

 


 

Home mortgage interest

 


 

$34,800

 


 

Real estate taxes on personal residence

 


 

5,700

 


 

Auto loan interest

 


 

4,800

 


 

Medical insurance

 


 

3,400

 


 

Other medical expenses

 


 

3,600

 


 

Income tax preparation fee

 


 

750

 


 

Charitable contributions:

 


 

A painting to the Macon Museum of Arts for exhibition (fair market value established by qualified appraisal)

 


 

34,500

 


 

Church

 


 

2,600

 


 

Tree Huggers Foundation (a qualified charity)

 


 

3,000

 


 

Central Georgia Technical University

 


 

5,000

 


 

Safe-deposit box

 


 


 


 

The tax basis for the donated painting is $25,000 and the painting has been owned by Warner and

 

Augustine for 5 years.

 


 


 


 

During the year, Warner sold land to Dragon Lady Corporation for $75,000. He acquired the land 5 years

 

ago for $160,000. No Form 1099-B was filed for this transaction.

 


 


 


 

Dragon Lady Corporation does not have a qualified pension plan or Section 401(k) plan for its employees.

 

Therefore, Warner deposited $11,000 ($5,500 each) into traditional IRA accounts for Augustine and

 

himself (neither are covered by a qualified plan at work).

 


 


 


 

Required: Complete the Robins? federal tax return for 2015. Use Form 1040, Schedule A, Schedule B,

 

Schedule D, and Form 8949 to complete this tax return. Make realistic assumptions about any missing data

 

and ignore any alternative minimum tax. Do not complete Form 8283, which is used when large noncash

 

donations are made to charity.

 


 

300

 


 

 


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