The following information is available for the Albert and Allison Gaytor family in addition to that provided

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The following information is available for the Albert and Allison Gaytor family in addition to that provided in Chapters 1– 4.

Albert and Allison received the following form:

Albert and Allison paid the following in 2016 (all by check or can otherwise be substantiated):

In August 2016, Crocker was on an out-of-town field trip with the high school band and his appendix burst. He required immediate surgery which was considered “out of network” for the Gaytor’s health plan resulting in hospital and doctor’s fees of $3,000 not covered by insurance. In addition, Allison drove 300 miles to be with Crocker after the surgery and drive him home after he recovered. She spent two nights in a hotel at a cost of $140 per night.

In June, Albert purchased a new professional digital SLR camera for $7,950. While the Gaytors were on vacation in August, someone broke into their residence and stole the camera. Albert’s homeowners’ insurance did not reimburse him for any part of the loss since he declined the special premium add-on for high value items required by his policy.

Required: Combine this new information about the Gaytor family with the information from Chapters 1–4 and complete a revised 2016 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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