Question: 1. Using the Kapoors information, determine the total amount of their itemized deductions. Assume that theyll use the filing status of married filing jointly, the

1. Using the Kapoors’ information, determine the total amount of their itemized deductions. Assume that they’ll use the filing status of married filing jointly, the standard deduction for that status is $11,600, and each exemption claimed is worth $3,700. Should they itemize or take the standard deduction? Prepare a joint tax return for Murali and Amita Kapoor for the year ended December 31, 2011, that gives them the smallest tax liability. Use the appropriate tax rate schedule provided in Exhibit 3.3 to calculate their taxes owed.
2. How much have you saved the Kapoors through your treatment of their deductions?
3. Discuss whether the Kapoors need to file a tax return for their son.
4. Suggest some tax strategies that the Kapoors might use to reduce their tax liability for next year.

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1 The Kapoors tax return on Form 1040 is included on the following pages The tax return shown was prepared using tax preparation software so the tax calculation may be slightly different from what it ... View full answer

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