- 8:26 $4, 55% ACC 460 TAX PROBLEM #5, SPRING 2020 PART 1. Jim and Ginger are married and wish to file a joint return for 2018. They have one dependent child, Hannah (age 15). who lives will then. Jim and Ginger have the following items of income and expense for 2018: Income: Jim's salary Ginger's salary Interest income ou State of Arizona bonds Interest income on US Treasury bonds Qualified cash dividends Regular (nonqualified) cash dividends TMV of shares received from stock dividend Share of Hollywood Partnership loss* Share of Gonzaga Corporation (an electing 5 corporation) income Life insurance proceeds received on the death of Jim's mother Short-term capital gains Short-term capital losses 256 Long-term capital gains 15% Long-term capital gains 15% Long-term capital losses $120,000 125,000 3,000 6,000 8,000 8,500 9,500 (12,000) 30,000 100,000 6,000 (10,000) 18,000) 30,000 (5,000) Expenses: Traditional IRA Contributions Home mortgage interest (S300,000 principal) Home equity loou interest (S75,000 priucipal) Vacation home loan interest ($120,000 principal) Car Iran interest Toate property Luxus Vacation bome property taxes Car tags (ad valorem part) Arizona income tax withheld Federal income taxes withheld Arizona sules laxes paid Medical insurance premiums (not part of an employer plan) Unreimbursed medical bills Charitable contributions 11,000 18,000 6,000 9,600 3,000 6,000 1.800 950 12,000 48,000 9,300 12.000 10,000 13,500 e Maand Ginge invested $25.000 as parcs a the Hollywood P ership al die begins.cg of 2018. Bes roles Nice Ja b y participele Gran Presiden Sheby artistes et REQUIRED: Determine Jim and Ginger's tax liability, using the tax formula. You must label your work, provide supporting schedules for summary copulations, and indicate ally carryovers. Present your work in a beat, orderly fashion. PART 2. Jim and Ginger have purchased several bond mutual funds in Hannah's name. During 2018, the Luc curned 53.000 ul Luxable interest. Haunal also earned $1,800 from Lubysitting REQUIRED: Determine Hannah'tax liability, using the tax formula. Label all work - 8:26 $4, 55% ACC 460 TAX PROBLEM #5, SPRING 2020 PART 1. Jim and Ginger are married and wish to file a joint return for 2018. They have one dependent child, Hannah (age 15). who lives will then. Jim and Ginger have the following items of income and expense for 2018: Income: Jim's salary Ginger's salary Interest income ou State of Arizona bonds Interest income on US Treasury bonds Qualified cash dividends Regular (nonqualified) cash dividends TMV of shares received from stock dividend Share of Hollywood Partnership loss* Share of Gonzaga Corporation (an electing 5 corporation) income Life insurance proceeds received on the death of Jim's mother Short-term capital gains Short-term capital losses 256 Long-term capital gains 15% Long-term capital gains 15% Long-term capital losses $120,000 125,000 3,000 6,000 8,000 8,500 9,500 (12,000) 30,000 100,000 6,000 (10,000) 18,000) 30,000 (5,000) Expenses: Traditional IRA Contributions Home mortgage interest (S300,000 principal) Home equity loou interest (S75,000 priucipal) Vacation home loan interest ($120,000 principal) Car Iran interest Toate property Luxus Vacation bome property taxes Car tags (ad valorem part) Arizona income tax withheld Federal income taxes withheld Arizona sules laxes paid Medical insurance premiums (not part of an employer plan) Unreimbursed medical bills Charitable contributions 11,000 18,000 6,000 9,600 3,000 6,000 1.800 950 12,000 48,000 9,300 12.000 10,000 13,500 e Maand Ginge invested $25.000 as parcs a the Hollywood P ership al die begins.cg of 2018. Bes roles Nice Ja b y participele Gran Presiden Sheby artistes et REQUIRED: Determine Jim and Ginger's tax liability, using the tax formula. You must label your work, provide supporting schedules for summary copulations, and indicate ally carryovers. Present your work in a beat, orderly fashion. PART 2. Jim and Ginger have purchased several bond mutual funds in Hannah's name. During 2018, the Luc curned 53.000 ul Luxable interest. Haunal also earned $1,800 from Lubysitting REQUIRED: Determine Hannah'tax liability, using the tax formula. Label all work