American InterContinental University ACCT430-Taxation Q12017-Final Exam Tax Return Preparation Jill's father passed away during the year....

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American InterContinental University ACCT430-Taxation Q12017-Final Exam Tax Return Preparation Jill's father passed away during the year. Jack and Jill received $100,000 from the life insurance policy. Neither Jack nor Jill paid any of the premiums. Jill purchased 100 shares of Thurston Co. stock on May 1, 1991, for $1,000. Thurston Co. was declared bankrupt during the current year. Don's physician recommended that he sees a dermatologist to help with a skin condition. Jack paid the dermatologist $7,000 during the year because his insurance would not cover the bills. Jack and Jill went to Las Vegas and won $7,000 at the blackjack table. The next night, they lost $5,000. Jack and Jill gave $980 to their church and, during the year, they had the following other income and expenses: Real estate taxes $1,500 Property taxes on car (determined by value) 500 Home mortgage interest 9,100 Credit card finance charges 2,700 Tax return preparation fees ($600 is allocable to Jill's business) 1,000 Sales tax on purchases during the year 6,800 Interest from a savings account 800 Interest from City of Laurel Bonds Dividend from Apple Inc. stock 600 Instruction 700 Prepare Jack and Jill's tax return Form 1040 and Schedules A, B, C, D, and SE for the current year. You are the tax preparer, so enter your first and last names as well as date on page 2 of form 1040. In addition, indicate the version you are completing on the required title page for the final exam. American InterContinental University ACCT430-Taxation Q12017-Final Exam Tax Return Preparation Jill's father passed away during the year. Jack and Jill received $100,000 from the life insurance policy. Neither Jack nor Jill paid any of the premiums. Jill purchased 100 shares of Thurston Co. stock on May 1, 1991, for $1,000. Thurston Co. was declared bankrupt during the current year. Don's physician recommended that he sees a dermatologist to help with a skin condition. Jack paid the dermatologist $7,000 during the year because his insurance would not cover the bills. Jack and Jill went to Las Vegas and won $7,000 at the blackjack table. The next night, they lost $5,000. Jack and Jill gave $980 to their church and, during the year, they had the following other income and expenses: Real estate taxes $1,500 Property taxes on car (determined by value) 500 Home mortgage interest 9,100 Credit card finance charges 2,700 Tax return preparation fees ($600 is allocable to Jill's business) 1,000 Sales tax on purchases during the year 6,800 Interest from a savings account 800 Interest from City of Laurel Bonds Dividend from Apple Inc. stock 600 Instruction 700 Prepare Jack and Jill's tax return Form 1040 and Schedules A, B, C, D, and SE for the current year. You are the tax preparer, so enter your first and last names as well as date on page 2 of form 1040. In addition, indicate the version you are completing on the required title page for the final exam.

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Version 10 Date 12312017 TAX RETURN PREPARATION Jills father passed away during the year Jack and Ji... View the full answer