Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth...

 

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Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock. d. Enter the results of this transaction to Patricia on her Form 1040 (page 1). Assume Patricia is single, age 40, has to other income, and claims a standard deduction of $12,200 (for 2019). She does not want $3 to go to the presidential election campaign. Enter all amounts as positive numbers. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return Filling Status Your first name and middle initial Patricia If joint return, spouse s first name and middle initial Last name Home address (number and street). If you have a P.O. box, see instructions. Foreign country name Standard Deduction City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). You: Age/Blindness Spouse: Dependents (see instructions): (1) First name Last name Standard Deduction for- Single or Married filing separately, $12,200 Married filling jointly or Someone can claim Qualifying widow(er), $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, ses instructions. Last name Chen 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 2019 (2) Social security number (3) Relationship to you 2a Tax-exempt interest.. 2a 9 3a Qualified dividends... 3a 4a IRA distributions... 4a e Pensions and annuities 4c Foreign province/state/country Foreign postal code If more than four dependents, see instructions and here Apt. no. Standard deduction or itemized deductions (from Schedule A)... OMB No 1545-0074 b Add lines 1, 2b, 3b, 4b, 44, Sb, 6, and 7a. This is your total income 8a Adjustments to income from Schedule 1, line 22... Subtract line Ba from ine 7b. This is your adjusted gross income 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A. 11a Add lines 9 and 10. b Taxable amount.. d Taxable amount. Sa Social security benefits Sa b Taxable amount. 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here 7a Other income from Schedule 1, line 9 9 a b Taxable interest. Attach Sch. Brequired 10 (4) if qualifies for (see instructions): Child tax credit Credit for other dependents 12 b Ordinary dividends. Attach Sch. B if required Your social security number 123-45-6789 Spouse s social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. 1 2b 3b 4b 4d 5b 6 7a IRS Use Only 7b Ba 8b 11a D D Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock. d. Enter the results of this transaction to Patricia on her Form 1040 (page 1). Assume Patricia is single, age 40, has to other income, and claims a standard deduction of $12,200 (for 2019). She does not want $3 to go to the presidential election campaign. Enter all amounts as positive numbers. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return Filling Status Your first name and middle initial Patricia If joint return, spouse s first name and middle initial Last name Home address (number and street). If you have a P.O. box, see instructions. Foreign country name Standard Deduction City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). You: Age/Blindness Spouse: Dependents (see instructions): (1) First name Last name Standard Deduction for- Single or Married filing separately, $12,200 Married filling jointly or Someone can claim Qualifying widow(er), $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, ses instructions. Last name Chen 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 2019 (2) Social security number (3) Relationship to you 2a Tax-exempt interest.. 2a 9 3a Qualified dividends... 3a 4a IRA distributions... 4a e Pensions and annuities 4c Foreign province/state/country Foreign postal code If more than four dependents, see instructions and here Apt. no. Standard deduction or itemized deductions (from Schedule A)... OMB No 1545-0074 b Add lines 1, 2b, 3b, 4b, 44, Sb, 6, and 7a. This is your total income 8a Adjustments to income from Schedule 1, line 22... Subtract line Ba from ine 7b. This is your adjusted gross income 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A. 11a Add lines 9 and 10. b Taxable amount.. d Taxable amount. Sa Social security benefits Sa b Taxable amount. 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here 7a Other income from Schedule 1, line 9 9 a b Taxable interest. Attach Sch. Brequired 10 (4) if qualifies for (see instructions): Child tax credit Credit for other dependents 12 b Ordinary dividends. Attach Sch. B if required Your social security number 123-45-6789 Spouse s social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. 1 2b 3b 4b 4d 5b 6 7a IRS Use Only 7b Ba 8b 11a D D