Family Information: Husband Ian Young SSN 598-94-2583 Birthday: 8/21/1960 Wife Ivy Young SSN 301-52-2942 Birthday: 4/15/1966 Home address 461 Golden Ave, Long Beach, CA 90802 Son Victor Young SSN 614-42-5871 Birthday: 2/08/1999 Daughter Gene Young SSN 658-98-7480 Birthday: 6/13/2009 Facts: 

1. Ivy Young earned gross wages of $65,000 from Dell Corp. Her 2020 Form W-2 shows that $6,500 has been withheld from her paycheck for payment of federal income taxes. 

2. Ian Young also received Social Security benefits of $15,000 in 2020. 

3. Ian Young owns a used bookstore in Long Beach called Story Books. It is a sole proprietorship located at 2 Pine Ave, Long Beach, CA 90802. Its income and associated expenses for the year ending December 31, 2020, are the following: Gross Income $ 590,000 Less: Cost of Goods Sold (372,000) Gross Profit 218,000 Interest expense (7,800) Depreciation expense ? Office expense (54,000) Supplies expense (2,100) Meals expense (4,500) Entertainment expense (1,900) Utilities expense (3,700) Wages (70,000) FICA taxes expense (7,963) Total Expense (?) Net Income/(Loss) $ ? On January 1, 2020, Story Books purchased and place in service a new delivery van for $64,000. The van’s weight does not exceed 6,000 pounds. Furthermore, it purchased bookcases (7-year property) for $30,000, and computers (5-year property) for $11,000 on March 1, 2020. Assume Story Books does not have any depreciable assets other than the new assets placed in service for 2020. It elected to use MACRS. Story Books elected out of bonus depreciation and elected not to claim section 179. 

4. Interest income consists of the following: Citibank $ 950 US Bank $ 250 Wells Forgo 400 City of Long Beach $ 180 

5. Dividend income consists of the following: Pfizer $ 800 (Qualified amount $ 800) Tesla $ 2,300 (Qualified amount $1,600) 

6. Ivy Young is previously divorced (in 2010) from Brian Musk (SSN 453-87-5402), and she had one child with him. In 2020, she made alimony payments totaling $17,000 to him along with child support payments of $4,000. She does not claim this child as a dependent. 

7. The Youngs own a house at 242 6th street, Seal Beach, CA, 90740. They purchased this house on January 1, 2014, for $500,000. 80% of the purchase price was related to the house, and the remaining 20% was related to the land. Starting from January 1, 2014, they have converted it to a rental property and rented it to Bill James. The rental activity does not generate QBI. In 2020, its rental report showed the following: Rental Income $ 48,000 Interest expense (mortgage) (17,000) Repair expense (900) Property tax expense (5,100) Utilities Expense (1,000) Depreciation Expense (?) Total Expense (?) Net Income/(Loss) $ ? 

8. The Youngs also had invested in several flow-through entities (they have not actively participated in the activities and their at-risk amount for Rolling Sushi is $50,000). They are not QBI. In 2020, the results from these flow-through entities were as follows: Socal Brewers (Limited Partnership) $ 31,000 Rolling Sushi (S-corp) ($ 30,400) 

9. In 2016, Ian Young purchased an annuity from MyLife for $120,000. Monthly payments of $2,000 on the annuity started on January 15, 2020 and will continue for a total of 15 years. 

10. On October 1, 2012, the Youngs bought a house as their primary personal residence for $450,000. It is located at 1531 Olympic Ave, Placentia, CA 92870. They had lived in this house as primary residence until they moved to Long Beach. They sold it on February 1, 2020 for 700,000 and incurred a commission fee of $10,000. 

11. Ian Young made the following stock sales: Shares/Stock name Purchase Date Sale Date Sales Price Purchase Price 150 shares of GM 2/15/2020 6/12/2020 $5,000 8,000 300 shares of Google 5/12/2015 9/25/2020 $17,000 12,000 100 shares of Starbucks 8/30/2012 10/13/2020 $6,000 9,000 500 shares of Microsoft 7/11/2020 11/30/2020 $8,000 4,000 12. In 2020, Ivy Young made an IRA contribution of $5,500 13. Unreimbursed qualifying medical expenses for the family in 2020 were as follows: Doctor visits $ 2,900 ER visits $ 800 Prescription medication 720 Glasses/Contact lenses 500 Dentist visits 1,050 14. Taxes paid in 2020 (in addition to other taxes discussed previously) were as follows: State income taxes $ 7,800 Real property taxes $ 4,100 Automobile license fees (based on its year) 300 15. Mortgage interest paid in 2020 (in addition to other mortgage interests discussed previously) was $18,900 on their personal residence. Assume the outstanding principal on this mortgage is 500,000. 16. Cash charitable contributions made in 2020 were as follows: UNICEF $ 3,600 Red Cross $ 2,100 17. 

The Youngs incurred childcare expenses for their daughter, Gene, of $12,000 in 2020 in order for them to work. These expenses were paid to Sherry Ton (SSN: 482-93-0923), who lives at 4532, main Street, Long Beach, CA 90223. 18. Victor Young is a full-time college student as a fourth-year student. He was studying at Boston University in the United States, He earned no income while he was studying. The Youngs paid his tuition of $6,300 for 2020. The Youngs claim a tax credit for this qualified education expense. 19. The Youngs made an estimated tax payment of 8,249 (in total) related to his bookstore business for the year. This amount reflects all four quarters’ estimated tax payment for their sole proprietorship. 20. The Youngs claim both Victor and Gene as their qualified child.

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