Question: With Emphasis on Schedule D Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle,

 With Emphasis on Schedule D Debra Simon is a single taxpayer.

She is employed as a corporate attorney and lives at 1400 Sand

Dollar Circle, Sandville, FL 33868. Her social security number is 412-34-5670. had

With Emphasis on Schedule D Debra Simon is a single taxpayer. She is employed as a corporate attorney and lives at 1400 Sand Dollar Circle, Sandville, FL 33868. Her social security number is 412-34-5670. had the following income information: Wages Social security withholding Medicare withholding Federal income tax withheld State income tax withheld New Bank 1099-INT Hope Bank 1099-INT $155,000 7886 2.248 34.550 5,500 3,875 Debra had the following stock transactions during 2017. A 1099-B was received for the proceeds of each sale Transaction Purchased Sold Proceeds Cost Sale Expenses 300 sh. IBM 01/05/10 5/11/17 $ 16,500 $14.100 S 875 200 sh. SMI 100 sh. BMI 03/05/16 4/12/17 10,500 11.400 300 sh. ABC07/05/17 9/15/17 16.500 14.100 300 sh. DDC 05/12/17 10/1/17 45,000 51.000 300 sh. PPC 01/05/10 5/11/17 5.000 2.800 4,000 sh. LLP Inherited 12/11/17 436,000 1,500 sh. QQM Inherited 5/11/17 41325 2,050 525 825 2.250 250 21,800 2.066 01/05/10 5/15/17 41,000 41,800 Debra inherited the LLP stock and the QQM stock when her father passed away on May 1, 2017. Debras father purchased the LLP stock in 1966 for $35,000. The FMV of the LLP stock at the date of death was $415,500. The QQM stock was purchased by Debra's father on February 6, 2016, for $49,000. The FMV of the QQM stock at the date of death was $49,600. Debra also sold her wine collection for $38.000. She had purchased the wine on January 5, 2012, for a total of $19,000 Debra has a capital loss carryover from 2016 of $11,700: $3.000 short-term and $8,700 long-term Debra rents a condo (no mortgage interest) and lives in Florida (no state income tax). Thus she claims the standard deduction Required Complete the 2017 tax return for Debra Simon. You do not need to complete the loss carryover worksheet but do need to enter the carryover amount in the appropriate place on Schedule D. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Debra had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!