The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7.

Question:

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that showed the following information:

The following additional information is available for the Dr. Ivan

The selling price given is net of sales commissions. In addition to the above amounts, the Mango mutual fund distributed a long-term capital gain of $750 on December 30, 2012.
Ivan purchased 5 acres of raw land in Reno, NV, 10 years ago. His basis in the land was $50,000. On August 1, 2012, he sold the land for $150,000 on the installment method. Ivan received $30,000 in the year of sale, and the balance was payable at $12,000 per year for the next 10 years, plus a market rate of interest.
On May 15, 2012, Ivan and Irene sold their personal residence for $585,000 and purchased a new house for $725,000. They had owned the old house for 20 years and it had an adjusted basis of $35,000. The house had been their personal residence for all the years they were married. They moved into the new house on May 18, 2012.
Required:
Combine this new information about the Incisor family with the information from Chapters 1-7 and complete a revised 2012 tax return for Ivan and Irene. No AMT is payable. This completes the Group 5 multichapter case.

The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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