I had recieved the answers for my question, thank you very much. Now I have several questions about the answer: 1) on the project question 2, since MGM reimnursed the expenses, he doesn’t need toincl

I had recieved the answers for my question, thank you very much. Now I have several questions about the answer:

1) on the project question 2, since MGM reimnursed the expenses, he doesn’t need toinclude them in forms?

2)for question 7 how did you treat the loan repayment9000 and the refund 19000? I didn’t see anything related on the forms so can you explain it to me?

3)for queston3, when ivy exchanged the county for cash 25000, should i record that amount?

thank you very much

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1
Individual Tax Return Project
Jeff and Ivy Bell
ACCT 6350

FALL 2013
This assignment requires the completion of a Federal Individual Income tax return.
You may prepare the tax return using tax software or use the IRS’s “fill

in” forms. The forms may be
found by going to
www.irs.gov
then to

Forms and Publications. I highly suggest using tax software to
prepare the return. If you have the software pre 2012, please stop by my TA’s office during her hours to
get the 2012 software loaded on your computer.
The forms you will need are the Year 2012 Form 1040. Use additional forms as needed.
The returns and supporting workpapers must be completed no later than December 4, 2013 at 1pm.
You may turn in a paper copy or email the return and attachments to me at
john.cassil@utdallas.edu
.
If
you email you MUST send in .pdf format.
For every DAY that the return is turned in EARLIER than the due date 1 bonus point is awarded.
There is
a maximum of 10 bonus points available. For every day the return is late 10 points will be deducted.
The return is worth a base of 100 points.
This project is an individual assignment. It is NOT a group assignment.
I am looking for the following (and will grade accordingly) with this assignment:
1.
Tax return workpapers/documentation and related analysis– 50 points.
2.
Correct use of the Forms – 40 points
3.
Correct refund/amount owed with the filing of the tax return – 10 points
For any judgment call you must document your position. A short summary of facts/ law/ conclusion is
required.
On the second page I have an example of documentation. On pages 3

5 I have listed the facts you need
to account for in completing this project.

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2
EXAMPLE OF TAX RETURN WORKPAPER/DOCUMENTATION
1.1 TAXPAYER BIOGRAPHICAL INFORMATION:
Moira qualifies for 3 exemptions determined as follows:
• Moira qualifies for one personal exemption.
• Moira may also claim the following as dependents:
Oliver Plunkett Ryan. All dependency tests have been satisfied for a qualifying child.
Jane O’Dea Sullivan. She has satisfied all tests as a qualifying relative. Social Security
benefits are not counted in the gross income test. Therefore, her gross income was limited
to dividend and interest income of $1,775, which falls below the $3,650 threshold. She
passed all of the other tests of dependency.
• Moira cannot claim the following as dependent:
Dennis Harrison Ryan. He failed multiple tests as either a qualifying child or as a
qualifying relative.
3.1 Medical Expenses:
The following medical

related expenses are deductible before the 7.5% of AGI limitation on
Schedule A, line 1.
Doctor bills for Moira $1,200
Dentist bills for Oliver $2,000
Total qualifying expenses $3,200
Funeral expenses are not deductible.

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