1. Herman Hiebert’s social security number is XYZ-12-3789. He is married but does not have any dependents. His wife’s name is Rebecca and her social security number is XYZ-45-6789. They live at 1345 E. 44th Street, City, ST 85017
2. Additional information to complete the tax returns:
a. Rebecca works at Intel Corporation and earned $160,000 during the tax year.
b. Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500
c. Mortgage interest on their personal residence was $15,200 and property taxes were $5,150.
d. Additional charitable contributions of $10,500 were paid during the year.
e. On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012, for $56 per share.
f. The taxpayers have a long-term capital loss carry forward of $10,000.
g. Assume AMT does not apply.
h. Apply any refund to estimated tax payments for the next year.
i. Instead of preparing Form 4797 (since it was already prepared for the S-corporation), input any gain/loss from the Sec. 1231 asset on Form 1040, Schedule 1, line 14.
Required
Prepare an S-corporation tax return. See data below. You will need the following forms:
· Form 1120S and corresponding schedules, including Schedules L and M-1
· Schedule K-1 for Herman Hiebert (from Problem C:11-61)
· For the Schedule K-1, use the address and SSN information below for Herman.
Individual Taxpayer Information
Individual tax forms required:
· Form 1040
· Schedule 1
· Schedule 3
· Schedule A
· Schedule B
· Schedule D
· Schedule E
· Form 8949
· Form 8995
· Form 4797 (see item 2.i. below)
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