Logan B. Taylor is a widower whose wife, Sara, died

Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2017. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. For 2019, he reported die following receipts.

Salary                                                                                     $ 80,000 

Interest income— 

Money market account at Omni Bank           $300 

Savings account at Boone State Bank           1,100 

City of Springfield general purpose bonds     3,000           4,400  

Inheritance from Daniel                                                       60,000 

Life insurance proceeds                                                       200,000 

Amount from sale of St. Louis lot                                         80,000 

Proceeds from estate sale                                                      9,000 

Federal income tax refund (for 2018 tax overpayment)      700

Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2019. Logan also was the designated beneficiary of an insurance policy on Daniel’s life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2, 2014, for $85,000 and held as an investment. Because the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2019, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (e.g., camper, boat, furniture, and fishing and hunting equipment). Logan estimates that the property sold originally cost at least twice the $9,000 he received and has declined or stayed the same in value since Sara and Daniel died.

Logan’s expenditures for 2019 include the following:

Medical expenses (including $10,500 for dental) $11,500
Taxes—
   State of Missouri income tax (includes withholdings during 2019) $4,200
       Property taxes on personal residence 4,500 8,700
Interest on home mortgage (Boone State Bank) 4,600
Contribution to church (paid pledges for 2019 and 2020) 4,800

 

 

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