Warren and Young Kim are married taxpayers, filing jointly.

Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs are Warren, 412-34-5670; and Young, 412-34-5671. Their birth dates are as follows: Warren, January 8, 1947; and Young, August 21, 1947.

They own their home, which they paid off in 2007, and another home that they paid for in cash as an investment (Warren considers it his pension). Their investment home was rented for the entire year and is located just one block over at 9021 Jasmine Way. The following income and expense information relates to the rental activity. For the purpose of this return problem, do not consider passive activity rules or limitations.


Rental income		$	27,600
Real estate taxes			7,952
Utilities			1,603
Mortgage interest			-0-
Repairs and maintenance			3,616
Depreciation	See following information

They placed the rental home into service on March 1, 2010, and of the $515,000 purchase price, $426,000 was allocated to the land.

In addition to the rental, they received interest of $1,086 from American Credit Union and $2,200 from Bank of California. Social security benefits were $13,910 for Warren and $8,822 for Young, respectively.

Prepare the Kims’ federal tax return for 2016. Use Form 1040, Schedule B, Schedule E, and Form 4562. Assume they do not qualify for any credits (although they may). The taxpayers had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions.

2016

Table 6A-6

?

Recovery Year	1	2	3	4	5	6	7	8	9	10	11	12
1	3.485	3.182	2.879	2.576	2.273	1.970	1.667	1.364	1.061	0.758	0.455	0.152
2	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
3	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
4	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
5	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
6	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
7	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
8	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
9	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636	3.636
10	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
11	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
12	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
13	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
14	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
15	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
16	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
17	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
18	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
19	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
20	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
21	3.636	3.636	3.636	3.636	3.636	3.636	3.637	3.637	3.637	3.637	3.637	3.637
22	3.637	3.637	3.637	3.637	3.637	3.637	3.636	3.636	3.636	3.636	3.636	3.636
23	3.636	Students also viewed these accounting questions Jane and Blair are married taxpayers filing jointly and have 2014 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of… Jane and Blair are married taxpayers filing jointly and have 2016 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of… Jane and Blair are married taxpayers filing jointly and have 2015 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of… Using the simple model of Table 15.12, explain why there is a balance of payments equilibrium when export spending equals import spending. What is the more general condition for equilibrium in the balance of payments? When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2018. What journal entry will DeSoto use to correct the error? What other step(s) would be taken in connection with the error? The number of daily newspapers in the United States is now 1486, and it was 2226 in 1990. Relative Change. Exercises each provide two values. For each pair of values, use a percentage to express their relative change or difference. Use the second given value as the reference value, and express… The inventory and sales data for this year for G. Rabbit Company are as follows: RequiredUsing the above data from G. Rabbit Company, compute the following:a. The accounts receivable turnover in daysb. The inventory turnover in daysc. The operatingcycle Related Study Help Questions Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned 100% of the stock. Information related to the business and Deloris is presented below. Qualified business income from the manufacturing business was $300,00o. • Taxable income before the Qualified… 1. Explain the role of ARM as a supplier in the ‘chip’ value chain. 2. What are the strengths and the weaknesses of ARM’s business model compared with Intel? 3. In which end-user application market should ARM strengthen its relationships to potential partners, and how? Circle the letter that corresponds to the best answer. Which tax is the most difficult to shift to others? (a) personal income tax. (b) corporate income tax. (c) specific excise taxes. (d) business property taxes. Related Book For Free 38th edition Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young Members Access to 2 Million+ Textbook solutions Ask any question from 24/7 available Tutors $9.99 Already member? OR Non-Members Access to 1 Expert solution only $1.99 Relevant Subjects Members Access to 2 Million+ textbook solutions Ask any question from 24/7 available tutors $9.99 OR Non Members Access to 1 textbook solution only $1.99 Get In Touch Company Info Services Complaint Copyright © 2022 SolutionInn All Rights Reserved .

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Warren and Young Kim are married taxpayers, filing jointly.

Students also viewed these accounting questions

Jane and Blair are married taxpayers filing jointly and have 2014 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of…

Jane and Blair are married taxpayers filing jointly and have 2016 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of…

Jane and Blair are married taxpayers filing jointly and have 2015 taxable income of $97,000. The…… … months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of…

Using the simple model of Table 15.12, explain why there is a balance of payments equilibrium when export spending equals import spending. What is the more general condition for equilibrium in the balance of payments?

When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2018. What journal entry will DeSoto use to correct the error? What other step(s) would be taken in connection with the error?

The number of daily newspapers in the United States is now 1486, and it was 2226 in 1990. Relative Change. Exercises each provide two values. For each pair of values, use a percentage to express their relative change or difference. Use the second given value as the reference value, and express…

The inventory and sales data for this year for G. Rabbit Company are as follows: RequiredUsing the above data from G. Rabbit Company, compute the following:a. The accounts receivable turnover in daysb. The inventory turnover in daysc. The operatingcycle

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Circle the letter that corresponds to the best answer. Which tax is the most difficult to shift to others? (a) personal income tax. (b) corporate income tax. (c) specific excise taxes. (d) business property taxes.

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