During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis Holding Period
L stock $50,000 $41,000 > 1 year
M stock 28,000 39,000 > 1 year
N stock 30,000 22,000 < 1 year
O stock 26,000 33,000 < 1 year
Antiques 7,000 4,000 < 1 year
Rental home 350,000 90,000 > 1 year
$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).
For stocks, assume basis has been reported to IRS.
Ron and Anne have $35,000 qualified dividends.
In addition to the above transactions, Ron and Anne have salaries of $424,400 [$220,000 for Ron; $204,400 for Anne] and the correct amount of FICA and Medicare taxes have been withheld. They choose to use the standard deduction. Both are under age 65. Ron and Anne have one rental home (residential rental) for which they receive $20,000 in rental income and have the following rental expenses: Real estate taxes, $10,800, Mortgage interest, $11,000, property insurance $1,428, and depreciation $5,200. They actively participate in the management of this property.
Form 1040 (and Schedules 1, 2, and 3 if needed)
Schedule B
Schedule D
Schedule E
Form 4797
Form 8582
Form 8949
Form 8959
Form 8960
Any other required form
Complete Ron and Anne’s 2020 tax return.

Which of the following statements accurately describes how costs and benefits are calculated?

Which of the following best describes the economic effect that results when the government increases interest rates and restricts the lending of money? a. borrowing money becomes more expensive and there is less investment in production. b. the economy grows as investments result in larger profits. c. government spending drives up prices because of greater competition for goods and services. d. consumers save more money and spend less buying goods and services.

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?