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AC 4141 Income Tax 1 Income Tax Project Spring 2017 James Baker has hired you to prepare his 2016 U.S. Individual Income Tax Return. He has 2 children, George and Reagan who are 6 and 12 years of age respectively. James wife Liz passed away on December 31, 2016. Ms. Mary Jones, Liz Baker’s mother, who is 67 years old and blind, also lives with Mr. Baker. Ms. Jones only source of income for 2016 is $ 3,500- that she received for appearing on the Dr. Phil Show. Mr. Baker provides more than one half of Mary Jones support. Mr. Baker has provided you with the following information to be used in preparing his 2016 Income Tax Return. James reported the following information: James’s social security number is 294-83-2845 Liz’s social- security number is 294-38 4528 George’s social security number is 824-84-8456 Reagan’s social security number is 824-48-6584 In-order for James to maintain a full-time job, he sends George to a day care program afterschool 5 days a week. During the year, James paid the day care operator $ 6,500 for Georges’s care. The day care details are as follows: Happy Day Care Solutions 123 Red State Road Columbus Ga 30302 EIN-43-6598324 Salaries: Liz Baker James Baker 30,000 90,000 Interest Income Exit Bank Compass Bank 2,000 3,000 Dividend Income Exxon Corporation Ford Motor Company The Dividends are ordinary and qualified. 4,500 2,500 James, who is a CPA for Cook and Cranford CPAs, is also pursuing a Law degree from the University -of Georgia via distance learning. Total tuition paid during 2016 was $6,100. Books cost $150.00 On July l, 2016 James started his own business — JB Bait and Tackle. The business is a sole proprietorship. The•income and expenses for 2016 are as follows: Gross Sales 145,000 Wages, Salaries, and Benefits (Employees) 34,000 Returns and allowances 3,000 Advertising 6,000 Rent expense 12,000 Legal Fees 4,000 Purchases 60,000 Inventory 12-31-1b 10,000 1-,200 Taxes and Licenses Utilities 5,600 Insurance 3,000 Telephone 2,090 Mr. Baker has also provided you the following information: Medical Expenses (James) 8,000 10,000 (Children) 6,400 (Mary Jones) 6,000 (Abbie the dog) 2,200 All of the-above medical expenses are in excess of insurance reimbursements and were paid by James. State Income Taxes City of Auburn Tax Property taxes on Personal Residence Mortgage Interest on Personal Contributions (cash and check) 33500 1,200 3,000 Residence 11,000 AU Foundafion 2,000 Lee County Humane Society 5,000 Mr. Baker’s- Sailboat was purchased in 2000 for $65,000. During 2016 Hun-icane Seecore hit the panhandle of Florida where the boat was docked causing its complete destruction (it was a total loss and there was no insurance on the boat). FMV of the sailboat on the date it was destroyed was $10,000. Federal Income taxes withheld from the Baker’s Salaries totaled 12,000. . All forms and schedules needed for this are available at You may use your book, the Internal Revenue Code, IRS publications. This assignment is due by 12.’00pm Monday April 24th 20-16. No late projects will- be -accepted-for any reason. …

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