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Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
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Kelly and Chanelle Chambers, ages 47 and 45, are married and

Customer Question

Kelly and Chanelle Chambers, ages 47 and 45, are married and live atXXXXX Boston, MA 59483. Kelly’s Social Security number is XXXXX and Chanelle’s is XXX-XX-XXXX. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are XXX-XX-XXXX and XXX-XX-XXXX, respectively. Emma is a single college student and earned $8,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle provide more than 50% of both Emma’s and Chet’s total support for the year. Kelly is a commercial pilot for a small airline. His salary is $95,000, from which $19,000 of federal income tax and $8,000 of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance. $2,000 of the premium was for health insurance, $250 for disability, and $400 for life insurance. Chanelle owns Alliance Networks, a proprietorship that does network consulting. During the year, Chanelle’s gross revenues were $23,000. She incurred the following expenses in her business: Liability insurance $ 700 Software rental 5,400 Journals and magazines 150 Training seminars 1,200 Supplies 1,300 Donations to a political campaign fund 800 Kelly enjoys playing guitar and plays in a band. Kelly’s band has developed a local following. This year, his gross revenues were $1,200 for playing shows and $700 on CD sales. He incurred the following expenses: Studio rent expense $1,300 Sound system repairs 200 CD production 500 New guitar and amplifier 800 Kelly’s father passed away during the year. Kelly and Chanelle received $100,000 from the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums. Chanelle purchased 100 shares of Thurston Co. stock on May 1, 1991, for $1,000. Thurston Co. was declared bankrupt during the current year. Chet’s physician recommended that he see a physical therapist to help with his disability. Kelly paid the therapist $7,000 during the year because his insurance would not cover the bills. Kelly and Chanelle went to Las Vegas and won $5,000 at the blackjack table. The next night, they lost $6,000. Kelly and Chanelle gave $900 to their church and, during the year, they had the following other income and expenses: Real estate taxes $1,400 Property taxes on car (determined by value) 500 Home mortgage interest 9,000 Credit card finance charges 2,600 Tax return preparation fees ($600 is allocable to Chanelle’s business) 1,000 Sales tax on purchases during the year 6,200 Interest from a savings account 800 Interest from City of Boston Bonds 700 Dividend from 3M stock 400 Prepare Kelly and Chanelle’s tax return Form 1040 and Schedules A, B, C, and SE for the current year. Clarification Birthdate for Kelly is 01/15/1956 Birthdate for Chanelle is 01/15/1958. Chet is to be treated as a full time student. Note: the $400 dividend from 3M stock on page 7-45 is to be treated as Qualified Dividend income.
TREAT ALL REVENUES AND EXPENSES FROM THE BAND AS IF THE IRS WOULD IMPOSE THE HOBBY LOSS RULE LIMITS. IN OTHER WORDS, IF THERE IS A LOSS FROM THE BAND'S ACTIVITIES, ASSUME THE HOBBY LOSS RULES APPLY
Submitted: 5 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 5 years ago.

Hello and welcome to JA

Please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

 

Thank you

Customer: replied 5 years ago.
Hello, the book I am using is Prentice Hall's Federal Taxation 2012 by thomas R, Rope, Kenneth E. XXXXX, XXXXX L Kramer,, it ios on Chapter 7 problem I:7-64. I really need help with this as aoon as possible please because it is due on Tomorrow at 6 pm ( wednesday march 14) Thank you
Expert:  Manal Elkhoshkhany replied 5 years ago.
Unfortunately, i caught the flu & had thought i got better, but I didn't. I will have to opt out in case another expert can help. If i can regain my strength, i promise i will post the solution
Customer: replied 5 years ago.
Omg you should have done it sooner because i really need the solution but thank you anyway i hope u feel better
Expert:  Manal Elkhoshkhany replied 5 years ago.
It is totally out of my hand, i can't control being sick :), & this is affecting me badly too since i couldn't really work since Friday
Customer: replied 5 years ago.
I am so sorry and I understand I really hope u feel better
Customer: replied 5 years ago.
But can u tell me if my question is being reviewed by someone else
Expert:  Manal Elkhoshkhany replied 5 years ago.
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Customer: replied 5 years ago.
wow thank you so much. I really appreciate your help even though you are sick you helped me out with it.. Thank you
Expert:  Manal Elkhoshkhany replied 5 years ago.

I was a student once and I really take this responsibility very seriously, as soon as I was able to get out of bed I posted the solution right away :)

 

Wishing you all the best

 

 

P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Thank you

Customer: replied 5 years ago.
sure it was a pleasure to meet you and next time I will considerer all that... one more time Thank you and I will contact you again for help
Expert:  Manal Elkhoshkhany replied 5 years ago.

Anytime :) I am glad I was able to help

 

P.S. Please remember that you need to click the Accept button so that I get paid

 

Thanks a million

Customer: replied 5 years ago.
Ok i will do it
Customer: replied 5 years ago.
Just let me get home because in my phone i cannot see it please thank u
Expert:  Manal Elkhoshkhany replied 5 years ago.

yes sure, you can accept whenever you want, I was just pointing that out since you are new to JA that is all :)

 

Take care

Customer: replied 5 years ago.
Hello, How have you been?
I just would like to let you know that I posted another question so I hope you might be able to help me out with that one. Thank you
Expert:  Manal Elkhoshkhany replied 5 years ago.

Thank you :)

 

Please read the following for future posts:

 

 

If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.