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This is the fifth part of a six part problem that will allow

you to prepare the 2016 Tax...
This is the fifth part of a six part problem that will allow you to prepare the 2016
Tax Return
tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a portion of their tax return. You should com- plete the appropriate portion of each form or schedule indicated in the instruc- tions. The following basic information is provided for preparing their 2016 tax return:
• Laurie inherited two limited partnerships when her grandfather passed away on October 10, 2014. The first, Towers Brothers, is a real estate venture. The K-1 she received indicated that her share of the income is $3,400. Her sus- pended loss in the partnership is $2,200. The second limited partnership, DrillTech, is an oil and gas business. Her loss for the year is $2,700. Laurie’s suspended loss in DrillTech is $5,600.
• On July 10, 2014, Lynn invested $4,000 in his brother’s corporation Putter- Plus, a training device to help golfers putt better. The corporation qualified as a small business corporation and went out of business on February 2, 2016.
• On April 22, 2011, the Norrises acquired 1,000 shares of NFG Inc. for $11,000. On August 10, they sell 400 shares for $2,000. On September 5, Lynn is watching Mad Money and based on Kramer’s advice, he buys 300 shares of NFG for $7 a share.
Required: Based on the information provided above, only fill out the appropriate portions of Form 1040, Form 8582, and finish Form 1040 Schedule D.
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10/13/2017
PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 4,712
Experience: I have been a business consultant and college instructor for years.
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Hi from Just Answer. I'm PDtax. Thanks for asking for me.

I'll look at this after my open projects have been accepted. In addition, the price for these tax return prep exercises is low for the work required.

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Customer reply replied 1 month ago
I can give you a tip after completion

thanks for rating my last project. when is this needed?

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Customer reply replied 1 month ago
This is needed by Oct 15th
Customer reply replied 1 month ago
Hi,Just following up on this question. When do you think you can have it done by?

I can't get my office software to correctly do what I believe is a sec. 1244 writeoff, so I can't produce the return pages without overrides. Please advise if that is acceptable.

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Customer reply replied 1 month ago
What is overrides

that means the software appears to be calculating in error, and I type over the error to fix.

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Customer reply replied 1 month ago
That's fine as long as I get the right answer

FIXED IT.

Please rate upon review, not when you get your grade.

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PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 4,712
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