This paper concentrates on the primary theme of SPENCER DUCK IS SINGLE AND HIS EIGHT YEAR OLD SON, MITCH, LIVES WITH HIM NINE MONTHS OF THE YEAR IN HIS MOTHER, SPENCER’S EX-WIFE, DURING THE SUMMER MONTHS in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
Spencer Duck is single and his eight year old son, Mitch, lives with him nine months of the year in his mother, spencer’s ex-wife, during the summer months. his mother provides more than half of Mitch’s support and has agreed to allow her to claim Mitch as her dependent. Spencer has a salary of $39000 and Itemized ducutions of $4000. Taxes withheld during the year amount to $3221. On July 14 of the current year, he sold the following assest: Spencer received a K-1 from a partnership indicating that his share of the partnership STCL is $200
Land was sold for $35,000. the land was received as a property settlement on january 10,2001, when the land’s FMV amounted to $30,000. His ex-wife’s basis for the land purchases on January 10, 1991, was $18,600.
A personal use computer acquired on March 2 last year for $4,000 was sold for $2,480.
A membership card for a prestigious country club was sold for $8500. the cars was acquired on OCT 10, 1993 for $6,000
Marketable securities held as an investment were sold for $20,000. the securities were inherited from his uncle, who died on march 10, of the current year when FMV fo the securities was $21,000. the uncle purchases the securities may 10,1990 for $10,700.
In addition to the above sales, Spencer received a $100 refund of state income taxes paid last year. Spencer used the standard deduction last year to compute his tax liability.
Prepare Form 1040 and Schedule D and Form 8949 for him