Lyle and Kaye James are married, accept two inferior posterity, Jessica age 8 and Jerron age 4, and are filing a joint
tax come-back in the popular year. They are twain filled. Lyle and Kaye, ages 38 and 37, respectively, accept
combined salaries of $240,000, from which $42,000 of federal pay tax and $10,000 of specify pay tax are
withheld. Lyle and Kaye own two abodes. Their pristine pernoctation is located at 11620 N. Mount Ave., New Haven,
Connecticut 22222, and their recreation abode is on the seashore in Fort Lauderdale, Florida. They frequently rupture their
recreation abode to appendix their pay. The subjoined items are akin to the James’ tenure of the two
homes:
Item New Haven Fort Lauderdale
Rental pay $— $15,000
Qualified pernoctation concern 7,200 5,000
Property taxes 1,400 1,000
Utilities 1,000 1,300
Repairs 200 300
Depreciation 0 3,500
Advertising 0 200
Insurance 1,500 1,500
The James family used their Fort Lauderdale abode 20 days during the year. They ruptureed the recreation abode
60 days during the year. Lyle and Kaye jointly alienation fund in multitudinous corporations and effect the subjoined
transactions in the popular year. (None of the fund qualifies as slight interest fund.)
Price
Date Transaction Paid/Sold
2/15 Bought 50 shares of Lake niggardly fund (they own no other Lake $1,000
stock)
5/14 Bought 100 shares of Bass niggardly fund (they own no other Bass 3,000
stock)
5/24 Sold 25 shares of Lake niggardly fund 250
5/27 Bought 50 shares of Lake niggardly fund 900
Sold 50 shares of Bass niggardly fund 1,750
7/12 Bought 100 shares of Bass niggardly fund 2,800
The James’ accept no other pay or outlay items. Lyle and Kaye’s Social Security gum are 111-22-
3333 and 444-55-6666, respectively. Jessica and Jerron’s Social Security gum are 123-45-6789 and 888-99-
1010. The James’ use the IRS regularity of allocating all outlays among separate and ruptureal use.
File the James’ pay tax come-back Form 1040, Schedules A, D, and E using the
currently conducive forms and rates. Disregard any tax credits for which they may be
eligible.
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