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ACCTG 503 San Diego State University Income Tax Rate and Social Security Discussion

ACCTG 503 San Diego State University Income Tax Rate and Social Security Discussion

Question Description

I’m working on a accounting discussion question and need support to help me understand better.

You have been assigned to review the tax return.. Please casually review the return for accuracy and completeness and respond to the following:

Line 7 of Form 4797 is $50,898–At what rate(s) is this amount taxed?

Line 18(b) of Form 4797 is $2,500. At what (marginal) rate is this gain taxed, assuming that this is the very last incme?

Line 3(b) of Form 1040 is $1,155. At what rate(s) is this amount taxed?

Does the QBI deduction appear to be correct? This assumes that considering facts and circumstances that the rental activiies qualify as a trade or business.

The completion of this tax return involves receiving the records from the client, a client interview virtually or in person, the return preparation using computer software. your review, and delivery of the return with an exit interview in person or virtually. What sort of fee (i.e., how much?) do you think would be appropriate for this valuable service?

Accountancy 503 Spring 2020 Tax Return Assignment 2

Marci Birx, age-59, is single and has no dependents. Marci had the following relevant transactions for 2020:

Wages as Walmart greeter$17,000

Federal income tax withheld 2,260

Interest income from local bank 1,450

Qualified dividends 1,155

Loss on sale of Tandem Diabetic stock (held from

11/10/2017 to 10/31/2020) -3,100

Federal income tax quarterly deposits (total) 6,500

Charitable contributions 325

Itemized deductions 11,600




Rental income $31,900 $29,200

Interest expense 11,800 11,200

Property taxes 1,650 6,366

Maintenance 440 560

Insurance 1,260 1.465

Depreciation-Building (Line 17, Form 4562) 2,495 1,491

Depreciation-Appliances (Line 17, Form 4562) 0 0


Sales price (November 27, 2020)

Land (line 2, Form 4797) $ 72,000

Building (line 19A, From 4797) 48,000

Cost (October 18, 2010)

Land $ 38,000

Building 40,000

Depreciation allowed (including 2019 depreciation) 8,898


Sales price (line 19B, From 4797) $ 2,500

Cost (October 18, 2014) 9,000

Depreciation allowed 9,000

Complete a Form 1040 with the appropriate Schedules and Forms for 2020 for Marci Birx.

Minimum forms required:

Form 1040, Schedule 1, Schedule 3

Form 1040, Schedule B, Schedule D, Schedule E.

Form 4562, Form 4797, Form 8949 (Optional), Form 8995 (optional).


Claim the QBI deduction for the rentals (i.e., the rentals qualify as a trade or business). Any depreciation recapture and any Sec. 1231 loss is included in QBI; any Sec. 1231 gain, is not.

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