Calculate individual income tax. • Identify and calculate business deductions and losses…. 1 answer below »
Purpose: The purpose of this is not merely to learn how to fill-in forms but to enable you to meet the following goals: • Calculate individual income tax. • Identify and calculate business deductions and losses. • Apply the elements of taxation of property transactions, including basis, cost recovery, gains and losses and non-recognition transactions. Task: In order to successfully complete this assignment, you must. • Prepare the 2019federal income tax returns, including all required forms and schedules, as needed for all members of the Lopez family. • Throughout the return you will see instances where a line on the 1040, indicates to attach either a schedule or a specific form if required. You should review the information and instructions to determine and if required include it as part of a completed return. You can ignore the requirement to attach a W-2. • When the form contains the phrase (attach schedule), without identifying a specific form or schedule, this indicates that the amount on the form needs to be further detailed but there is no specific form on which to do so. In these cases, you should prepare a schedule that does so, such as in the following example:
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