(Solution) 1045 Form Application For Tentative Refund A Type Or Print Department Of The Treasury Internal Revenue Service Name(s) Shown On Return OMB No.... | Snapessays.com


(Solution) 1045 Form Application for Tentative Refund a Type or print Department of the Treasury Internal Revenue Service Name(s) shown on return OMB No....


INDIVIDUAL TAX RETURN WITH SOLE PROPRIETORSHIPNote that this example is for tax year 2015 because the 2016 tax forms have not yet beenreleased by the IRS.FactsWilliam and June Spicer have two dependent children, Sophie age 9 and Carl age 7, both ofwhom live at home. (Additional personal data are provided directly on Form 1040.) Williamoperates a gourmet market in Raleigh, Bill’s Market, as an accrual-basis sole proprietorship.The information on gross market sales, expenses, and property transactions is the same asprovided for the regular corporate tax return (Sample Tax Return 1) except that Williamreceives no salary and there is no related FICA tax. This information is as follows:The Market sold a unique piece of equipment for $13,000. It had originally cost $5,000when purchased on March 5, 2013; it had an adjusted basis of $3,000 when sold on August15, 2015. The Market also sold a display case for $1,000 on December 12, 2015, that had cost$12,000 when purchased on June 6, 2011; it had an adjusted basis of $4,000 when sold. Thegains or losses on these asset sales are the same for tax and financial accounting. Thebusiness complies with all Form 1099 requirements.William is also a 10 percent shareholder in Imagineers Corporation, an S corporation, buttakes no active role in the business. He received a Schedule K-1 from this S corporationreporting $1,800 in ordinary business income. June is a general partner in The Bridal ShopPartnership. She worked 3 days a week at the shop and received a Schedule K-1 reporting a$12,000 guaranteed payment and $8,000 in ordinary business income. June paid $3,800 forafter-school and summer child care while she worked.Gross sales ($1,300,000 from credit card sales) $2,700,000Merchandise purchases 1,980,000Expenses:Advertising $40,000Charitable contributions 2,000Cleaning/maintenance 12,000Depreciation (MACRS pre-2015 purchases) 3,000Section 179 expense (2/1/15 display case) 5,000Payroll taxes 18,000Health insurance 15,000*Insurance (excludes health) 18,000Interest expense 1,000Licenses/fees 4,000Meals/entertainment 1,000Office expenses 14,000Rent 120,000Salary/wages 210,000Travel 8,000Utilities 16,000*Includes $3,000 for health insurance for William and his family.The following information pertains to the completion of the Spicers’ personal tax return:Interest income $ 500Dividend income (all qualified) 1,300Unreimbursed doctor’s bills 8,000Unreimbursed hospital bills 9,000Dental bills 2,000Mortgage interest 14,000Real estate taxes 3,000Contributions to their church 1,500The Spicers sold 10,000 shares of ABC stock on February 2, 2015 for $4,000. They hadpurchased the stock on August 1, 2008 for $18,000. During 2015, the Spicers paid $300 withtheir 2014 North Carolina state income tax return and made $4,600 in estimated payments for2015. This amount exceeds their alternate state sales tax deduction. June is a volunteer at thechildren’s school two days a week tutoring at-risk students. Her total mileage for her trips toand from the school was 1,200 miles. She also had unreimbursed out-of-pocket expenses forteaching materials of $232. Additionally, the Spicers contribute $3,000 each to regular IRAs.The Spicers made quarterly estimated tax payments of $17,500 each quarter. All paymentswere made when due. Any refund that the Spicers have for 2015 is to be applied to their 2016estimated taxes.Form 1040 and Related Forms and SchedulesForm 1040: U.S. Individual Income Tax ReturnSchedule A: Itemized DeductionsSchedule C: Profit or Loss from Business (Sole Proprietorship)Schedule D: Capital Gains and LossesSchedule E: Supplemental Income and LossSchedule SE: Self-Employment Tax (2)Form 2441: Child and Dependent Care ExpensesForm 4562: Depreciation and AmortizationForm 4797: Sales of Business PropertyForm 8582: Passive Activity Loss LimitationsForm 8949: Sales and Other Disposition of Capital AssetsThe Spicers will prepare only one tax return, their Form 1040, along with all the requiredschedules and forms including the Schedule C where the income and expenses for thebusiness are reported. A Form 4797 is completed for the business property dispositions; thesale of the stock is entered on the Form 8949; the net gain on the equipment disposition andthe loss on the stock are both included on the Spicers’ Schedule D. The $2,000 depreciationrecapture is also entered on Form 4797 but is transferred directly to the Spicers’ Form 1040.Two other items are not included on the Schedule C—the health insurance for William andhis family (which is deducted on page 1 of the Form 1040 as a deduction for AGI) and thecharitable contribution (which is included with the Spicers’ personal charitable deductions ontheir Schedule A). June is allowed to deduct 14 cents per mile for the 1,200 miles driven($168) for her volunteer work along with her out-of-pocket expenses of $232.Their total itemized deductions are $23,800 and their exemptions are $16,000 (4 ´$4,000). They are not able to benefit from the child tax credit as their AGI exceeds theallowable limit for claiming all or part of this credit, but they are allowed a $760 credit forJune’s child care expenses. Their dividend income is taxed at 15 percent while the rest of theincome is taxed at the regular rates.How do i apply NOL Taxes form ?Form

 

1045

 

Department of the Treasury

 

Internal Revenue Service

 

Application for Tentative Refund

 

a

 

Separate instructions and additional information are available at

 

www.irs.gov/form1045.

 

a

 

Do not attach to your income tax return. Mail in a separate envelope.

 

a

 

For use by individuals, estates, or trusts.

 

OMB No. 1545-0098

 

20

 

15

 

Type or print

 

Name(s) shown on return

 

Social security or employer identification number

 

Number, street, and apt. or suite no. If a P.O. box, see instructions.

 

Spouse’s social security number (SSN)

 

City, town or post office, state, and ZIP code. If a foreign address, also complete spaces below (see instructions).

 

Daytime phone number

 

Foreign country name

 

Foreign province/county

 

Foreign postal code

 

1

 

This application is filed

 

to carry back:

 

a

 

Net operating loss (NOL) (Sch. A, line 25)

 

$

 

b

 

Unused general business credit

 

$

 

c

 

Net section 1256 contracts loss

 

$

 

2 a

 

For the calendar year 2015, or other tax year

 

beginning

 

, 2015, and ending

 

, 20

 

b

 

Date tax return was filed

 

3

 

If this application is for an unused credit created by another carryback, enter year of first carryback

 

a

 

4

 

If you filed a joint return (or separate return) for some, but not all, of the tax years involved in figuring the carryback, list the

 

years and specify whether joint (J) or separate (S) return for each

 

a

 

5

 

If SSN for carryback year is different from above, enter

 

a

 

SSN

 

a

 

and

 

b

 

Year(s)

 

a

 

6

 

If you changed your accounting period, give date permission to change was granted

 

a

 

7

 

Have you filed a petition in Tax Court for the year(s) to which the carryback is to be applied?

 

.

 

.

 

.

 

.

 

.

 

Yes

 

No

 

8

 

Is any part of the decrease in tax due to a loss or credit resulting from a reportable transaction required to be

 

disclosed on Form 8886, Reportable Transaction Disclosure Statement? .

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

Yes

 

No

 

9

 

If you are carrying back an NOL or net section 1256 contracts loss, did this cause the release of foreign tax

 

credits

 

or the release of other credits due to the release of the foreign tax credit (see instructions)? .

 

.

 

.

 

Yes

 

No

 

Note:

 

If

 

1a

 

and

 

1c

 

are blank, skip lines 10 through 15.

 

preceding

 

tax year ended

 

a

 

preceding

 

tax year ended

 

a

 

preceding

 

tax year ended

 

a

 

Computation of Decrease in Tax

 

(see instructions)

 

Before

 

carryback

 

After

 

carryback

 

Before

 

carryback

 

After

 

carryback

 

Before

 

carryback

 

After

 

carryback

 

10

 

NOL deduction after carryback (see instructions)

 

11

 

Adjusted gross income

 

.

 

.

 

.

 

.

 

.

 

12

 

Deductions (see instructions)

 

.

 

.

 

.

 

13

 

Subtract line 12 from line 11

 

.

 

.

 

.

 

14

 

Exemptions (see instructions)

 

.

 

.

 

.

 

15

 

Taxable income. Line 13 minus line 14

 

16

 

Income tax. See instructions and

 

attach an explanation .

 

.

 

.

 

.

 

.

 

.

 

17

 

Excess advance premium tax credit

 

repayment (see instructions) .

 

.

 

.

 

.

 

18

 

Alternative minimum tax .

 

.

 

.

 

.

 

.

 

19

 

Add lines 16 through 18

 

.

 

.

 

.

 

.

 

.

 

For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.

 

Cat. No. 10670A

 

Form

 

1045

 

(2015)

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: May 23, 2022

Solution~00021147601762.zip (25.37 KB)


This attachment is locked

Our expert Writers have done this assignment before, you can reorder for a fresh, original and plagiarism-free copy and it will be redone much faster (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

May 23, 2022

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • ■ As a reference for in-depth understanding of the subject.
  • ■ As a source of ideas / reasoning for your own research (if properly referenced)
  • ■ For editing and paraphrasing.

This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

Get Free Price Quote