Spencer Duck is single and his son Mitch lives with him nine months per year. His ex-wife claims Mitch as a dependent for three months. Spencer earned $39,000 in salary and had $4,000 in itemized deductions, with $3,221 in taxes withheld. On July 14, Spencer sold land for $35,000 that was received in a 2001 property settlement, a computer for $2,480, a country club membership for $8,500, and securities inherited from his uncle for $20,000. He also received a $100 state tax refund.

1. Spencer duck tax returns | Accounting homework help
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 deductions of $4000. Taxes withheld during
the year amount to $3221. On July 14 of the current year, he sold the following assets:
Spencer received a K-1 from a partnership indicating that his share of the partnership STCL
is $200Land 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 $6,000Marketable 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