Lisa Kohl age 44 is a single taxpayer and she lives at 212 Q

Lisa Kohl (age 44) is a single taxpayer and she lives at 212 Quivira Road, Overland Park, KS 66210. Her Social Security number is 467-98-9784. Lisa\'s earnings and income tax withholding as the principal of the local high school for 2016 are:

Lisa\'s other income includes qualifying dividends on Johnson Corporation stock of $4,050 and interest on a certificate of deposit at Olathe National Bank of $250. In April 2016, Lisa paid $475 due on her 2015 Kansas state income tax.

During the year, Lisa paid the following amounts (all of which can be substantiated):

Lisa had one stock transaction in 2016. Lisa received the following Form 1099-B from her sale of Johnson Corporation stock. All stock sales must be reported both to taxpayers and to the IRS on Form 1099-B so the proceeds can be matched by the IRS to each tax return. Lisa purchased the stock on August 31, 2015, for $43,100 before the stock plummeted in the last months of 2015.

Big Brokerage Company

123 Wall Street

New York, NY 10014

Copy B
For Recipient

This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported.

11-0010011

467-98-9784

Lisa Kohl

3 If checked, basis reported to IRS

?

212 Quivira Road

Overland Park, KS 66210

7 If checked, loss is not allowed based on amount in 1d

?

On January 28, 2016, Lisa sold raw land for $180,000 (basis to Lisa of $120,000). The land was purchased 6 years ago. She received $45,000 as a down payment and the buyer\'s 10-year note for $135,000. The note is payable at the rate of $13,500 per year plus 8 percent interest. On January 28, 2017, the first of the ten principal and interest payments is due.

Required:

Complete Lisa\'s federal tax return for 2016. Use Form 1040, Schedule A, Schedule B, Schedule D, Form 8949, the Qualified Dividends and Capital Gain Tax Worksheet, and Form 6252 to complete this tax return. Make realistic assumptions about any missing data.

Click here to access the tax table to use for this problem.

If required, enter a \"loss\" as a negative number on the tax form. Do not enter deductions as negative numbers. If an amount box does not require an entry or the answer is zero, enter \"0\".

If required, round your final answers to the nearest dollar. For the installment sale, round percentages to five decimal places (i.e. .44568).

Solution

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