Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are… Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and file their return jointly. They have retired at the age of 51. The couple’s income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2020, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15, Highland Park, FL 33853.The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2020) with 30 units that rent for $27,000 per month and are at 90% occupancy.Rental income$ 291,600Salaries115,000Payroll taxes8,798Real estate taxes18,750Interest45,000Repairs and maintenance29,000Depreciation(Calculate)The following information is also for the year:1099-INTOld Bank$ 22,0001099-DIVDell, Incorporated Ordinary dividends15,250Qualified dividends15,2501099-DIVIBM, Incorporated Ordinary dividends8,650Qualified dividends8,6501099-DIVPepsi, Incorporated Ordinary dividends18,785Qualified dividends18,7851099-MISCBox 2 royalties152,300PurchasedSoldSale PriceBasisGain/LossDell (held 9 month)12/01/1909/01/20$ 15,000$ 9,000$ 6,000Pepsi (held 4 month)09/01/2012/29/2017,00025,000(8,000)IBM (held 30 month)06/05/1812/05/2038,00020,00018,000On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. The Stanleys paid $12,000 each quarter (four payments) in federal estimated income taxes.Fill Form 1040 for the Stanleys. Taxpayers had qualifying health care coverage at all times during the tax year. Also fill Schedule 1, Schedule 2, Schedule B, Schedule D, Schedule E, Form 4562,Form 8949, and Form 8960.(List the names of the taxpayers inthe order inwhich they appear in the problem. Input all the values as positive numbers. Round all intermediate computations and final answers to nearest whole dollar. Instructions can be found on certain cells within the forms. Do not skip rows while entering in Ordinary Dividends section on Part II of Schedule B and Residential rental property section on Section B of Form 4562. List the names of the properties in the order in which they appear in the problem.)Use the appropriateTable 6A-6,Tax TablesorTax Rate Schedules.LawSocial ScienceTax law TAX 2004
