Prepare the 2015 Federal Tax Return for Mr. Herb Pu (SS# 576-11-0002) address 123 University Ave., Honolulu, HI 96833 With the…
Prepare the 2015 Federal Tax Return for Mr. Herb Pu (SS# 576-11-0002) address 123 University Ave., Honolulu, HI 96833 With the following information:Sold 100 shares of W Corp. for $6,250 on 7/1/15, Purchased on 7/1/08 for $5,000.Sold 100 shares of X Corp. for $1,500 on 8/1/15, Purchased on 5/1/15 for $1,000.Tom a friend died on 7/1/15. Tom had no money when he died but owed Mr. Pu $4,000 which he borrowed on 7/1/10. Tom signed a 4% Note Payable to Mr. Pu.Salary income of $48,000 with federal tax withholdings of $10,000., State withholdings of $4,500, FICA withholdings of $3,100 and Medicare withholdings of $725.Age 70Social Security benefits of $10,000.Mr. Pu’s wife died 5/31/2014.Mr. Pu’s son Sam lives with him and is 21 years old and attends HPU full time. Sam has a part time job which paid him $6,500 during 2015.Mr. Pu also has a son Robert who lives with him and was born on 6/25/2009.Mr. Pu got hurt at his job on 2/25/15 and received $5,000 in Worker’s Compensation benefits.Mr. Pu’s employer paid his health insurance premiums of $6,500 in 2015.Mr. Pu sued a TV Station for showing his picture on TV. He received $1,000 for emotional distress, and $5,000 in punitive damages.Mr. Pu paid $5,500 in Alimony to his first wife Joan S.S. # 515-55-0001.Mr. Pu owns a Rental house purchase in 2011 for $150,000 for the building and $50,000 for the land. ($200,000 total purchase price) He had the following income and expenses:Rental income 10,000Property tax 1,500Interest expense of 5,000.Mr. Pu has the following interest income:From Bank of Hawaii $50From U.S. Savings Bonds $100From Hawaii Muni Bonds $150Mr. Pu does art work and sells his paintings at the park. He has made income in 5 of the last 6 years. The following is his list of 2015 income and expenses:Art Sales of $8,000.Art supplies of $2,000.He bought dinner for an art gallery owner, he paid $100 on 11/15/15.Rent for his stall at the park $1,000.He purchased Art Equipment on 11/15/15 for $4,000. (This is a 7-year property) (Do not use Section 179 depreciation or bonus depreciation)He has no inventory at the beginning and end of the year.He paid $10,500 for interest on his home.He paid $2,600 for property tax on his home.In 2015 someone stole his uninsured car which he paid $2,000 for and had a FMV at the time of the theft of $2,500. Prepare Mr. Pu’s 2015 Federal income tax return hand written and list any carryovers and/or carrybacks and any assumptions. Include all tax forms and schedules needed.
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