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Tax Return Preparation Problem The purpose of the tax return problem is to help you integrate the bits and pieces of tax law that we discuss in each chapter into a comprehensive whole. The return provides a visual model that should help you understand how the various technical issues affect the calculation of a taxpayer's income tax base and tax liability. You should also become familiar with income tax compliance through the preparation of a relatively simple tax return, and see how an individual taxpayer is affected by investments in regular corporations, partnerships and subchapter S corporations. You will complete the tax return for one taxpayer in four parts, as we finish our classroom discussion of the related chapters. You must download that taxpayer's relevant information for each part of this assignment from the web page for each part. You also must download the necessary tax return forms from the IRS web page. Note that you are going to file only the forms listed in the material, NOT all of the forms that would be required by the IRS. The returns for parts 1 - 3 are due at the beginning of class on the due dates listed on the Daily Schedule web page. (We will grade them in class.) The completed tax return required in part 4 is due at the start of the scheduled time for the final examination. Grading is based on:
You should prepare the initial assignments (parts 1 - 3) using pencil and paper or Adobe Reader with digital forms. Your answers for all four parts will be submitted via web-based input form. (Note that the last return, a Form 1040 for an individual, is due at the start of the final exam period.) You must download that taxpayer's relevant information for each part of this assignment from the web page for each part.
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