Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

تمرين 1

Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, California 92830. They were both born in 1940 and are now retired. Their SSNs are: Warren, 412-34-5670 and Young, 412-34-5671.
They own their home, which they paid off in 2005, and another home that they paid for in cash as an investment (Warren considers it his pension). Their investment home was rented for the entire year and is located just one block over at 9021 Jasmine Way. The following income and expense information relates to the rental activity. For the purpose of this return problem, do not consider passive activity rules or limitations.
They placed the rental home into service on March 1, 2008, and of the $515,000 purchase price, $426,000 was allocated to the land.
In addition to the rental, they received interest of $1,086 from American Credit Union and $2,200 from Bank of California. Social security benefits were $13,910 for Warren and $8,822 for Young, respectively.
Prepare the Kims' federal tax return for 2010. Use Form 1040, Schedule B, Schedule E, and Form 4562. Do not complete Form 8829. Assume they do not qualify for any credits (although they may). For any missing information, make reasonable assumptions.