TAX 4001 Spring 2016 Tax Return Assignment
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TAX 4001 Spring 2016 Tax Return Assignment Due date: Tuesday 4/19/2016  at the School of Accounting Facts: Scott F. and Meegan M. Koon are married and live at 2723 Brandywine Drive, Ann Arbor, MI 48104. They file a joint return and are calendar year, cash basis taxpayers. 1. Scott is a self-employed accountant (professional activity code is 541213). He maintains an office at 1001 Oakbrook Way, Suite 400, Ann Arbor, MI 48103. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services  offered  to  tenants.  Scott’s  work-related  expenses  for  2015  are  as follows: Office rent                  $9,800 Utilities             3,000 Accounting services             1,200 Office expenses (supplies, use of copier, etc.)  1,100 Legal services (see item 9. below)                300 State and local license fees                900 Renter’s insurance (covers personal liability, casualty, theft)  1,500 Replacement of reception room furnishings (6/5/2015)  2,200 Professional dues and subscriptions to trade publications     600 Business lunches             1,400 Contribution to H.R. 10 (Keogh) plan  5,000 Medical insurance premiums             7,000 The  business  meals  Scott  paid  for  were  to  entertain  various  visiting executives from the clients he does business with. As is the case with all of Scott’s  business  transactions,  the  lunches  are  properly  documented  and supported by receipts.  Because the reception room furnishings were looking shabby, Scott and his suite-mates had them replaced.  The $2,200 Scott spent was his share (i.e., a sofa and coffee table) of the cost.  Scott follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets.  All of Scott’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has
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Posted 12 Dec 2017 02:12 PM
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