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Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
Form 8949 and Schedule D. (Obj. 7)
a. Michael L. (SSN 374-47-7774) and Joyce A. (SSN 642-81-9982) Sea, both age 38, file a joint tax return. They sold the following investments during the year. All sales were reported to the Seas on Form 1099-B. None showed the Seas' basis.
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The Seas carried over a $260 short-term capital loss and a $2,500 long-term capital loss from 2013. The Seas report taxable wages of $51,920. From this amount $1,840 was withheld for federal income taxes. The Seas’s only other item of gross income during the year was $1,200 of dividend income, which includes $850 of qualified dividends.
Prepare the Seas’ 2014 tax return. Use the approach from Example 12 to compute the Seas’ tax. The Seas live at 1319 Mayfair Drive, Champaign, IL 61821. They claim one dependent, their 13-year-old son, Tad (SSN 629-43-7881). Both elect to have $3 go to the presidential election campaign fund and sign their return on April 15, 2015.
b. Ellen B. Ryan (SSN 392-40-6811) is unmarried with no dependents. Ellen lives at 1840 S. 200 West, Reno, Nevada 89434. She is 34 years old. During the year, she sold common stock in the following companies. All stock sales were reported to Ellen on Form 1099-B. None showed Ellen's basis.

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