Posted: August 31st, 2019

George Large (SSN 414-33-5688, age 45), and his wife Marge Large

George Large (SSN 414-33-5688, age 45), and his wife Marge Large (SSN 555-81-9495, age43), who live at 2000 Lakeview Drive, Cleveland, OH 49004, want you to prepare their 2015income tax return based on the information below.George Large worked as a salesman for Toys, Inc. He received a salary of $80,000 ($8,500 offederal income taxes withheld and $1,800 of state income taxes withheld) plus an expensereimbursement from Toys of $5,000 to cover his employee business expenses. George mustmake an adequate accounting to his employer and return any excess reimbursement.Additionally, Toys provides George with medical insurance worth $7,200 per year. Marge iscovered by this insurance as a spouse. George drove his car 24,000 miles during the year. Hislog indicates that 18,000 miles were for sales calls to customers at the customer’s offices andthe remainder was personal mileage. George uses the standard mileage rate method. Assumehis business miles were driven equally during the year. George is a professional basketballfan. He purchased two season tickets for a total of $4,000. He takes a customer to every game,and they discuss a little business at the games. George takes clients to business lunches. Hislog indicates that he spent $1,500 on these business meals. George also took a five-day trip toToys headquarters in Musty, Ohio. He was so well-prepared that he finished his business inthree days, so he spent the other two days sightseeing. He had the following expenses duringthe five days of his trip:Airfare $200Lodging $85/dayMeals $50/dayTaxicab $20/dayMarge Large is self-employed. She makes custom quilts in the basement of their home, whichis 25% of the house’s square footage (2,000). She started using the basement for this quiltingbusiness when they moved in. She had the following income and expenses in 2015:Income from quilt making $12,000Cost of materials & supplies $5,000Contract labor $3,500Long distance phone calls (business) $500The Large’s home cost a total of $150,000, of which the cost of the land was $20,000. TheFMV of the house is $225,000. They have owned their house for 10 years. The house is adepreciable over a 39 year recovery period. The Larges incurred other expenses in 2015:Utility bills for the house $2,000Real estate taxes $2,500Mortgage interest $4,500Cash charitable contributions $3,500Prepare Form 1040, Schedules A and C for Form 1040, and Forms 2106 and 8829 for the2015 tax year. Assume that no estimated taxes were paid by the Larges.”Prepare Form 1040, Schedules A and C for Form 1040, and Forms 2106 and 8829 for the 2015 tax year. Assume that no estimated taxes were paid by the Larges.”

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