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Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and retired at age 51

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Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and retired at age 51. The couple’s income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2019, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15, Highland Park, FL 33853.

The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2019) with 30 units that rent for $27,000 per month and are at 90% occupancy.

Rental income $291,600

Salaries 115,000

Payroll taxes 8,798

Real estate taxes 18,750

Interest 45,000

Repairs and maintenance 29,000

Depreciation (Calculate)

The following information is also for the year:

1099-INT Old Bank $ 22,000

1099-DIV __ Dell, Inc. Ordinary dividends 15,250

Qualified dividends 15,250

1099-DIV IBM, Inc. Ordinary dividends 8,650

Qualified dividends 8,650

1099-DIV _ Pepsi, Inc. Ordinary dividends 18,785

Qualified dividends 18,785

1099-MISC Box 2 royalties 152,300

Eee sn e voyeres EE

Purchased Sold Sale Price Basis Gain/Loss

Dell (held 9 mo.) 12/01/18 09/01/19 $ 15,000 $ 9,000 $ 6,000

Pepsi (held 4 mo.) 09/01/19 12/29/19 17,000 25,000 (8,000)

IBM (held 30 mo.) 06/05/17 12/05/19 38,000 20,000 18,000

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On January 3, 2020, Dave repurchased the exact number of shares he sold on December 29, 2019. The Stanleys paid $12,000 each quarter (four

payments) in federal estimated income taxes.

Prepare Form 1040 for the Stanleys. Taxpayers had qualifying health care coverage at all times during the tax year. You will also need Schedule 1,

Schedule 2, Schedule 3, Schedule B, Schedule D, Schedule E, Form 4562, Form 8949, and Form 8960. (List the names of the taxpayers in the order

in which they appear in the problem. Input all the values as positive numbers. Round all intermediate computations and final answers to nearest

whole dollar. Instructions can be found on certain cells within the forms. Do not skip rows while entering in Ordinary Dividends section on Part Il

of Schedule B and Residential rental property section on Section B of Form 4562. List the names of the properties in the order in which they

appear in the problem.)

Use the appropriate Table 6A-6, Tax Tables or Tax Rate Schedules.