## (solution) George Large (SSN 000-11-1111) and his wife Marge Large (SNN

George Large (SSN 000-11-1111) and his wife Marge Large (SNN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2012 income tax return based on the information below:

Airfare  \$2,000

Lodging \$85/day

Meals    \$50/day

Taxicabs \$20/day

Marge Large is self-employed. She repairs rubber toy boats in the basement of their home, which is 25% of the house's square footage. The business code is 811490. She had the following income and expenses:

Income from rubber toy boat repairs  \$15,000

Cost of supplies  \$5,000

Contract labor  \$3,500

Long distance phone calls (business)  \$500

The Large's home cost a total of \$150,000, of which the cost of the land was \$20,000.  The FMV of the house is \$225,000. The house is depreciable over a 39-year recovery period. The Larges incurred the following total other expenses:

Utility Bill of the House   \$2,000

Real State Taxes   \$2,500

Mortgage Interest   \$4,500

Cash charitable contributions  \$3,500

Prepare form 1040, schedules A,C and SE for From 1040, and Forms 2106 and 8829 for the 2012 year. (Assume no depreciation for this problem and that no estimates taxes were paid by the Larges). Use the tax formula as a structure for your answer.  You may not use a tax computation software (TurboTax, H&R Block, and etc.) or IRS tax forms. Feel free to use Microsoft excel to submit your answer.  Additionally, the problem pertains to the 2012 tax forms and rates.

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