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Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1111. Devon does not want $3 to go to the Presidential Election Campaign Fund. Devon’s wife, Ariane, passed away in 2009. Devon’s son, Tom, who is age 16, resides with Devon. Tom’s Social Security number 123-45-6788. Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory. His revenues and expenses for 2013 are listed in the attached document.
I need to compute Devon’s lowest net tax payable or refund due for 2013 assuming that he makes any available elections that will reduce the tax using Forms 1040, 4562, 8332, and 8824, and Schedules A, B, C, D, and SE. It is preferred to have a description of how the numbers were computed for the forms as well.
Cumulative Problem 5-59.pdf
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