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| Kelly and Chanelle Chambers, ages 47 and.45, are married and live at 584 Thoreau |
| Drive, Boston, MA 59483. Kelly’s Social Secuiity number is 111-11-1111 and Chanelle’s |
| is,222-22-2222. The Chamber’s have two children: Emma age 23, and Chet, age 19. |
| Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emria is a |
| single college-student-and’earned $8,000 during rhe summer. Kelly and Chanelle help |
| Emma through school by paying for her room, board, and tuition. Emma lives at home |
| during the summer. Chet has a physical handicap and lives at home. He attends a local |
| university and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle |
| provide rnore than Sao/” of. both Emma’s and chet’s toial support for the year. |
| Kelly is a commercial pilot for a small airline. His salary is $95,000, from which |
| . $19,000 of federal income tax and $8,000 of state income tax were withheld. Kelly also |
| pays premiums for health, disability and life insurance. $2,000 of the premium was for |
health insurance, $250 for disability and $400 for life insurance.
|
| Chanelle owns Alliance Networks, a proprietorship that does network consulting. |
| During the year, Chanelle’s gross revenues were $23,000. She incurred the following |
| expenses in her business: |
| Liability insurance $ 700 |
| Software rental 5,400 |
| Journals and magazines 150 |
| Training seminars 1,200 |
| Supplies 1,300 |
| Donations to a political campaign fund 800 |
| Kelly enjoys playing guitar and plays in a band. Kelly’s band has developed a local following. |
| This year, his gross revenues were $1,200 for playing shows attd $700 on CD |
| sales. He incurred the following expenses: |
| Studio rent expense $ 1,300 |
| Sound system repairs 200 |
| CD production 500 |
| New guitar and amplifier 800 |
| Kelly’s father passed away during the year. Kelly and Chanelle received $100,000 from |
| .the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums. |
| chanelle purchased 100 shares of Thurston co.-stock on May 1,1991, for $1,000. |
| _.Thurston Co. was declared bankrupt during rhe current year. |
| Chet’s physician recommended that he see a physical therapist to help with his disabilii!y. |:lty paid the therapist $7,000 during the year.because his insurance would not cover the bills. |
| Kelly and Chanelle-went to Las Vegas and won $5,000 at the blackjack table. The next |
| night, they lost $6,000. |
Kelly and Chanelle glyq $900 to their church and, during rhe year, they had the following other income and expenses:
|
| Real estate taxes $1,400 |
| Property taxes on car (determined by value) 500 |
| Home mortgage interest 9,000 |
| Credit card finance charges 2,600 |
| Tax return preparation fees ($600 is allocable to Chanelle’s business) 1,000 |
| Sales tax on purchases during the year 6,200 |
| Interest from a savings account 800 |
| Interest from City of Boston Bonds 700 |
| Dividend from 3M stock 400 |
| Prepare Kelly and Chanelle’s taxreturn Form 1040 and Schedules A, B, C, D, and SE |
for the current year
|
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