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Joyce writes childrenâs books for a variety of publishers. She has been selfemployed since 2007. As a freelance writer, Joyce incurs costs associated with preparing a manuscript for which she does not yet have a contract. During the year, Joyce makes 4 business trips, each 3 days long, to meet with various publishers. For shorter trips that are closer to home, she either drives or takes the train and returns the same day. On December 10, 2015, Joyce receives an advance (see below) on her next book. Under the contract, Joyce is scheduled to begin work on the book on February 1, 2016, and must have it completed by November 30, 2016. The Schnappaufsâ home has 2 telephones. Joyce has a separate phone number for her business. The information on Joyceâs business is listed below.
Royalties (Exhibits A­10 to A­12)
Publisherâs advance $4,000 Office supplies 170 Train tickets 535 Airfare (4 trips) 1,670 Lodging (12 nights) 2,240 Meals (12 days) 610 Telephone ($28 monthly fee per phone line) 672 Internet provider 570 Cell phone, including business calls 913 Business­related postage 87 Printing/copying 162 Legal fees 2,000 Interest on auto 254
2. On January 2, 2015, Joyce purchases a new car to use in her business. The car, a Volster, costs
$15,200. Joyce pays $2,200 in cash and finances the balance through the dealer. She uses the
car 45 percent of the time for business and drives a total of 10,800 miles during 2015. The total
expenses for the 10,800 miles driven are: repairs and maintenance, $240; insurance, $920; and
gasoline, $1,960. The correct depreciation expense for 2015 is $684 ($15,200 45% 10%).
3. Joyce’s office is located in a separate room in the house and occupies 375 square feet. The
total square footage of the house is 2,500. The Schnappaufs purchased the home on July 7,
2001, for $70,000. The local practice is to allocate 10 percent of the purchase price to land. The
depreciation percentage for the office is 0.02564. When Joyce started her business on January
1, 2007, the fair market value of the house was $108,000. The total household expenses for
2015 are as follows: Heat $2,170
Insurance 1,480
Electricity 740
Repairs to kitchen 3,100
Cleaning 1,560
Bill began work on his MBA at Denville University. He enrolled in two courses, and paid $3,000
in tuition and $310 for books.
Bill and Joyce each contribute the maximum to their respective IRA accounts in 2015. The IRA
account is Joyce’s only retirement vehicle. Bill’s basis in his IRA before the current year’s
contribution is $26,000, and Joyce’s basis is $36,000. The fair market value of Bill’s IRA on
12/31/15 is $41,720, and the fair market value of Joyce’s IRA is $57,100. In addition, Bill and
Joyce contributed $2,000 to a Coverdell Education Savings Account for Thomas.
The Schnappaufs incur the following medical expenses (before considering the $700
reimbursement they receive from their health insurance policy):
Medical premiums $3,800
Doctors 1,200
Chiropractor 650
Dentist 1,900
Vet fees (family dog Sandy) 350
Prescription drugs 340
Over-the-counter drugs (aspirin, cough syrup) 175
In addition, Bill purchases an Exsoaligner machine for $700. The machine was recommended by
the chiropractor to help strengthen Bill’s back muscles.
The Schnappaufs pay the following property taxes:
Wakefield house $11,200
Family car used by Bill (ad valorem) 480
Joyce’s car (ad valorem) 520 10.
The Schnappaufs receive two Form 1098s for the cost of interest on bank loans. They also pay
interest on their personal credit cards.
Jefferson Trust 1098 (Exhibit A-13—Wakefield house)
Jefferson Trust 1098 (Exhibit A-14—Home equity)
Dempsey’s Department Store revolving account $191
Brooks’ Bargain Basement revolving account 67
Jefferson Trust bank card 212
The proceeds from the home equity loan were used to renovate their kitchen and pay for Tom’s
tuition to private school. The interest on the portion of the loan used for private school tuition is
$640. Bill and Joyce make cash charitable contributions to the United Fund Campaign ($2,700),
Adelade University ($510), Tremon University ($1,900), and Christ the King Church in Kingston,
R.I. ($3,100). The Schnappaufs have documentation to verify their cash contributions. They also
donate property to the Salvation Army on July 15, 2015:
Original Cost
Date Acquired
Antique table $410
Sofa bed
Men’s suits (2) 140
The Salvation Army acknowledges that these amounts represent the fair market value of the
donated items.
The Schnappaufs incur the following expenses:
2014 tax preparation fee (paid in 2015)
Safety deposit box 60 Investment journals
Investment advice
Business publications (Bill)
Gambling losses
Because Joyce is self-employed, they make federal estimated tax payments of $210 per quarter
on April 15, 2015, June 15, 2015, September 15, 2015, and January 15, 2016. They also make
estimated payments of $150 per quarter to the state of Rhode Island on April 15, 2015, June 15,
2015, September 15, 2015, and December 31, 2015.
Bill and Joyce paid $7,400 in tuition, $840 for books, and $9,300 for room and board for Will, a
junior, to attend Springbrook State University. They also paid $16,410 in tuition, $950 in books,
and $10,100 in room and board for Dan, a freshman at Prescott College.
Other information: a. Joyce’s business is named Queensbridge Books, and her employer I.D.
number is 05-3456345. b. The Salvation Army’s address is 15 High Street, Wakefield, R.I. 02879.
c. To complete phase II, you will need the following additional forms: Schedule A, Schedule C,
Schedule SE, and Forms 4562, 4684, 8283, 8606, 8829, and 8863.


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