Gregory r. and lulu b. clifden

Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed & Breakfast, Which Gregory operates. The bed and breakfast (B&B) is located at 33333 Fume Blanc Way, Temecula, CA 92591. Gregory’s Social Security number is XXXXX and Lulu’s is XXX-XX-XXXX. Both enjoy good health and eyesight.
1.The Clifdens have three sons, Gerald A. (SSN# XXXXX),Gary T.(SSN#XXX-XX-XXXX),and Glen E.(SSN#XXX-XX-XXXX). Gerald is 17 years old, Gary is 12 years old, and Glenn is 10 years old.

2.The Rock Glen House Bed & Breakfast is operated as a sole proprietorship and had the following income and expenses for the year:

Room rental income $137775
Vending machine income $2100
Advertising expense $4,810
Depreciation $18,100
Mortgage interest on the B&B $33010
Wages of maid $17540
Taxes and licenses $6,420
Supplies $8,870
Business Insurance $6,300
Laundry Expenses $4,290
Accounting fees $1,850
Office expenses $2,400
Utilities $6350
All of the above amounts relate to the business portion of the Bed & Breakfast; the personal portion is accounted for separately. The Rock Glen House Bed & Breakfast uses the cash method of accounting and has no inventory. The employer tax ID number is XXXXX

3.The Clifdens made estimated Federal income tax payments of $2000 and estimated state income tax payments of $6,000 (all made 2017).

4.Lulu is a substitute teacher with the local school district. For the current year, lulu’s Form W-2 from the school district showed the following:
Wages $10,300
Federal income tax withheld $1,650
State income tax withheld $380
FICA (OASDI & Medicare) $787.95

5.Gregory is retired from the U.S. Navy. His annual statement from the Navy showed the following:
Retirement Income $9,300
Federal income tax withheld $1,200
State income tax withheld $290

6.Gregory and Lulu paid (and can substantiate) the following amounts during the year: MasterCard interest $1,480
Dental expenses$2,600
California state income tax (for 2008)$450 Charitable Contributions $1,875
Mortgage interest on home purchase $7631 (Personal portion)
Real Estate taxes (personal portion)$830 
Life insurance premiums $845
Investment interest $3100
Automobile registration fees$450(Deductible portion)
Tax return preparation fee $475
Contributions to George Clinton’s $1,000 Reelection campaign
None of the investment interest is related to amounts borrowed to purchase the City of Atlanta tax-exempt bonds.

7.During the year, Gregory and Lulu received the following qualifying dividends and interest: Interest:
Vintage Bank $1375
Bob’s Big Bank $375
Bank of Ireland $220
City of Atlanta Tax Exempt Bonds $1,490 Dividends:
Southwest Airlines $220 
Heinz Foods $560

Also, Lulu owns Series EE U.S. savings bonds. During the year, the bond redemption value increased by $1,300. Lula has not elected the accrual method for these bonds. There were no Irish taxes paid on the interest from the bank of Ireland. All the above stocks, bonds, and bank account are community property.

8.Lulu has a stock portfolio. During the year she sold the following stock, none of which is qualified small business stock:
Orange Co. – Sales Price $6100 Basis $3800 Date Acquired 2/11/15 SOLD 6/19/17
Gold Co. – Sales Price $12100 Basis $14200
Date Acquired 3/27/17 SOLD 9/19/2017
Green Co. – Sales Price $2575 Basis $1450
Date Acquired 10/31/12 SOLD 10/23/17

9.Lulu paid her ex-husband $4800 alimony in the current year, as required under the divorce decree. Her ex-husband’s name isXXXXX and his Social Security number is XXXXX

10. Gregory does all the significant work in the Bed & Breakfast and therefore he pays self-employment tax on 100 percent of the earnings from the B&B.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency