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ACC-460 – Federal Taxation
Instructions: Topic 8 Tax Return Problem
You will be working individually to complete an s-corporation tax return and an individual income tax return. The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud please scan and upload one single document. Note if you upload multiple documents, the assignment will not be graded, and you will be required to turn in a paper copy or resubmit a single document with possible late point deductions). Use 2018 forms only (points will be deducted for using 2017 or 2019 forms).
Required
Prepare an s-corporation tax return. See data below. You will need the following forms:
Form 1120S and corresponding schedules, including Schedules L and M-1
Schedule K-1 for Herman Hiebert (from Problem C:11-64)
For the Schedule K-1, use the address and SSN information below for Herman.
Individual taxpayer information
Individual tax forms required:
1. Form 1040
1. Schedule 1
1. Schedule 5
1. Schedule A
1. Schedule B
1. Schedule D
1. Schedule E
1. Form 8949
1. Form 4797 (see item 4.i. below)
1. Herman Hieberts social security number is 456-12-3789. He is married but does not have any dependents. His wifes name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44th Street, Phoenix, AZ 85017
1. Additional information to complete the tax returns:
1. Rebecca works at Intel Corporation and earned $160,000 during the tax year.
1. Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500
1. Mortgage interest on their personal residence was $15,200, and property taxes were $5,150.
1. Additional charitable contributions of $10,500 were paid during the year.
1. On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share.
1. The taxpayers have a long-term capital loss carry forward of $5,000.
1. Assume AMT does not apply.
1. Apply any refund to estimated tax payments for the next year.
1. Download the appropriate 2018 tax forms from the IRS website. Include any necessary supporting schedules and supporting documentation. Use 2018 tax forms only (points will be deducted for using incorrect forms).
1. If submitting to LoudCloud, create one PDF file with all the tax forms in the order they should appear in a submitted tax return. If submitting paper copy, remember to put the forms in the proper order. Points will be deducted if forms are placed out of order. Remember to include the appropriate taxpayer information on the forms; points will be deducted for missing items.
Problem C:11-64
Bottle-Up, Inc., was organized on January 8, 2008, and made its S election on January 24, 2008. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street, City, ST 33333. Bottle-Up uses the calendar year as its tax year, the accrual method of accounting, and the first-in, first-out (FIFO) inventory method. Bottle-Up manufactures ornamental glass bottles. It made no changes to its inventory costing methods this year. It uses the specific identification method for bad debts for book and tax purposes.
2019. Grand Canyon University. All Rights Reserved. Form 1125-A
(Rev. November 2018)
Department of the Treasury
Internal Revenue Service
Cost of Goods Sold
Attach to Form 1120, 1120-C, 1120-F, 1120S, or 1065.
Go to www.irs.gov/Form1125A for the latest information.
OMB No. 1545-0123
Name Employer identification number
1 Inventory at beginning of year . . . . . . . . . . . . . . . . . . . . . 1
2 Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Cost of labor . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Additional section 263A costs (attach schedule) . . . . . . . . . . . . . . . . 4
5 Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . 5
6 Total. Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . . 6
7 Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . 7
8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the
appropriate line of your tax return. See instructions . . . . . . . . . . . . . . . 8
9a Check all methods used for valuing closing inventory:
(i) Cost
(ii) Lower of cost or market
(iii) Other (Specify method used and attach explanation.)
b Check if there was a writedown of subnormal goods . . . . . . . . . . . . . . . . . . . . . .
c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . .
d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed
under LIFO . . . . . . . . . . . . . . . . . . . . . . . . . . . 9d
e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions . . Yes No
f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If Yes,
attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No
Section references are to the Internal
Revenue Code unless otherwise noted.
What’s New
Small business taxpayers. For tax years
beginning after December 31, 2017, the
following apply.
A small business taxpayer (defined
below), may use a method of accounting for
inventories that either: (1) treats inventories
as nonincidental materials and supplies, or
(2) conforms to the taxpayer’s financial
accounting treatment of inventories.
A small business taxpayer is not required
to capitalize costs under section 263A.
General Instructions
Purpose of Form
Use Form 1125-A to calculate and deduct
cost of goods sold for certain entities.
Who Must File
Filers of Form 1120, 1120-C, 1120-F,
1120S, or 1065, must complete and attach
Form 1125-A if the applicable entity reports
a deduction for cost of goods sold.
Inventories
Generally, inventories are required at the
beginning and end of each tax year if the
production, purchase, or sale of
merchandise is an income-producing
factor. See Regulations section 1.471-1. If
inventories are required, you generally
must use an accrual method of accounting
for sales and purchases of inventory items.
Exception for certain taxpayers. A small
business taxpayer (defined below), can
adopt or change its accounting method to
account for inventories in the same manner
as material and supplies that are non-
incidental, or conform to its treatment of
inventories in an applicable financial
statement (as defined in section 451(b)(3)),
or if it does not have an applicable financial
statement, the method of accounting used
in its books and records prepared in
accordance with its accounting
procedures. See section 471(c)(3).
A small business taxpayer claiming
exemption from the requirement to keep
inventories is changing its method of
accounting for purposes of section 481.
For additional guidance on this method of
accounting, see Pub. 538, Accounting
Periods and Methods. For guidance on
changing to this method of accounting, see
Form 3115 and the Instructions for Form
3115.
Small business taxpayer. A small
business taxpayer is a taxpayer that (a) has
average annual gross receipts of $25
million or less (indexed for inflation) for the
3 prior tax years, and (b) is not a tax shelter
(as defined in section 448(d)(3)). See Pub.
538.
Uniform capitalization rules. The uniform
capitalization rules of section 263A
generally require you to capitalize, or
include in inventory, certain costs incurred
in connection with the following.
The production of real property and
tangible personal property held in inventory
or held for sale in the ordinary course of
business.
Real property or personal property
(tangible and intangible) acquired for resale.
The production of real property and
tangible personal property for use in its
trade or business or in an activity engaged
in for profit.
A small business taxpayer (defined
above) is not required to capitalize costs
under section 263A. See section 263A(i).
See the discussion on section 263A
uniform capitalization rules in the
instructions for your tax return before
completing Form 1125-A. Also see
Regulations sections 1.263A-1 through
1.263A-3. See Regulations section
1.263A-4 for rules for property produced in
a farming business.
For Paperwork Reduction Act Notice, see instructions. Cat. No. 55988R Form 1125-A (Rev. 11-2018)
Form 1125-A (Rev. 11-2018) Page 2
Specific Instructions
Line 1. Inventory at Beginning of
Year
If you are changing your method of
accounting for the current tax year, you
must refigure last year’s closing inventory
using the new method of accounting. Enter
the result on line 1. If there is a difference
between last year’s closing inventory and
the refigured amount, attach an
explanation and take it into account when
figuring any section 481(a) adjustment.
Line 2. Purchases
Reduce purchases by items withdrawn for
personal use. For a partnership, the cost of
these items should be shown on Schedule
K and Schedule K-1 as distributions to
partners.
Line 4. Additional Section 263A
Costs
If you elected a simplified method of
accounting, enter on line 4 the balance of
section 263A costs paid or incurred during
the tax year not includible on lines 2, 3, and
5.
If you elected the simplified production
method, additional section 263A costs are
generally those costs, other than interest,
that were not capitalized under your
method of accounting immediately prior to
the effective date of section 263A, but are
now required to be capitalized under
section 263A. For details, see Regulations
section 1.263A-2(b).
If you elected the simplified resale
method, additional section 263A costs are
generally those costs incurred with respect
to the following categories.
Off-site storage or warehousing.
Purchasing.
Handling, such as processing,
assembling, repackaging, and transporting.
General and administrative costs (mixed
service costs).
Line 5. Other Costs
Enter on line 5 any costs paid or incurred
during the tax year not entered on lines 2
through 4. Attach a statement listing details
of the costs.
Special Rules for Cooperatives
Cooperatives are allowed to deduct certain
per-unit retain allocations. Include these
costs on line 5. Attach a statement listing
details of per-unit retain allocations paid in:
Qualified per-unit retain certificates,
Money or other property (except
nonqualified per-unit certificates), and
Nonqualified per-unit retain certificates
redeemed this year.
Per-unit retain allocations. A cooperative
is allowed to deduct from its taxable
income amounts paid during the payment
period for the tax year as per-unit retain
allocations to the extent paid in money,
qualified per-unit retain certificates, or
other property with respect to marketing
occurring during the tax year. A per-unit
retain allocation is any allocation from a
cooperative to a patron for products
marketed for him without reference to the
cooperative net earnings. A qualified per-
unit retain certificate is any per-unit retain
certificate that the distributee has agreed
to take into account at its stated dollar
amount.
Nonqualified per-unit retain certificates
redeemed this year. Include the amount
paid in money or other property (except
amounts already included as per-unit retain
certificates) to patrons to redeem
nonqualified per-unit retain certificates. No
deduction is allowed at the time of
issuance for a nonqualified per-unit retain
certificate. However, the cooperative may
take a deduction in the year the certificate
is redeemed, subject to the stated dollar
amount of the certificate. See section 1383.
Also see the instructions for Form 1120-C,
line 30h, for a special rule for figuring the
cooperative’s tax in the year of redemption
of a nonqualified per-unit retain certificate.
Line 7. Inventory at End of Year
See Regulations sections 1.263A-1 through
1.263A-3 for details on figuring the amount
of additional section 263A costs to be
included in ending inventory.
Line 8. Cost of Goods Sold
Enter the amount from line 8 on your tax
return as follows. Filers of Form 1120,
1120-C, 1120S, and 1065, enter cost of
goods sold on page 1, line 2. Filers of Form
1120-F, enter cost of goods sold on
Section II, line 2.
Lines 9a Through 9f. Inventory
Valuation Methods
Inventories can be valued at:
Cost,
Cost or market value (whichever is lower),
or
Any other method approved by the IRS
that conforms to the requirements of the
applicable regulations cited below.
Filers that use erroneous valuation
methods must change to a method
permitted for federal income tax purposes.
Use Form 3115 to make this change. See
the Instructions for Form 3115. Also see
Pub. 538.
Line 9a. Method of valuing closing
inventory. On line 9a, check the method(s)
used for valuing inventories. Under lower of
cost or market, the term market (for
normal goods) means the current bid price
prevailing on the inventory valuation date
for the particular merchandise in the
volume usually purchased by the filer. For a
manufacturer, market applies to the basic
elements of costraw materials, labor, and
burden. If section 263A applies, the basic
elements of cost must reflect the current
bid price of all direct costs and all indirect
costs properly allocable to goods on hand
at the inventory date.
Inventory may be valued below cost
when the merchandise is unsalable at
normal prices or unusable in the normal
way because the goods are subnormal due
to damage, imperfections, shopwear,
change of style, odd or broken lots, or
other similar causes, including second-
hand goods taken in exchange. The goods
may be valued at the bona fide selling
price, minus the direct cost of disposition
(but not less than scrap value). Bona fide
selling price means actual offering of
goods during a period ending not later than
30 days after inventory date.
Lines 9c and 9d. LIFO method. If this is
the first year the Last-in, First-out (LIFO)
inventory method was either adopted or
extended to inventory goods not previously
valued under the LIFO method provided in
section 472, attach Form 970, Application
To Use LIFO Inventory Method, or a
statement with the information required by
Form 970. Check the LIFO box on line 9c.
On line 9d, enter the amount of total
closing inventories computed under
section 472. Estimates are acceptable.
If you changed or extended your
inventory method to LIFO and had to write
up the opening inventory to cost in the year
of election, report the effect of the write-up
as other income, on your applicable return,
proportionately over a 3-year period that
begins with the year of the LIFO election.
Form 1125-A (Rev. 11-2018) Page 3
Note: Entities using the LIFO method that
make an S corporation election or transfer
LIFO inventory to an S corporation in a
nonrecognition transaction may be subject
to an additional tax attributable to the LIFO
recapture amount. See the instructions for
Form 1120, Schedule J, line 11.
Line 9e. If property is produced or
acquired for resale and the rules of section
263A apply to the corporation, cooperative,
partnership, or other applicable entity,
check the Yes box on line 9e.
Paperwork Reduction Act Notice. We
ask for the information on this form to carry
out the Internal Revenue laws of the United
States. You are required to give us the
information. We need it to ensure that you
are complying with these laws and to allow
us to figure and collect the right amount of
tax.
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records relating
to a form or its instructions must be
retained as long as their contents may
become material in the administration of
any Internal Revenue law. Generally, tax
returns and return information are
confidential, as required by section 6103.
The time needed to complete and file
this form will vary depending on individual
circumstances. The estimated burden for
business taxpayers filing this form is
approved under OMB control number
1545-0123 and is included in the estimates
shown in the instructions for their business
income tax return.
If you have comments concerning the
accuracy of these time estimates or
suggestions for making this form simpler,
we would be happy to hear from you. See
the instructions for the tax return with
which this form is filed.
Version A, Cycle 5
INTERNAL USE ONLY
DRAFT AS OF
November 28, 2018
Form 1125-A (Rev. November 2018)
SE:W:CAR:MP
Cost of Goods Sold
Form 1125-A
(Rev. November 2018)
Rev. November 2018. Cat. No. 55988R.
Department of the Treasury Internal Revenue Service
Cost of Goods Sold
Attach to Form 1120, 1120-C, 1120-F, 1120S, or 1065.
Go towww.irs.gov/Form1125A for the latest information.
OMB No. 1545-0123
O M B No. 1545-0123. For Paperwork Reduction Act Notice, see instructions.
1
Inventory at beginning of year
1
2
Purchases
2
3
Cost of labor
3
4
Additional section 263A costs (attach schedule)
4
5
Other costs (attach schedule)
5
6
Total. Add lines 1 through 5
6
7
Inventory at end of year
7
8
Cost of goods sold.Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the appropriate line of your tax return. See instructions
8
9
a
Check all methods used for valuing closing inventory:
(i)
(ii)
(iii)
b
Check if there was a writedown of subnormal goods
c
Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970)
d
If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO
9d
e
If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions
f
Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If Yes, attach explanation
Section references are to the Internal Revenue Code unless otherwise noted.
What’s New
Small business taxpayers. For tax years beginning after December 31, 2017, the following apply.
A small business taxpayer (defined below), may use a method of accounting for inventories that either: (1) treats inventories as nonincidental materials and supplies, or (2) conforms to the taxpayer’s financial accounting treatment of inventories.
A small business taxpayer is not required to capitalize costs under section 263A.
General Instructions
Purpose of Form
Use Form 1125-A to calculate and deduct cost of goods sold for certain entities.
Who Must File
Filers of Form 1120, 1120-C, 1120-F, 1120S, or 1065, must complete and attach Form 1125-A if the applicable entity reports a deduction for cost of goods sold.
Inventories
Generally, inventories are required at the beginning and end of each tax year if the production, purchase, or sale of
merchandise is an income-producing factor. See Regulations section 1.471-1. If inventories are required, you generally must use an accrual method of accounting for sales and purchases of inventory items.
Exception for certain taxpayers. A small business taxpayer (defined below), can adopt or change its accounting method to account for inventories in the same manner as material and supplies that are non-incidental, or conform to its treatment of inventories in an applicable financial statement (as defined in section 451(b)(3)), or if it does not have an applicable financial statement, the method of accounting used in its books and records prepared in accordance with its accounting procedures. See section 471(c)(3).
A small business taxpayer claiming exemption from the requirement to keep inventories is changing its method of accounting for purposes of section 481. For additional guidance on this method of accounting, see Pub. 538, Accounting Periods and Methods. For guidance on changing to this method of accounting, see Form 3115 and the Instructions for Form 3115.
Small business taxpayer.A small business taxpayer is a taxpayer that (a) has average annual gross receipts of $25 million or less (indexed for inflation) for the 3 prior tax years, and (b) is not a tax shelter (as defined in section 448(d)(3)). See Pub. 538.
Uniform capitalization rules.The uniform capitalization rules of section 263A generally require you to capitalize, or include in inventory, certain costs incurred in connection with the following.
The production of real property and tangible personal property held in inventory or held for sale in the ordinary course of business.
Real property or personal property (tangible and intangible) acquired for resale.
The production of real property and tangible personal property for use in its trade or business or in an activity engaged in for profit.
A small business taxpayer (defined above) is not required to capitalize costs under section 263A. See section 263A(i).
See the discussion on section 263A uniform capitalization rules in the instructions for your tax return before completing Form 1125-A. Also see Regulations sections 1.263A-1 through 1.263A-3. See Regulations section 1.263A-4 for rules for property produced in a farming business.
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 55988R
Form1125-A (Rev. 11-2018)
Form 1125-A (Rev. 11-2018)
Page 2
Specific Instructions
Line 1. Inventory at Beginning of Year
If you are changing your method of accounting for the current tax year, you must refigure last year’s closing inventory using the new method of accounting. Enter the result on line 1. If there is a difference between last year’s closing inventory and the refigured amount, attach an explanation and take it into account when figuring any section 481(a) adjustment.
Line 2. Purchases
Reduce purchases by items withdrawn for personal use. For a partnership, the cost of these items should be shown on Schedule K and Schedule K-1 as distributions to partners.
Line 4. Additional Section 263A Costs
If you elected a simplified method of accounting, enter on line 4 the balance of section 263A costs paid or incurred during the tax year not includible on lines 2, 3, and 5.
If you elected the simplified production method, additional section 263A costs are generally those costs, other than interest, that were not capitalized under your method of accounting immediately prior to the effective date of section 263A, but are now required to be capitalized under section 263A. For details, see Regulations section 1.263A-2(b).
If you elected the simplified resale method, additional section 263A costs are generally those costs incurred with respect to the following categories.
Off-site storage or warehousing.
Purchasing.
Handling, such as processing, assembling, repackaging, and transporting.
General and administrative costs (mixed service costs).
Line 5. Other Costs
Enter on line 5 any costs paid or incurred during the tax year not entered on lines 2 through 4. Attach a statement listing details of the costs.
Special Rules for Cooperatives
Cooperatives are allowed to deduct certain per-unit retain allocations. Include these costs on line 5. Attach a statement listing details of per-unit retain allocations paid in:
Qualified per-unit retain certificates,
Money or other property (except nonqualified per-unit certificates), and
Nonqualified per-unit retain certificates redeemed this year.
Per-unit retain allocations.A cooperative is allowed to deduct from its taxable income amounts paid during the payment period for the tax year as per-unit retain allocations to the extent paid in money, qualified per-unit retain certificates, or other property with respect to marketing occurring during the tax year. A per-unit retain allocation is any allocation from a cooperative to a patron for products marketed for him without reference to the cooperative net earnings. A qualified per-unit retain certificate is any per-unit retain certificate that the distributee has agreed to take into account at its stated dollar amount.
Nonqualified per-unit retain certificates redeemed this year. Include the amount paid in money or other property (except amounts already included as per-unit retain certificates) to patrons to redeem nonqualified per-unit retain certificates. No deduction is allowed at the time of issuance for a nonqualified per-unit retain certificate. However, the cooperative may take a deduction in the year the certificate is redeemed, subject to the stated dollar amount of the certificate. See section 1383. Also see the instructions for Form 1120-C, line 30h, for a special rule for figuring the cooperative’s tax in the year of redemption of a nonqualified per-unit retain certificate.
Line 7. Inventory at End of Year
See Regulations sections 1.263A-1 through 1.263A-3 for details on figuring the amount of additional section 263A costs to be included in ending inventory.
Line 8. Cost of Goods Sold
Enter the amount from line 8 on your tax return as follows. Filers of Form 1120, 1120-C, 1120S, and 1065, enter cost of goods sold on page 1, line 2. Filers of Form 1120-F, enter cost of goods sold on Section II, line 2.
Lines 9a Through 9f. Inventory Valuation Methods
Inventories can be valued at:
Cost,
Cost or market value (whichever is lower), or
Any other method approved by the IRS that conforms to the requirements of the applicable regulations cited below.
Filers that use erroneous valuation methods must change to a method permitted for federal income tax purposes. Use Form 3115 to make this change. See the Instructions for Form 3115. Also see Pub. 538.
Line 9a. Method of valuing closing inventory. On line 9a, check the method(s) used for valuing inventories. Under lower of cost or market, the term market (for normal goods) means the current bid price prevailing on the inventory valuation date for the particular merchandise in the volume usually purchased by the filer. For a manufacturer, market applies to the basic elements of costraw materials, labor, and burden. If section 263A applies, the basic elements of cost must reflect the current bid price of all direct costs and all indirect costs properly allocable to goods on hand at the inventory date.
Inventory may be valued below cost when the merchandise is unsalable at normal prices or unusable in the normal way because the goods are subnormal due to damage, imperfections, shopwear, change of style, odd or broken lots, or other similar causes, including second-hand goods taken in exchange. The goods may be valued at the bona fide selling price, minus the direct cost of disposition (but not less than scrap value). Bona fide selling price means actual offering of goods during a period ending not later than 30 days after inventory date.
Lines 9c and 9d.LIFO method. If this is the first year the Last-in, First-out (LIFO) inventory method was either adopted or extended to inventory goods not previously valued under the LIFO method provided in section 472, attach Form 970, Application To Use LIFO Inventory Method, or a statement with the information required by Form 970. Check the LIFO box on line 9c. On line 9d, enter the amount of total closing inventories computed under section 472. Estimates are acceptable.
If you changed or extended your inventory method to LIFO and had to write up the opening inventory to cost in the year of election, report the effect of the write-up as other income, on your applicable return, proportionately over a 3-year period that begins with the year of the LIFO election.
Form 1125-A (Rev. 11-2018)
Page 3
Note: Entities using the LIFO method that make an S corporation election or transfer LIFO inventory to an S corporation in a nonrecognition transaction may be subject to an additional tax attributable to the LIFO recapture amount. See the instructions for Form 1120, Schedule J, line 11.
Line 9e.If property is produced or acquired for resale and the rules of section 263A apply to the corporation, cooperative, partnership, or other applicable entity, check the Yes box on line 9e.
Paperwork Reduction Act Notice.We ask for the information on this form to carry out the Internal Revenue laws of the UnitedStates. You are required to give us the
information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for business taxpayers filing this form is approved under OMB control number 1545-0123 and is included in the estimates shown in the instructions for their business income tax return.
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.
f1_1: Bottle-Up, Inc.
f1_2: XX-XXXXXXX
f1_3: 102000
f1_4:
f1_5: 900000
f1_6:
f1_7: 200000
f1_8:
f1_9:
f1_10:
f1_11: 368000
f1_12:
f1_13: 1570000
f1_14:
f1_15: 96000
f1_16:
f1_17: 1474000
f1_18:
c1_1:
c1_2: Yes
c1_3:
f1_19:
c1_4:
c1_5:
f1_20:
f1_21:
c1_6:
c1_7: Form 8949
Department of the Treasury
Internal Revenue Service
Sales and Other Dispositions of Capital Assets
Go to www.irs.gov/Form8949 for instructions and the latest information.
File with your Schedule D to list your transactions for lines 1b, 2, 3, 8b, 9, and 10 of Schedule D.
OMB No. 1545-0074
2018
Attachment
Sequence No. 12A
Name(s) shown on return Social security number or taxpayer identification number
Before you check Box A, B, or C below, see whether you received any Form(s) 1099-B or substitute statement(s) from your broker. A substitute
statement will have the same information as Form 1099-B. Either will show whether your basis (usually your cost) was reported to the IRS by your
broker and may even tell you which box to check.
Part I Short-Term. Transactions involving capital assets you held 1 year or less are generally short-term (see
instructions). For long-term transactions, see page 2.
Note: You may aggregate all short-term transactions reported on Form(s) 1099-B showing basis was
reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on
Schedule D, line 1a; you arent required to report these transactions on Form 8949 (see instructions).
You must check Box A, B, or C below. Check only one box. If more than one box applies for your short-term transactions,
complete a separate Form 8949, page 1, for each applicable box. If you have more short-term transactions than will fit on this page
for one or more of the boxes, complete as many forms with the same box checked as you need.
(A) Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above)
(B) Short-term transactions reported on Form(s) 1099-B showing basis wasnt reported to the IRS
(C) Short-term transactions not reported to you on Form 1099-B
1
(a)
Description of property
(Example: 100 sh. XYZ Co.)
(b)
Date acquired
(Mo., day, yr.)
(c)
Date sold or
disposed of
(Mo., day, yr.)
(d)
Proceeds
(sales price)
(see instructions)
(e)
Cost or other basis.
See the Note below
and see Column (e)
in the separate
instructions
Adjustment, if any, to gain or loss.
If you enter an amount in column (g),
enter a code in column (f).
See the separate instructions.
(f)
Code(s) from
instructions
(g)
Amount of
adjustment
(h)
Gain or (loss).
Subtract column (e)
from column (d) and
combine the result
with column (g)
2
Totals. Add the amounts in columns (d), (e), (g), and (h
