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Tax Return
tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a portion of their tax return. You should complete the appropriate portion of each form or schedule indicated in the instruc- tions. The following basic information is provided for preparing their 2016 tax return:
• Laurie inherited two limited partnerships when her grandfather passed away on October 10, 2014. The first, Towers Brothers, is a real estate venture. The K-1 she received indicated that her share of the income is $3,400. Her sus- pended loss in the partnership is $2,200. The second limited partnership, DrillTech, is an oil and gas business. Her loss for the year is $2,700. Laurie’s suspended loss in DrillTech is $5,600.
• On July 10, 2014, Lynn invested $4,000 in his brother’s corporation Putter- Plus, a training device to help golfers putt better. The corporation qualified as a small business corporation and went out of business on February 2, 2016.
• On April 22, 2011, the Norrises acquired 1,000 shares of NFG Inc. for $11,000. On August 10, they sell 400 shares for $2,000. On September 5, Lynn is watching Mad Money and based on Kramer’s advice, he buys 300 shares of NFG for $7 a share.
Required: Based on the information provided above, only fill out the appropriate portions of Form 1040, Form 8582, and finish Form 1040 Schedule D.