1040 Sands Case Study Facts (CASSAM)
Charles and Freda Sands live in Denver, Colorado. Charles left his executive position with XYZ in 2019 and started his own service business. Freda Sands is a partner in three domestic limited partnerships, non publicly-traded. Mrs. Sands does not materially participate in any of them.
Targeted Areas
- Passive activity coding
- K-1s
- Alternative minimum tax
- Incentive stock options
- Research expense
- Tax-exempt interest
- Self-employment tax
- Insurance premiums for self-employed
- Estimated tax payments
Return Information
- Basic Taxpayer Information
- Profit/Loss from Business
- Partnerships (Selected Portions of K-1s Shown)
- Medical Expenses
- Timely Quarterly Payments of Estimated Tax Made
- Charitable Contributions, Noncash
- Alternative Minimum Taxable Income Adjustments
- Transmittal Letter and Filing Instructions
Data Entry
- Taxpayer Information
- State of Florida Bonds
- Business Information
- K-1 Information
- Medical Expenses
- Timely Quarterly Payments
- Charitable Contribution of Stock
- Alternative Minimum Tax
- Transmittal Letter/Filing Instructions
- Reviewing the Return
Case Study Facts/sands_intro.htm/TY2019
Last Modified: 03/19/2020
Last System Build: 06/17/2021
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