Business Income and rental Income

Minimum 450 words

Business income and rental incomeRental income View Full Description

Rodney owns 4 businesses and wants you to help with his tax return.  Based on the following information, explain how you would add these activities to his 1040 form and list the forms needed along with what would be included on each form.  What tax planning advice to you have for Rodney for next year?

· Activity A - A sports bar and grill in Birmingham, AL.  Taxable income from this operation is $43,000.   Rodney runs the bar 10 days a year while the manager is on vacation.

· Activity B - A men's clothing store in Tuscaloosa, AL.   The clothing store has a net loss of $29,000 for the year.  Rodney worked there 5 days during the year

· Activity C- An office building in Atlanta, GA.  Rodney is the building manager and has an office on the first floor.  He has 28 tenants in the building and has a taxable income from this operation of $540,000.,

· Activity D - A golf course in Macon, GA.  Rodney stops by and offers advice about 30 weekends a month and then plays a round of golf.  The golf course has taxable income of $230,000 per year.

· Forum Instructions

· Students must post a main response to the weekly discussion question by Day 3, and at  least two replies to other students by Day 7 . Active participation is required by replying to classmates during the week of discussion. Therefore, replies after the end of the each week  will not  be graded. The forums are for student interaction and submitting input after the end of the week serves no learning objectives and does not constitute as participation. Students should demonstrate their own knowledge in the forums and avoid copying and pasting from web sites. Responses will be graded directly from the Forums.

· Your grade earned for your responses will be based on the Forums Grading Criteria:

·  

Discussion	Module
Quality (40 points available)
Questions answered completely (i.e. including Instructor follow-up) (14 pts.)	14
Posts on topic and demonstrated analysis (16 pts.)	16
Original post meets minimum word requirement (10 pts.)	10
Total	40
Participation Guidelines (26 points available):
Initial post submitted before the deadline (14 pts.)	14
Posts made on at least three days (8 pts.)	8
At least two responses to classmates (4 pts.)	4
Total	26
Clarity and Organization of Writing (28 points available):
Posts were organized (6 pts.)	6
References were used with proper attribution (8 pts.)	8
No spelling or grammatical errors (14 pts.)	14
Total	28
Professional & Netiquette (6 points available):
Respectful (2 pts.)	2
Appropriate (2 pts.)	2
Professional Tone (2 pts.)	2
Total	6
TOTAL POINTS EARNED (100 pts.)	100