What are the total Interest and dividend incomes from the following?
1. Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1117. Devon did not engage in any virtual currency transactions during the year, and he does not want $3 to go to the Presidential Election Campaign Fund.
Devon’s wife, Ariane, passed away in 2015. Devon’s son, Tom, who is age 18, resides with Devon. Tom’s Social Security number is 123-45-6788.
Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory; the business operates as Devon’s Copy Shop, 422 E. Main Street, Albuquerque, NM 87131, IRS business activity code: 453990. His revenues and expenses for 2019 are as follows
| *New office equipment ($21,000); Devon chose to use the immediate expense election. – ** $18,000 for employees and $8,000 for Devon. |
Other income received by Devon includes the following:
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Dividend income (qualified dividends): |
|
|
Swan, Inc. |
$10,000 |
|
Wren, Inc. |
2,000 |
|
Interest income: |
|
|
First National Bank |
11,000 |
|
Second City Bank |
2,500 |
|
County of Santa Fe, NM bonds |
17,000 |
|
Interest and dividend income get reported on Schedule B; totals get carried forward to Form 1040. |
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