Jane Smith, age 40, is single and has no dependents. She is employed as a legal

Question

Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6789. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. During 2011, Jane had the following income and expense items:

$100,000 salary from Legal Services, Inc.

$20,000 gross receipts from her typing services business.

$700 interest income from Acme National Bank.

$1,000 Christmas bonus from Legal Services, Inc.

$60,000 life insurance proceeds on the death of her sister.

$5,000 check given to her by her wealthy aunt.

$100 won in a bingo game.

Expenses connected with the typing service:

Part 1

Explanation / Answer

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