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Jane Smith, age 40, is single

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.

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