Spencer Duck (SSN 277-31-7264) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his mother, SpencerҀ™s ex-wife, during the summer months. His mother provides more than half of MitchҀ™s support and Spencer has agreed to allow her to claim Mitch as her dependent. Spencer has a salary of $39,000 and itemized deductions of $4,000. Taxes withheld during the year amount to $3,221. On July 14 of the current year, he sold the following assets:Spencer received a K-1 from a partnership indicating that his share of the partnership STCL is $200.Land was sold for $35,000. The land was received as a property settlement on January 10, 2001, when the landҀ™s FMV amounted to $30,000. His ex-wifeҀ™s basis for the land, purchased on January 10, 1991, was $18,600.A personal-use computer acquired on March 2 last year for $4,000 was sold for $2,480.A membership card for a prestigious country club was sold for $8,500. The card was acquired on October 10, 1993, for $6,000.Marketable securities held as an investment were sold for $20,000. The securities were inherited from his uncle, who died on March 10 of the current year when FMV of the securities was $21,000. The uncle purchased the securities on May 10, 1990, for $10,700.In addition to the above sales, Spencer received a $100 refund of state income taxes paid last year. Spencer used the standard deduction last year to compute his tax liability.Prepare Form 1040 and Schedule D for the current year.