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Corporate Finance
Mason, a licensed pharmacist, has always lived and worked in Boston. When he retires from a national drugstore chain, he conducts an extensive job search for any kind of employment in Florida. He
Ava has AGI of $58,000 and the following miscellaneous itemized deductions: Home office expenses.....................................................$1,200 Union dues and work
Ella is the regional sales manager for a fast-food chain. She starts her work day by driving from home to the regional office, works there for several hours, and then visits the three sales outlets
Michael holds a full-time job with Brown Company and a part-time job with Tan Corporation. During a workday, he drives 20 miles to Brown, returns home, has a meal, and then drives 15 miles to Tan.
Jessica invites a 16-year-old foreign exchange student to live in her home for the academic school year. Jessica provides all of the student's support for that period of time. The student is not
Fred travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are $400 (airfare), $150 per day (meals), and $300 per night
After accepting his first job upon graduating from college, Christian has the following moving expenses: Rental of moving
Robert entertains four key clients and their spouses at a nightclub. Substantive business discussions occurred over dinner and prior to the entertainment beginning. Expenses were $200 (limo charge),
Which allowable deduction can be claimed in arriving at an individual's adjusted gross income? a. Half the cost of meals eaten while moving over 50 miles for a new job b. Alimony paid directly to a
The following facts pertain to Lewis Productions, a sole proprietorship owned by Lewis, in the current year: Total cost of holiday gifts given to top 10 clients (each gift
In 2016, Archer, a single individual, moved from Minneapolis to Phoenix to start a new job with InnoTech, which began February 1, 2016. Archer worked for Inno- Tech until November 15, 2016, when
Alicia sold her personal residence to Rick on June 30 for $300,000. Before the sale, Alicia paid the real estate tax of $4,380 for the calendar year. For income tax purposes, the deduction is
Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2016. Also in 2016, Derek paid $50 that was due when he filed his 2015 state income tax return and made estimated
Zunilda is 77-year-old individual with an AGI of $25,000 in 2015. She began living in a nursing home in 2015 upon the recommendation of her primary care physician in order to receive medical care for
Sean, a limited partner in Ivy Nursery, is informed that his portion of the entity's current loss is $18,000. As a limited partner, can Sean assume that his share of the partnership loss is a passive
Sabrina pays most of the cost for her Aunt Betty to live in a nursing home. Betty receives Social Security benefits of $8,200 a year (all paid to the nursing home). Betty has no other income so
Ray acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Ray has AGI of $140,000 before considering the loss from the activity. If the activity is a bakery
How many hours must a participant work in a nonrental activity to be guaranteed material participation status?
Albert, Berry, and Collins formed ABC Partnership in the current year. Collins, a limited partner, contributed $20,000 in cash to the partnership and also pledged $10,000 of personal property as
Identify which of the following regular tax amounts create AMT preferences. a. Depletion expense. b. Employee's exclusion for an employer's contribution to the employee's pension plan. c. Incentive
The precursor to the Alternative Minimum Tax enacted by the Tax Reform Act of 1986 was the minimum tax, which was originally enacted in 1969. Find a website that discusses the rationale for the 1969
In May 2015, Senator Ron Wyden (D-OR) proposed legislation that would create a new type of municipal bond. Determine what the proposed legislation named the new type of bond and what were the
Ascertain whether your state's income tax has an AMT component. If your state does not levy an income tax, choose a contiguous state that does. In an e-mail to your instructor, outline how the state
Corbin reported adjusted gross income of $170,000. Other information is as follows. Standard deduction..............................................$ 6,300 Personal
The IRS provides a web-based tool to help taxpayers determine whether they are eligible for the earned income tax credit. Locate this tool at the IRS website. Then apply the facts related to a
Which of the following credits is not refundable? a. Child Tax Credit b. Child and Dependent Care Credit c. American Opportunity Tax Credit d. Earned Income Credit
Gillian and Paul are married and have a son who is a sophomore at the local university. In the current year, they paid $5,000 for tuition and $3,000 for room and board for their son. Their adjusted
Which of the following credits is refundable? a. Child Tax Credit b. Child and Dependent Care Credit c. Lifetime Learning Credit d. Foreign Tax Credit
Which of the following education-related expenses can be used to claim an education credit?
Michael and Kathy have one dependent, Dustin, who is in his third year of college. Michael is taking classes in the evening toward an MBA. What credits can Michael and Kathy claim as to these
Which of the following best describes the effect of a tax credit? a. It reduces a person's gross income b. It reduces a person's adjusted gross income c. It reduces a person's taxable income d. It
The following facts apply to Brooke, a self-employed individual. Income....................................$50,000 Student loan interest........................1,000 Alimony
Kellye is a calendar year taxpayer who makes and sells custom dog collars. This year, her cash receipts were $10,000, and her cost to make the collars was $2,000. Additionally, Kellye contributed
Which of the following is correct regarding the deduction for self-employment taxes? a. Self-employment taxes are deductible in full to arrive at adjusted gross income b. Self-employment taxes are
Ruth paid $5,000 in self-employment taxes throughout the year. What is Ruth's deduction for self-employment taxes to arrive at adjusted gross income? a. $5,000 b. $2,500 c. $1,530 d. $0
Which of the following is correct regarding self-employment taxes? I. For purposes of the portion of self-employment tax that is equivalent to Social Security tax, taxable self-employment income is
What are the due dates for estimated tax payments for a calendar year taxpayer who is self-employed? a. April, June, and September 15 of the current year, and January 15 of the subsequent year b.
Ken is a high school history teacher. Each summer he travels to a different location to further his knowledge of American history. This summer he plans to attend a four-day conference for high school
On June 1, 2016, Gary gave Gertrude a gift of stock worth $10,000, paying no gift tax on the transaction. Gary had purchased the stock for $7,500 in 2012. On October 1, 2016, Gertrude sold the stock
Helmut purchases 100 shares of stock in Caisson Corporation for $1,000 in year 1. On December 1 of year 2, he purchases an additional 100 shares in the company for $1,500. On December 28 of year 2,
Which of the following answer choices best describes income in respect of a decedent? a. Income earned or received by the decedent up to 30 days after the date of death b. Income pledged by others to
On June 1, 2015, Heloise gave Henrietta a gift of stock worth $10,000. Heloise had purchased the stock on January 1, 2015 for $13,000. Henrietta sold the stock to an unrelated party on January 1,
On July 1, 2015, Penelope gave Peter a gift of stock worth $9,000. Penelope had purchased the stock for $10,000 in 2013. On November 1, 2015, Peter sold the stock to an unrelated party for $8,500.
Kathryn has lived in her house for one year. Her company recently relocated to a city 100 miles away, forcing her to move. She purchased her house a year ago for $400,000 and sold it for $525,000,
An office building owned by Milo was destroyed by Hurricane Mel on September 25, 2015. On October 2, 2015, the President of the United States declared the area where the office building was located a
The following facts apply to Collins, an individual: In February of the current year, Hodge, who had owed a $5,000 personal debt to Collins for the past three years, declared bankruptcy. Collins sold
A retailer's store is destroyed by a tornado, but is insured for its replacement cost. Consequently, the retailer has a $40,000 gain after receiving the insurance proceeds. The store is not replaced
Refer to Form 4797 near the end of this chapter. Where would a § 1231 loss be entered on the form?
In year 1, Sharon loaned her friend, Christina, $10,000 to start a new business. The loan was documented by a signed note, at market interest rate, and required repayment in two years. Christina
Refer to Form 4797 near the end of this chapter. Where would a § 1231 gain on the disposition of business land be entered on the form?
Gaston Corporation distributes § 1245 property as a dividend to its shareholders. The property's fair market value is $580,000, and the adjusted basis is $560,000. In addition, the amount of the
If there is a net loss from the sale of depreciable business property held long term, what is the character of the loss? How is it deducted (for or from AGI)?
An individual taxpayer had a net § 1231 loss in 2016. Could any of this loss be treated as a long-term capital loss? Why or why not?
A depreciable business dump truck has been owned for four years and is no longer useful to the taxpayer. What would have to be true for the disposition of the dump truck to generate at least some §
On March 1 of the current year, Reiter, an individual, sold an office building for $300,000 that had an adjusted basis of $220,000, resulting in a gain of $80,000. Reiter had purchased the building
In year 3, Daniels, an individual, sold depreciable equipment for $21,000 that had an adjusted basis of $12,000, resulting in a $9,000 gain. The property had cost Daniels $20,000 when purchased in
Cowabunga Corp. had a highly profitable year 4, during which it purchased $1,000,000 in tangible personal property and elected to claim the highest depreciation expense allowed for tax purposes under
Joe purchased a van for $30,000 on February 1, 2014, for use with his business, Crew Airport Transport. Joe elected to take the § 179 deduction for the entire cost. On January 1, 2016, Joe sold the
In year 1, Gardner used funds earmarked for use in Gardner's business to make a personal loan to Carson. In year 3, Carson declared bankruptcy, having paid off only $500 of the loan at that time. In
You rent your beach house to your friend, Sarah. Sarah rents her condo in Aspen to you. You each pay a fair rental price.
Would a tax year ending December 31 be appropriate for a Ski lodge? Why or why not?
In December 2016, Nell, Inc., an accrual basis taxpayer, paid $12,000 for insurance premiums for her business for the 2017 calendar year. How much of the premiums can Nell, Inc., deduct in 2016?
LaJoie, Bhatti, and Jenkins are going to form LBJ Partnership. The ownership interests and tax years of the partners are as follows: Partner Partnership Interest Tax
Slater Slopes is a newly formed ski resort partnership with a natural business year ending May 31. The ownership and tax years of its three partners are as follows: Partner Partnership Interest
The cash method of accounting may be used for tax reporting purposes by which of the following taxpayers? a. A partnership with a C corporation-one with annual revenue exceeding $5 million-as a
Abbott (an S Corporation), Bell, Costello, and Dilbertson form Best Partnership, an equally shared partnership. Each partner but Abbott has a December 31 tax year-end; Abbott's is June 30. The
Suppose an individual is 55 years old. How much of an additional catch-up IRA contribution can the person make?
Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined
Which of the following is excluded from gross income on an individual's 2016 tax return? a. 2016 settlement from an employment discrimination lawsuit b. Seller of the Year award, in the form of a
On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit sharing plan, the full amount of which Young rolled over into an IRA 46 days later. How much of
Anne operates a dog-training business out of her home. She started the business four years ago but has not yet made a profit. She gets all of her business by word-of-mouth and thinks that she might
Claire is a self-employed individual who owns and runs Claire's Creations LLC. In 2016, she had $225,000 in net self-employment earnings, including a deduction for 50% of self-employment tax, prior
The following facts apply to Newton, a single individual, for 2016: W-2 income............................................................$110,000 Traditional IRA
Chatterjee is an executive with XYZ Corp. In 2015, XYZ gave Chatterjee 1,000 nonqualified stock options, each with an option price of $60, when the price of XYZ stock was $80. In 2016 Chatterjee
Cynthia and Doug are equal shareholders in Penguin, a calendar year S corporation. At the end of 2016, Penguin has an operating loss. Although Cynthia and Doug have the same basis in their Penguin
Maroon Corporation, a calendar year taxpayer, has taxable income of $68,000 for 2016. Determine its Federal income tax liability if Maroon is a: a. Regular corporation. b. Qualified personal service
Drab Corporation, a calendar year S corporation, had the following transactions during 2016. Sales............................................................. $1,500,000 Cost of Goods Sold
Christian and Mia form the CM Partnership, each receiving a 50% capital interest. Christian contributed property worth $200,000 (adjusted basis of $230,000), while Mia contributed property worth
Why are limited liability companies advantageous?
Roadrunner Corporation receives a dividend on its stock investment in General Electric Corporation. If Roadrunner is an S corporation, it cannot claim a dividends received deduction on the GE
Your firm, where you are the new Chief Financial Officer (CFO), has had an interesting year. For the entire year, you have been operating under the pressure of meeting a major EPS growth challenge.
The Herald Company manufactures and sells a single product which sells for $50 per unit andhas a contribution margin ratio of 30%. The company's monthly fixed expenses are $25,000. If Herald desires
The following is a list of eight waste activities found at a furniture manufacturing plant. Classify each one as a type of waste as represented by the acronym DOWNTIME (Defects. Overproductions.
A contractor has found that her cost for a certain construction job is subject to random variation. She believes its actual value follows a continuous uniform distribution between $9000 and $11000
A congested computer network has a 1% chance of losing a data packet and packet losses are independent events. An e-mail message requires 100 packets. a) What is the distribution of data packets that
Part 1: Prepare the tax formula in a worksheet in column A. In column B next to each element of tax formula, show the lines on Form 1040 to which the tax formula line item links.Part 2: Find a tax
A web site randomly selects among 10 products to discount each day. The color printer of interest to you is discounted today. a) What is the probability that this product is first discounted again
An organization is a regional distributor of widgets. Widgets purchased for the organization originate from small suppliers, and payment is made only with cash. To simplify operations, orders are
On January 1, 20x5, Dove Valley Corporation had 100,000 shares of $10 par value common stock issued and outstanding. All 100,000 shares had been issued in a prior period at $30 per share. On
A consumer spends all of her income(Y) on two goods Z and B.The price of good B (PB) is $6. The Marginal Rate of Transformation MRT is equal to −2. That is 2 units of good B can be traded
Nico Trading Corporation is considering issuing long-term debt. The debt would have a 30 year maturity and a 10 percent coupon rate. In order to sell the issue, the bonds must be underpriced at a
ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company. JMT pays a $80,000 dividend to ABC and DEM pays a $40,000 dividend to ABC in the current year. Assuming that ABC has
A corporation has 2,000 shares of 10 percent, $50 par-value preferred stock and 20,000 shares of $5 par-value common stock outstanding. If the board of the directors decides to distribute dividends
Paulsen Corporation makes two products, W and P, in a joint process. At the split-off point, 50,000 units of W and 60,000 units of P are available each month. Monthly joint production costs are
Suppose the population of all public Universities shows the annual parking fee per student is $110 with a standard deviation of $18. If a random sample of size 49 is drawn from the population, the
Sheila Williams, a medical secretary, earns $2461 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours
Below are 2 one-sample t-tests comparing male and female average salaries to the overall sample mean? Based on our sample, how do you interpret the results and what do these results suggest about the
A crane driven by an electric motor lifts 5 ton of building material in one minute to a height of 50m. The motor has an efficiency of 92% and the crane has an efficiency of 96%. Sketch the block
On July 1, 2013, Zheng Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2013 and mature on April 1, 2023. Interest is payable semiannually on April
Let the demand for money in the economy be given by 150,000 - [Inflation (%)] 3 . Calculate the amount of revenue raised through the inflation tax for inflation rates up to 50% (a spreadsheet
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