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concepts in federal taxation

Questions and Answers of Concepts In Federal Taxation

Boris is an unmarried systems specialist with a public accounting firm. During all of 2021, he is on temporary assignment in London. He pays $21,000 in British income tax on his $100,000 salary.
Imani receives a 2-year scholarship to Big University. The scholarship stipulates that, to improve her teaching skills, she must spend her first-year teaching at an affiliated school. She will be
In April, a tornado damages the house owned by Malik and John. The damaged residence required extensive repairs, making it necessary for Malik and John to move into a motel and eat their meals in
Camila, 43, is an employee of Primus University. Her annual salary is $44,000. Primus provides all employees with health and accident insurance (Camila's policy cost $1,800) and group term life
Determine the amount of the child and dependent care credit to which each of the following taxpayers is entitled:a. Michael and Jermaine are married and have a 7-year-old child. Their adjusted gross
Determine whether each of the following taxpayers must file a return in 2021:a. Jamie is a dependent who has wages of $4,150.b. Joel is a dependent who has interest income of $1,200.c. Martin is
Determine whether each of the following taxpayers must file a return in 2021:a. Felicia is a dependent who has wages of $6,350 and interest income of $225.b. Jason is a dependent who has interest
Jacqueline is single. In June 2021, she receives a refund of $250 from her 2020 state tax return. Her 2020 itemized deductions were $8,000. In October 2021, her 2019 state tax return is audited, and
Troy’s 2019 tax return is audited. The auditor determines that Troy inadvertently understated his ending inventory in calculating his business income. The error creates an additional tax liability
Carl Corporation acquires a business use warehouse for $200,000 on January 2, 2014. From 2014 through 2019, Carl Corporation properly deducts a total of $30,000 in depreciation. Carl incurs a net
Casandra and Hai are married and have a daughter who is a junior at State University. Their adjusted gross income for the year is $88,000, and they are in the 24% marginal tax bracket. They paid
Han owns a farm. He purchases a tractor in 2017 at a cost of $25,000. Because 2017 is a bad year, he does not deduct any depreciation on the tractor in 2017. He sells the tractor in 2021 for $16,000.
On October 1, 2021, Mitzo Realty Partnership purchases a lot for future development for $60,000 from the Elm Trust. The trust's adjusted basis in the lot is $20,000. Real estate taxes attributable to
Erin purchases 2 acres of land in 2021 by paying $4,000 in cash at closing and borrowing $40,000 to be repaid at $8,000 per year for the next 5 years with interest on the unpaid balance at 10%. In
On January 5, 2021, Henry purchases 500 shares of Wichmann, Inc., common stock at a cost of $24,700. On April 1, 2021, he purchases an additional 300 shares for $19,500. On November 13, 2021,
Izzy is an employee of Kosmo's Kustom Kars, Inc. The company rebuilds classic automobiles for resale. Last year, Izzy bought a rebuilt 1958 Thunderbird for $15,000 from the company. A car like Izzy's
Eric owns 600 shares of Razor, Inc., stock for which he paid $3,500 in 2016. On December 14, 2021, he sells the 600 shares for $4 per share and pays a commission of $200 on the sale. On January 3,
On November 14, 2021, Noel sells 2,000 shares of Marker, Inc., stock for $6,000. He had purchased the stock 2 years earlier for $10,000. Because the price of the stock continued to drop, Noel
On September 14 of last year, Wenona purchases 100 shares of Campbell Corporation common stock at a total cost of $8,000. In December of the current year, Campbell pays a nontaxable stock dividend of
Harry and Freddi, a married couple, purchased 100 shares of Opaque Mutual Fund in 2006 for $2,800 as joint tenants with the right of survivorship. Freddi dies during the current year. Fair market
Determine the total allowable 2020 earned income credit in each of the following situations:a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment
Determine the total allowable 2020 earned income credit in each of the following situations:a. Judy is single and earns $6,500 in salary for the year. In addition, she receives $3,500 in unemployment
Terry purchased stock in Yippee Corporation for $10,000 in May 1986. He bought stock in Zapper Corporation for $20,000 in June 1989. The Yippee Corporation stock is currently worth $90,000, and the
For each of the following tax treatments, determine the concept, construct, or doctrine that provides the rationale for the treatment:a. During the current year, Trafalger Corporation pays $475,000
Sidney lives in Hayes, Kansas. He owns land in Cotulla, Texas, that he inherited from his father several years ago. The land is unimproved and has never produced income. On January 26, 2021, Sidney
Andrew and Yuna each receive a salary of $80,000. Neither Andrew nor Yuna has any other source of income. During the current year, Yuna paid $800 more in tax than Andrew. What might explain why Yuna
Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2019for $40,000. During 2020, CCP earns an income of $90,000, and Christie withdraws $30,000 in cash from the
Esmeralda is an attorney. Before 2022, she is employed by the law firm of Ellis and Morgan (E&M). Esmeralda is not a partner in E&M; her compensation consists of a fixed salary and a
For each of the following situations determine the proper year for recognition of the income or deduction if the taxpayer is (1) a cash basis taxpayer and (2) an accrual basis taxpayer:a. Tindle
Tim has state income taxes of $4,500 withheld from his salary during 2020. On his 2020federal income tax return, Tim properly deducts the $4,500 as state taxes paid. Later, when he files his
Jamal Corporation is an accrual basis taxpayer. = In 2020, Jamal writes off a $1,000 account receivable from a customer who has died. In 2022, the former customer's estate sends Jamal a check for
For each of the following tax treatments, determine the concept, construct, or doctrine that provides the rationale for the treatment:a. Lester purchases some stock for a total cost of $2,500. On
Postum Partnership purchases a building in 2018for $250,000. It deducts $5,600 in depreciation on the building in 2018, $6,400 in 2019, $6,400 in 2020, and $3,200 in 2021. It sells the building in
Chelsea, who is single, purchases land for investment purposes in 2017 at a cost of $22,000. In 2021, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is
George purchases stock in Dodo Corporation in 2017 at a cost of $50,000. In 2021, he sells the stock for $32,000. What is the effect of the sale of stock on George's taxable income? Assume that
Consider the following two situations. Although they are similar, their treatments are exactly opposite. Identify the concept underlying both treatments, and explain why the concept treats the two
Nina leases a building to Downtown Computer Systems for $5,000 per month under a 5-year lease. The terms of the lease provide that any improvements to the building made by Downtown revert to Nina
Determine the taxpayer's adjusted basis in each of the following situations. If any changes are made in the original basis of the asset, explain why they are necessary.a. Simone purchases 300 shares
Ahmed bought some stock several years ago for $8,000. He is thinking of selling and has 2 offers. His broker told him he could sell the stock for $8,300 and would have to pay a $600 commission, for a
Henrietta is the president and sole shareholder of Clutter Corporation. In 2018, Henrietta transferred ownership of her personal residence to the corporation. As part of the transfer, Clutter
Jerry and his husband, Antonio, own a successful concrete company that is organized as a corporation. Jerry spends all his time running the company, whereas Antonio has a full-time job as a legal
Aretha is an executive vice president of Franklin, Inc. On December 18, 2021, the Franklin, Inc., board of directors awards her a $20,000 bonus. Aretha asks Franklin's controller to delay processing
Biko owns a snowmobile manufacturing business, and Miles owns a mountain bike manufacturing business. Because each business is seasonal, their manufacturing plants are idle during their respective
Jasmine's 2021 income tax calculation is as follows:Before filing her return, Jasmine finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she
Explain the pay-as-you-go system.
Haru is studying finance at State University. To complete the finance major, he has to take a basic income tax course. Because Haru does not intend to be a tax expert, he considers the course a waste
Nora and Vanessa are married and have 2 dependent children. This is a summary of their 2021 tax return:a. Assuming thatNora and Vanessa's 2021 adjusted gross income will increase at the 2.5% rate of
Inga, an attorney, completed a job for a client in November 2021. If she bills the client immediately, she will receive her $10,000 fee before the end of the year. By delaying the billing for a
Art is in the 24% marginal tax bracket for 2021. He owes a $10,000 bill for business expenses. Since he reports taxable income on a cash basis, he can deduct the $10,000 in either 2021 or 2022,
Marla had $2,100 in state income taxes withheld from her 2021 salary. When she files her 2021 state income tax return, her actual state tax liability is $2,300.

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