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business
federal taxation

Questions and Answers of Federal Taxation

Harrell and Smith, Inc., 204 Ambulance Street, Anywhere, CA92345, is a corporation (EIN 57-1234567) formed on January 1, 2012. Information concerning the corporation and its two shareholders follows.
Identify the advantages and disadvantages of the various forms for conducting a business.
Review the tax consequences of forming and operating a partnership.
Assess the utility and effect of the Subchapter S election.
Apply the tax rules governing the liquidation of corporations.
Explain the tax rules governing the operation of corporations.
Describe the tax rules governing the formation of corporations.
Calculate the corporate tax liability and comply with various procedural and reporting requirements.
Recognize and calculate the tax deductions available only to corporations.
Contrast the income tax treatment of individuals with that applicable to corporations.
Identify those entities that are treated as corporations for Federal income tax purposes.
Identify tax planning opportunities available with deferred compensation.
Differentiate the tax treatment of qualified and nonqualified stock options.
Explain the value of restricted property plans.
Review the rationale for nonqualified deferred compensation plans and the related tax treatment.
Describe the benefits of the different types of Individual Retirement Accounts (IRAs).
State and explain the qualified plan (Keogh plan)available to a self-employed person.
Calculate the limitations on contributions to and benefits from qualified plans.
Discuss the tax consequences of qualified plans.
Identify the qualification requirements for qualified plans.
Distinguish between qualified (defined contribution and defined benefit) and nonqualified compensation arrangements.
Identify tax planning opportunities related to accounting periods and accounting methods.
Recognize when accounting for inventories must occur, be aware of the types of costs that must be included in inventories, and apply the LIFO method.
Review and illustrate the alternative methods of accounting for long-term contracts (the completed contract method and the percentage of completion method), including the limitations on the use of
Determine when the installment method of accounting can be utilized and apply the related calculation techniques.
Utilize the procedure for changing accounting methods.
Apply the cash method, accrual method, and hybrid method of accounting.
State and explain the relevance of the accounting period concept, the different types of accounting periods, and the limitations on their use.
Identify tax planning opportunities associated with§§ 1231, 1245, and 1250.
Describe and apply the reporting procedures for§§ 1231, 1245, and 1250.
Apply the special recapture provisions for related parties and IDC and be aware of the special recapture provision for corporations.
Identify considerations common to §§ 1245 and 1250.
Determine when § 1250 recapture applies and how it is computed.
Determine when § 1245 recapture applies and how it is computed.
Distinguish § 1231 assets from ordinary assets and capital assets and calculate the § 1231 gain or loss.
State the rationale for and the nature and treatment of gains and losses from the disposition of business assets.
Identify tax planning opportunities arising from the sale or exchange of capital assets.
Describe the tax treatment for capital gains and the detrimental tax treatment for capital losses for corporate taxpayers.
Describe the beneficial tax treatment for capital gains and the detrimental tax treatment for capital losses for noncorporate taxpayers.
Determine whether the holding period for a capital asset is long-term or short-term.
State and explain the relevance of a sale or exchange to classification as a capital gain or loss and apply the special rules for the capital gain or loss treatment of the retirement of corporate
Distinguish capital assets from ordinary assets.
Explain the rationale for separate reporting of capital gains and losses.
Review and apply various tax planning opportunities related to the nonrecognition provisions discussed in the chapter.
Describe the provision for the permanent exclusion of gain on the sale of a personal residence.
State and explain the rationale for nonrecognition(postponement) of gain or loss in certain property transactions.
Identify tax planning opportunities related to selected property transactions.
Review and illustrate how basis is determined for various methods of asset acquisition.
Apply the recovery of capital doctrine.
Identify tax planning opportunities related to tax credits and payment procedures.
Explain the additional Medicare taxes assessed on high-income individuals.
Explain and illustrate the payment procedures applicable to self-employed persons.
Explain and illustrate the tax withholding and payment procedures applicable to employers.
Describe various tax credits that are available primarily to individual taxpayers.
Describe various business-related tax credits.
Distinguish between refundable and nonrefundable credits and understand the order in which they can be used by taxpayers.
Explain how tax credits are used as a tool of Federal tax policy.
Identify and apply various tax planning opportunities to minimize the AMT.
Compare the individual AMT with the basic features of the corporate AMT.
Apply the formula for computing the AMT and illustrate Form 6251.
Identify the tax preferences that are included in calculating the AMT.
Identify the adjustments made in calculating the AMT.
List and evaluate the formula for computing the AMT for individuals.
Suggest tax planning strategies to minimize the effect of the passive loss limitations.
Identify restrictions placed on the deductibility of other investor losses and deductions, including those that apply to investment interest.
Determine the proper tax treatment upon the disposition of a passive activity.
Recognize the special treatment available to real estate activities.
Determine the relationship between the at-risk and passive activity limitations.
Demonstrate the nature of rental activities under the passive loss rules.
Identify and apply the tests for material participation.
Define passive activities and review the rules for identifying an activity.
Describe how the passive loss rules limit deductions for losses and identify the taxpayers subject to these restrictions.
Explain the at-risk limitation.
Explain the tax shelter problem and the reasons for at-risk and passive loss limitations.
Identify tax planning strategies that can maximize the benefit of itemized deductions.
List the business and personal expenditures that are deductible either as miscellaneous itemized deductions or as other itemized deductions.
Recognize charitable contributions and identify their related measurement problems and percentage limitations.
Distinguish between deductible and nondeductible interest and apply the appropriate limitations to deductible interest.
Explain the Federal income tax treatment of state and local income taxes and sales taxes.
Contrast deductible taxes with nondeductible fees, licenses, and other charges.
Define medical expenses and compute the medical expense deduction.
Distinguish between deductible and nondeductible personal expenses.
List and evaluate tax planning ideas related to employee business expenses.
Apply the limitations on miscellaneous itemized deductions.
Demonstrate the difference between accountable and nonaccountable employee plans.
Compare various deductions for contributions to retirement accounts.
Identify other employee expenses.
Explain how entertainment and meal expenses are treated.
Differentiate between deductible and nondeductible education expenses.
Determine the moving expense deduction.
Describe how travel expenses are treated.
Recognize deductible transportation expenses.
Distinguish between employee and self-employed status.
Identify tax planning opportunities for cost recovery, amortization, and depletion.
Perform the reporting procedures for cost recovery.
Determine the amount of depletion expense, including being able to apply the alternative tax treatments for intangible drilling and development costs.
Describe the major characteristics of ACRS.
Determine when and how to use the alternative depreciation system (ADS).
Identify listed property and apply the deduction limitations on listed property and on luxury automobiles.
Recognize when and how to make the § 179 expensing election, calculate the amount of the deduction, and apply the effect of the election in making the MACRS calculation.

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