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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

Barbara B. Kuhn (SSN 987-65-4321) purchases a fourplex on January 8, 2014, for $175,000. She allocates $25,000 of the cost to the land, and she deducts MACRS depreciation totaling $16,364. Barbara
Len and Christy Vole, ages 42 and 39 respectively, are married and file jointly in 2017. Len is a contractor operating as a sole proprietorship (EIN 11-1111111). Christy is employed, earning $24,000
The XYZ Partnership reports the following items during 2017:Sales$400,000Cost of goods sold120,000Dividends-all qualified6,000Interest income on certificate of deposit held as an
Eagle Corporation, an S corporation, reports the following items during 2017:Sales$500,000Cost of goods sold150,000Dividends-all qualified7,000Interest income on certificate of deposit held as an
Given the following information for Jane Cole, complete Schedule D of Form 1040 through Part III.• Stock options, which she purchases on February 14 of the current year for $850, expire on October
Refer to the facts in Problem 33 and assume that the office building purchased in January 2019 and the car purchased in 2019 were both sold in June 2020. How much depreciation can be claimed as a
Refer to the facts in Problem 33 and assume the business equipment purchased in March was instead purchased in November. Based on these facts, compute the MACRS depreciation for the business
Assume the same facts as in Problem 42.Further assume that next year, Gary sells the SUV for $20,000.a. How much depreciation expense can Gary deduct as a business deduction with respect to the SUV
Assume the same facts as in Problem 29, except that Sally has AGI of \($75,000.\) What is her qualified student loan interest deduction in 2019?Problem 29,In 2019, Sally Morris, a single taxpayer,
Some stock in a calendar-year \(S\) corporation is sold to a nonresident alien on February 13, 2018. On what date is the corporation's status as an \(S\) corporation terminated?
Beta Corporation terminates its \(S\) election at the end of 2018. At that time, the corporation has an accumulated adjustments account of \(\$ 2,500\). How would a distribution made during 2019
If Doria Oliva dies this year (2018), what estate tax is payable if the facts are: Adjusted gross estate $11,510,000 Adjusted taxable gifts after 1976 Gift tax paid 100,000 6,000
Because John was so happy that Dana had agreed to become his fiancee, on February 2, 2018, he gave Dana's mother, Ethel, \(\$ 15,000\) in cash.a. Does this gift qualify for gift-splitting?b. Does
In 2018, Mr. Colburn created a trust for the benefit of his five adult children and transferred \(\$ 300,000\) to it. The trustee may decide how much income to pay to each child each year. The trust
In 2018, Bert Richards transferred a \(\$ 100,000\) savings account to his wife in trust. The terms of the trust are that income is to be distributed annually to his wife, Mary Beth, the remainder to
John Henry died on May 1, 2018. When does his final 1040 have to be filed?
In problem 49, when does the estate's taxable year end?problem 49,John Henry died on May 1, 2018. When does his final 1040 have to be filed?
John and Mary Hughes file their income tax return on a calendar year basis. John dies on May 15, 2018. Mary remarries on July 4, 2018. Can Mary file a joint return with John for the taxable year 2018?
In 2018, Cabell Mapp passed away in Belle Haven, Virginia. Pursuant to his will, a testamentary trust was established. The trust instrument requires that \(\$ 10,000\) a year be paid to the
How much may be contributed annually to a defined contribution Keogh plan?
Refer to the previous problem. If, instead of maintaining a traditional IRA, Ceci maintains a \(401(\mathrm{k})\) account, what are the deadlines and amounts associated with Ceci's first two
During 2018, Alec Meachin earned a net profit of \(\$ 80,000\) from his sole proprietorship (as reported on Schedule C). He paid \(\$ 10,000\) self-employment taxes during the year. What is the
Calculate the number of exemptions that could be claimed and the standard deduction that the taxpayer is entitled to take in 2018 in each of the following independent cases:a. John, age 66, and his
Charles has interest income of \(\$ 1,100\) and no other income. He is claimed as a dependent by his parents. Is he required to file an income tax return?
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of \(\$ 27,000\) and four exemptions. Assuming an adjusted gross income of \(\$ 60,000\), what is their
Compute Marie's taxable income for 2018 , assuming she is single and claims two dependent children. Her adjusted gross income is \(\$ 70,000\), and she has itemized deductions of \(\$ 19,000\).
Which of the following taxpayers should itemize? Explain.a. Robert is a single taxpayer. He has itemized deductions of \(\$ 12,200\).b. Jane qualifies as head of household. Her itemized deductions
Compute the taxable income for 2018 under each of the following circumstances:a. Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income
Duke and Pat Collins have adjusted gross income of \(\$ 358,000\). They have itemized deductions of \(\$ 20,000\) consisting of \(\$ 8,000\) in medical expenses that exceed \(7.5 \%\) of adjusted
What is Mary's taxable income for 2018 , assuming she has \(\$ 6,150\) of earned income and \(\$ 800\) of unearned income and is eligible to be claimed as a dependent by her parents?
Compute Stanley's taxable income for 2018 , assuming he has \(\$ 1,000\) in wages from working in a grocery store and \(\$ 2,200\) in interest income from some bonds he owns. Stanley, age 16, is
Bradford is 12 years old and is eligible to be claimed as a dependent on his parents' return. In 2018, he received unearned income of \(\$ 2,200\). Bradford's itemized deductions totaled \(\$ 150\).
Annie was divorced in 2003. She provided over half the cost of maintaining the home that she and her 22-year-old son lived in the entire year. Her former husband provided more than half of the son's
What is the best filing status in each of the following situations?a. Phillip and Catherine were married on December 31, 2018.b. John and Sandra were married in 2017. John left Sandra in March 2018,
What is the taxpayer's filing status for 2018 in each of the following situations?a. Bill's wife died in 2017. Bill maintained a household for his two dependent children in 2018.b. Bill is unmarried
Indicate the filing status and the number of exemptions allowed to Sandy for 2018, 2019,2020 , and 2021, assuming her husband died in 2018 and Sandy has been the sole support of her son since that
Which of the following individuals are required to file a tax return for 2018? Assume no tax has been withheld.a. Rebecca, single and with no dependents, earned \(\$ 12,350\) for the year.b. Hugh and
Julian and Georgia file a joint return. They have adjusted gross income of \(\$ 112,000\) and itemized deductions of \(\$ 24,200\). Are they required to use the Tax Rate Schedules or the Tax Tables
Eric is single and has no dependents for 2018. He earned \(\$ 60,000\) and had deductions from gross income of \(\$ 1,800\) and itemized deductions of \(\$ 12,200\). Compute Eric's income tax for the
Allen has taxable income of \(\$ 75,475\) for 2018. Using the Tax Rate Schedules in the Appendix, compute Allen's income tax liability before tax credits and prepayments for each of the following
Determine the amount of self-employment tax due for 2018, assuming that Lynette earned \(\$ 30,000\) in wages and also earned \(\$ 20,000\) from a business that she owned.
Comprehensive Problem. What is the total tax due for 2018 , including selfemployment tax, for Stuart, assuming that he earned \(\$ 20,000\) in wages, earned \(\$ 24,000\) in self-employment income
Comprehensive Problem. Richard and Jennifer were married in 2009. They have a five-year-old child and a son born November 15, 2018. Richard's 67-year-old father lived in a nursing home until his
Comprehensive Problem. Scott and Glenna are married with two dependent children. They have \(\$ 74,000\) in wage income and \(\$ 4,600\) in interest income on some bonds they own. They have
Explain the tax status of child support payments.
Jose and Roberta were divorced in 2018. Are payments for a life insurance policy that is owned by a former spouse who is the beneficiary of the policy deductible as alimony by the payer?
On January 1,2017 , John made a loan of \(\$ 6,000\) to his neighbor. The loan was evidenced by a written promise to repay the principal within three years and was to bear interest at a rate of \(6
Leah Sarah is employed at Cleveland Inc. at an annual salary of \(\$ 45,000\). Leah received \(\$ 35,000\) in salary in 2018 from Cleveland Inc., a prosperous company. They credited the unpaid salary
Fred Miller, a teacher, had several additional sources of income during 2018. He received a \(\$ 500\) gift as a result of his helping a friend build a house, and he was assigned \(\$ 300\) of
Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2018:How much rental income must Billy Dent include on his 2018 income tax return? Received in
Abby, a cash basis taxpayer, is paid an annual salary of \(\$ 250,000\) plus a percentage of net profits. The additional compensation for 2018 was \(\$ 50,000\). This sum is payable to her on
Judd Harrison owns 200 shares of stock in the Widget Company for which he paid \(\$ 1,600\) in 1999 . The board of directors of the company decided to pay a 10 percent stock dividend in April 2018,
In January 2019, Judd Harrison decides to sell 100 shares in the Widget Company. Since April 2018, no stock dividends had been paid by the company. On the date the stock is sold the market price is
In 2018, Ollie Lingo and his wife have several endowment life insurance policies. On the first, which begins payment in 2019 , but was fully paid by 2010 , a dividend of \(\$ 200\) is declared and
R.E. Lee entered into a 10 -year lease in 2015 with Mr. Grant. In addition to the \(\$ 18,000\) a year rent he paid in 2018 , he prepaid two months of 2019 rent totaling \(\$ 3,000\). Also, in 2018,
Arnold and Barbara Cane were divorced in June 2018. Pursuant to the divorce decree, Arnold is obliged to perform as follows:a. Transfer title of their personal home to Barbara. They purchased the
Roy Rainer will pay his wife, Mae, alimony according to the following schedule:Roy and Mae were divorced on January 6, 2018 For the first three years of the agreement, what portions are excludable
Richard and Sally Murphy were divorced in 2016. By the terms of their decree Richard pays Sally \(\$ 1,000\) a month for alimony and child support. When Jane, their 14-year-old daughter, reaches age
Mr. Garcia, a cashbasis taxpayer, owns an apartment building. His records reflect the following information for 2018:What is the amount of gross rental income Mr. Garcia should include in his gross
Roger signed for a ten-year lease to rent office space from Doug. In the first year, Roger paid Doug $5,000$5,000 for the first year's rent and $5,000$5,000 as rent for the last year of the lease.
Each of the following would be one of the requirements for a payment to be alimony under instruments executed after 1984 except:a. Payments are required by a divorce or separation instrument.b.
Robert divorced Laura in 2016. During 2018, per the divorce decree, Robert made the following payments:What is the amount Robert can deduct as alimony on his 2018 tax return?a. \(\$ 3,000\)b. \(\$
In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child?a. The noncustodial parent provides \(\$ 1,500\) of support for the child
Which of the following is not considered "constructive receipt" income in 2018?a. Andrew Mason was informed that his check for services rendered was available on December 15, 2018, but he waited
Robert Olsen was a very successful college basketball player. Knowing that he would be offered a multimillion dollar contract, he established a corporation assigning to it his services in
David and Doris Kelley were divorced on February 3, 2018. They lived apart during 2018. The divorce decree required David to make the following payments:a. Transfer full title to their jointly owned
In January 2018, Leon McLeod received a gift of a beach cottage valued at \(\$ 250,000\) from his great-uncle who owned a number of such buildings. The cottage was rented each year to college
The Hightown Council refused to increase the town budget. Robert Read was laid off from work on August 4, 2018. Earlier in the year he had been temporarily disabled from a job-related injury and had
In 2018 , Windsor Knott, an employee of the Victoria Tie Company, was seriously injured in the factory stockroom. He was hospitalized for 30 days and lost partial use of his left hand. During his
Charles Adams, who is single, retired on March 3, 2018, at the age of 65. For the year 2018, he receives the following income:What is Charles' modified AGI? What amount, if any, of his Social
On September 23, 2018, Mary Jones bought an annuity contract for \(\$ 22,050\) that will give her \(\$ 125\) a month for life, beginning October 30. Mary is 61 years old. Determine the exclusion
Don Smith's wife died in January while still employed and, as her beneficiary, he began receiving an annuity of \(\$ 147\) per month.There was no investment in the contract after June 30,2013 . The
Assume the same facts as in Problem 31, except that in January 2019, because of a cost-of-living increase, Don's annuity payment was increased to $175$175 per month. Determine the amount of the 2019
Philip Southerly purchases a joint and survivor annuity providing for payments of \(\$ 200\) per month for his life and, after his death, \(\$ 100\) per month for his wife's life. As of the annuity
Peter Seaman, at age 45 , purchased an annuity which will pay him \(\$ 250\) a month for life once he reaches age 65 . He paid in \(\$ 25,000\). At retirement, he will have quarterly payments from
Linda Sue Carr worked for a large food brokerage firm. In January of this year she was terminated. After a court battle Linda Sue was reinstated in her job and received from the firm in November \(\$
Steven Spokesman, a high school teacher in a local school district, was fired for publicly criticizing the local school district. The court ruled that Steven's freedom of speech had been violated and
Actress Nola Talent sued her coworker, actor Burt Dirt, for slander, citing his speech at a press interview where he labeled her a "floozy" and an "incompetent excuse for an actress." In her suit she
Robert Careless was injured while working on the production line on July 8,2018. He received the following payments as a result of his serious injury:During 2018, Robert earned \(\$ 16,000\) in
On May 1, 2018, Anthony was in an automobile accident while on his way to work. Following doctor's advice, Anthony stayed home for six months to recover from his injuries. While at home, Anthony
Ms. Green is single and over 65 years old. She received the following income in 2018:She did not have any adjustments to income. What is the taxable amount of Ms. Green's Social Security?a. \(\$
IRS Adapted Problem. All of the following fringe benefits can be excluded from the employee's income except:a. Transportation up to \(\$ 260\) per month for combined commuter highway vehicle
IRS Adapted Problem. In December 2018, Mr. Stone cashed qualified Series EE U.S. Savings Bonds, which he had purchased in January 2012. The proceeds were used for his son's college education. All of
On January 4, 2018, Ralph Stuart, an employee of Hard Manufacturing Inc., enrolled for the spring semester at State University where he is a candidate for an undergraduate degree in accounting. His
IRS Adapted Problem. Mr. Hines received a \(\$ 6,200\) grant from a local university for the fall of 2018 . Mr. Hines was a candidate for a degree, and was required to be a research assistant, for
IRS Adapted Problem. The following items were received as court awards and damages during 2018. All should be included in ordinary income for 2018 by the taxpayer who received them except:a.
Jose Reyes surrendered an endowment policy and received \(\$ 50,000\) from the \(A B C\) Insurance Company. Over time Jose had paid \(\$ 35,000\) in premiums. In addition, over time Jose had
Comprehensive Problem (Tax Return Problem). Rodney and Alice Jones have three small children, ranging in age from 5 to 10 . One child is blind and needs special care. Rodney works as an accountant
Comprehensive Problem (Tax Return} Problem). Mr. and Mrs. Sam Morris retired on February 10,2018, and call you in for tax advice. Both Sam and his wife Sarah have worked for many years. Sam is 65
To qualify for the immediate expensing election, an asset must meet what qualifications?
What restrictions apply to tax deductions for business gifts?
Indicate whether the following expenditures are trade or business deductions \((\mathrm{T})\), production of income deductions (PI), personal deductions \((\mathrm{P})\), or are not deductible
Indicate whether the following expenditures are trade or business deductions ( \(\mathrm{T}\) ), production of income deductions (PI), personal deductions \((\mathrm{P})\), or are not deductible
Two years ago, Jack Peters borrowed \(\$ 150,000\) from the First National Bank which he used to buy equipment used in his business. Business slowed considerably this year, and Jack was unable to
Compute MACRS depreciation for the following qualified assets for the calendar years 2018 and 2019: (Ignore bonus depreciation and the Section 179 deduction.)
Refer to the facts in Problem 36 and assume that the straight-line method under the alternative MACRS system was elected over the MACRS recovery period for all the assets listed. Based on these
Refer to the facts in Problem 36 and assume that the office building purchased in January 2018 and the car purchased in 2018 were both sold in June 2019. How much depreciation can be claimed as a
Assume the business equipment purchased in March was instead purchased in November. Based on these facts, compute the MACRS depreciation for the business equipment, car, and office furniture for
In 2018, Jason Products Co., a calendar year taxpayer, purchased business equipment (7-year property) for \(\$ 3,400,000\). No other personal property was purchased during the year. Jason wants to
LB Corporation purchased a business car in June 2018 for \(\$ 62,000\). The car weighs 4,000 pounds and will be used 100 percent of the time in the business. Compute the largest depreciation

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