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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

Anna's 2017 individual tax return was examined and the IRS proposed changes resulting in additional tax. Anna wishes to bypass the IRS’s appeal system and file a refund suit in the United States
Peter's return was examined and the result was additional tax of $16,000 due to unreported lottery winnings. Peter has received a letter notifying him of his right to appeal the proposed changes
Which of the following statements is not correct in respect to tax return preparer penalties?a. ‘The penalty for an understatement due to the preparer’s negligent or intentional disregard of one
What is the current status of Rey. Rul. 57-82?
Code Sec. 303(b)(2) (A)(ii) makes reference to two other Code sections. What are they?
Which Rev. Rul. does Rey. Rul. 76-74 supersede?
Thomas is a sole proprietor who uses the cash method of accounting. As such, the constructive receipt rule applies to him. What is the purpose of the constructive receipt rule?
What are some disadvantages of having debt in the capital structure?
What does a 10-year agreement entail?
When might a parent corporation want to avoid a Code Sec. 332 liquidation? How could this be accomplished?
Define a Type C reorganization and explain its unique requirements.
What are the similarities between the accumulated earnings tax and the personal holding company tax?
Explain why a partner may have sufficient basis in a partnership interest to absorb a distributable share of a partnership loss but will not currently be permitted to deduct that loss because of the
What is substantially appreciated inventory?
When does a business purpose exist for selecting a non-calendar tax year for an S corporation?
What tax benefits are embodied in specific legacies and bequests?
What are the main differences between a unitrust and an annuity trust?
What rules do traditional IRAs and Roth IRAs have in common?
How are S corporations taxed by states?
What conditions must exist in Problem 17 for Homer to consider the dependency of the child?
Abigail received $6,000 from her employer as reimbursement for her expenditures on tuition, fees, and books while attending State University. Abigail is working toward a graduate degree in business
To qualify for the immediate expensing election (Code Sec. 179), an asset must meet what qualifications?
How can a taxpayer combine real estate undertakings?
When is the taxpayer required to attach an appraisal of a charitable contribution to his or her return?
When would a taxpayer choose to itemize foreign taxes rather than take the foreign tax credit?
When is the sale or exchange of stock or securities considered a wash sale? How is any loss treated?
How are losses from involuntary conversions treated?
What is included in Section 1231 property?
Homer and Wilma received a divorce in 2008.During the year, Homer contributed $950 support for their only child in the custody of Wilma. Absent any written agreement relative to considering the child
Jose and Roberta were divorced in 2019.Jose is required to pay alimony of $35,000 per year to Roberta. Are any of the payments by Jose tax deductible as alimony?
Mindy is a candidate for a bachelor’s degree at a local state university. She received a grant that covered the following expenses:Mindy’s tuition this year was $8,000. She spent the entire
Is salvage value ever considered when using MACRS depreciation? When using MACRS, is depreciation ever allowed on an asset in the year of disposal?
How are both business and rental operations usually treated when carried on at the same location by the same owner? How can both undertakings be treated as one activity?
What happens to any unused charitable contributions?
How is basis computed when a sale of shares of stock occurs?
Why did Congress enact Section 1231?
Name the two most commonly used overall methods of accounting.
Why do taxpayers try to increase the debt- equity ratio of a corporation?
What is a substantially disproportionate redemption?
In what situation will a corporate shareholder receive non recognition treatment in a complete liquidation?
Is there any transfer of the acquired corporation's tax attributes to the acquiring corporation in a Type B reorganization?
How do capital gains and Section 1231 gains enter into the computation of undistributed PHCI?
Explain under what circumstances a net operating loss of a partnership can be carried over and applied against income of a partner even after the 20-year carryover period provided for net operating
What are unrealized receivables of a partnership?
How do partnership tax years differ from those available to S corporations?
What are the main differences between the income tax and the estate tax charitable deduction?
Will a trust be entitled to deduct the full value of all charitable contributions made by the trust in all situations on the trust's federal income tax return?
What is the penalty for early withdrawals from a SIMPLE plan?
How do you determine whether a business is a unitary business?
What is the time limitation for replacing involuntarily converted property?
John and Jane divorced in 2018. They have two children, ages 6 and 11. The divorce decree requires John to pay $800 a month to Jane and does not specify the use of the money. According to the decree,
What is the alternate valuation of assets acquired from a decedent?
During the year, Alice Johnson was supported by her four sons, Amos, Luther, Bennet, and Ivan, in the following percentages:Which of the brothers is entitled to claim his mother as a dependent,
Explain the tax status of alimony and child support under the Tax Cuts and Jobs Act.
Give an example of when meals provided to an employee by an employer may be excluded form income.
Can a current tax deduction for salaries and wages include payments for services performed in past years and for services to be performed in future years? Why is a sole proprietor not entitled to a
What is an undertaking? What is a “separate source of income production,” and why is this meaningful?
If an asset is given to a charitable organization and the asset is sold, what is the effect on the charitable contribution deduction?
What expenses are eligible for the Lifetime Learning Credit?
Distinguish the holding period of assets acquired by gift with that of assets acquired from a decedent.
What is necessary for a "threat or imminence of condemnation" to qualify property for involuntary conversion treatment?
What special tax treatment is available for subdividers of real estate?
Code Sec. 446 requires the taxpayer's method of accounting clearly reflects income. What does "clearly reflects income" mean?
What are the tax consequences of a cash contribution to capital by a nonshare-holder?
East Co. redeemed Oscar's stock. Oscar received $20,000 for all the shares he owned. His adjusted basis in the shares was $24,000. Can either party recognize a loss on the redemption?
Under what circumstances must a subsidiary recognize gain or loss upon liquidating into its parent?
How may dissenting minority shareholders of the acquired corporation be bought out for cash in a Type B reorganization?
Distinguish between a consent dividend and deficiency dividend.
What difference does it make that a partner receiving a guaranteed salary from the partnership is not treated as an employee of the partnership?
In some cases, a disproportionate distribution in liquidation of a partner's interest in the partnership can result in the partner recognizing both ordinary income and a capital loss. Explain how
Is an S corporation with a financial statement fiscal year ending on July 31 allowed the same fiscal year for tax purposes?
What is a QTIP trust, and what is the "price paid" for its use?
Why is it important for the trustee of a trust to carefully consider the choice of an accounting method for a trust?
What is the maximum amount that a self- employed taxpayer may contribute to a Solo 401(k) plan?
Why would a state want to characterize a business as a unitary business?
Explain the concept of the “multiple support agreement.” What are the requirements for such an agreement?
Describe the intent of the “front-loading” provisions with respect to alimony payments.
Indicate whether the following income sources must be included or may be excluded from gross income:a. Insurance proceeds for loss of fingerb. Prizesc. Embezzlement proceedsd. Interest on all
What are the basic requirements for a bad debt deduction on a tax return? Do any of these requirements differ between business and nonbusiness bad debts?
What is “significant participation,” and why is it notable?
Dana Davenport donates eight hours of her time on a Saturday to help out a qualified charity. What is her charitable deduction?
How many years of post-secondary education expenses are eligible for the Hope tuition credit?
Explain the rules for nonrecognition of gain in an involuntary conversion.
What is Section 1244 stock? What are its advantages?
What is the definition of "method of accounting"?
Is there any depreciation recapture under a Code Sec. 351 exchange?
Sal's shares in Fin Inc. were redeemed by Fin Inc. in a transaction that qualifies under Code Sec. 303. Sal inherited the shares from Rita shortly after her death and the redemption occurred the next
When will a shareholder's realized gain or loss be recognized if the cost recovery method is applied to a series of liquidating distributions received by the shareholder?
What are the relative advantages and disadvantages of a Type B reorganization?
When is rent excluded from PHCI?
Explain why it is that even when a partnership's only income is tax-exempt income and gains from the sales of long- term capital assets, a partner receiving a guaranteed payment must still classify
Assume a partner receives a disproportionate distribution consisting of hot assets from a partnership. Explain who will recognize ordinary income and why.
George has a service business and wishes to create an S corporation with a June 30 fiscal year. What problems might George encounter in his fiscal-year selection?
Is it possible that a transfer made to a future spouse may later qualify for the estate tax marital deduction?
When is a trust required to file a federal income tax return? What tax form is used for a trust's federal income tax return?
Explain how the features listed below affect the choice of a qualified plan for a small business.a. Investment flexibility.b. Eligible legal entities.c. Permitted number of employees.d. Minimal IRS
Describe the two tests that are often utilized to determine whether income is business income.
Rhoda and Mike are both full-time students who married late in the year. Rhoda had $1,800 in wages from a part-time job and Mike had $950 in dividend income. They filed a joint return and received a
Alex and Millie divorced in 2018. Give some examples of payments not qualifying as alimony.
Name two types of fringe benefits, discussed in this chapter, that cannot be included in a cafeteria plan?

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