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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

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?
What is the difference between a business and nonbusiness bad debt for tax purposes?
What are the seven tests that help to establish material participation?
Distinguish between private operating foundations and private nonoperating foundations.
What expenses are eligible for the Hope Scholarship Credit?
What is the basis of an asset acquired from a decedent?
What are the broad types of involuntary conversions?
What is the tax treatment of worthless securities?
In which oft he following cases must the taxpayer annualize its income for a period of less than 12 months?a. Alpha Corporation was formed on August 17 and decided to report on the calendar year.b.
Mara transferred assets to Con Co. on May 15, 2019. Mara acquired the assets on June 15, 2016. What is Con Co.'s holding period for the assets?
How is the E&P account affected in a redemption?
Explain the circumstances that permit a shareholder, who receives an installment obligation from a liquidating corporation, to defer recognition of gain until the shareholder receives the payments on
What is the definition of control for purposes of a Type B reorganization?
What unique personal holding company problems may confront a small personal service corporation?
Explain the probable income tax treatment of a family member's sale of property to a family partnership. Address both the problem of a sale at a loss and a sale at a gain.
In what circumstances will a distribution of hot assets not require recognition of ordinary income under Section 751(b)?
What limits are placed on the selection of a tax year of an S corporation? How do these limits differ from those applicable to C corporations and partnerships?
What types of property passing to a spouse are considered terminable interests that would not qualify for the marital deduction?
List and discuss two nontax reasons why an individual might consider creating a trust.
What are the most common types of qualified plans for small businesses?
What is the three-factor formula, and how is it calculated?
Sec. 336 (a) provides that "gain or loss shall be recognized to a liquidating corporation on the distribution of property in complete liquidation as if such property were sold to the distributee at
Can nonvoting stock and securities be used in a Type A reorganization? Is there any limit on the use of boot?
Why is a corporation more likely to be subject to the personal holding company tax in a "bad" year?
(a) Various elections must be made to compute a partnership's taxable income. For example, the partnership's tax year and accounting method must be chosen. Elections regarding depreciation and Code
What are “hot” assets, and how do they affect the consequences of a partnership distribution?
May a corporation receive an extension of the 2 1/2-month period for a retroactive S corporation election?
What are the requirements for a marital deduction?
Define the following terms:a. Reversionary interestb. Income beneficiaryc. Remainder beneficiaryd. Simple truste. Complex trust
What is a Roth 401(k) plan and what are its advantages?
Distinguish between allocation and apportionment.
Bill and Becky had a child born on April 15.The child died within three hours of birth.Can they claim an exemption for the child?
An elderly woman gives stocks and bonds to her son for management and safekeeping.She keeps the stocks and bonds in her own name. He is to manage the portfolio at his choosing. To whom are the
Describe the elements of a cafeteria plan and what are the beneficial aspects of such a plan for employers and employees.
What losses are tax deductible for individual taxpayers?
What type of taxpayers (entities) are affected by the passive loss rules? What is the significance of a closely held corporation with regard to the deductibility of passive losses?
What special rules apply to prepaid interest?
What is the maximum child tax credit a taxpayer may receive for an 18-year-old fulltime college student in 2019?
What is the basis of gift property?
Define the following relative to like-kind exchanges:a. Bootb. Postponed gain or lossc. Gain or loss realizedd. Gain or loss recognized
How does the capital gain and loss treatmen of corporate taxpayers differ from that of individuals?
What is the latest time that an application for a change in accounting period may be filed?
What is the basis in a shareholder's stock after a Code Sec. 351 exchange?
Olivia owns 1000 shares of Westfield Inc. She received stock rights from Westfield Inc. Olivia is uncertain if the distribution is taxable or nontaxable. When are distributions of stock rights
In what situations will a liquidating corporation be allowed to recognize loss in a non-pro rata liquidating distribution?
What are the relative advantages and disadvantages of a Type A reorganization?
What is the definition of a personal holding company? If the definition is met, is any additional tax necessarily due?
Eli Kalbach, a calendar-year taxpayer, is a partner in a partnership which for many years has reported its income on a January 31 fiscal year. Explain why Kalbach claims that he is permanently
Why can’t a partner defer recognition of gain when (s)he receives a distribution of cash in excess of his/her basis in the partnership interest?
Under what circumstances can a new shareholder terminate an S corporation election?
Which expenses may be deducted for income tax purposes or for estate tax purposes by election?
What is the difference between an inter vivos trust and a testamentary trust?
What is a Section 401(k) plan?
List five in-state activities that the Multistate Tax Commission does not consider either solicitation of orders or ancillary activities.
Can a student attending a class in night school qualify as a full-time student?
Under what conditions are alimony payments from divorces included in the recipient's gross income?
How does a joint and survivor annuity differ from a single person annuity? How is the computation of the exclusion different for the joint annuity?
How can a taxpayer substantiate a tax deduction if called on to do so by the IRS in an audit of the taxpayer’s return?
Briefly, what is “material participation”? Why is the determination of whether a taxpayer materially participates important?
Briefly describe the two major categories of qualified charitable organizations for tax purposes.
Can the child tax credit for taxpayers result in a refundable personal credit?
What adjustment, if any, must be made to the basis of property acquired by gift if the gift was made prior to 1977? After 1976?
Discuss the tax consequences if a personal residence is involuntarily converted.
How are nonbusiness bad debts treated?
Big Co. changed its tax year at midyear. It must annualize its short year to determine its tax liability. What does annualizing a short year mean?
What is the corporation's basis in property received under Code Sec. 351?
What is a stock redemption?
George files a separate return. His wife’s only source of income is $600 in interest income.Can George receive the benefit for his wife on his separate return?
Are selling and administrative expenses of a business deducted before or after gross income?
How is the excludable portion of an annuity calculated?
If an expenditure is part business-related and part personal, how does the taxpayer determine the business-related amount that is deductible for tax purposes?
On what date was the Tax Reform Act of 1986 enacted, and what significance does this date have for losses derived from passive activities in 2019?
Which of the following taxes are deductible for federal income tax purposes as an itemized deduction?a. Ad valorem personal property taxb. FICA tax imposed on employeesc. Federal gift taxd. Sales
How does an individual qualify for the credit for the elderly?
What is the basis and holding period of taxable stock dividends?
When might a taxpayer prefer a sale over a like-kind exchange that would result in nonrecognition of gain under Section 1031?
What potential advantage is there for a net overall capital gain situation?
If a corporation begins business on June 12, 2019, when may it close its first tax year?
Kim transfers two assets to Jen Co. in a Code Sec. 351 exchange: land bought seven years ago and inventory. What is Kim's holding period in the stock?
Clemco has current and accumulated E&P. It makes a distribution to its shareholders. How is the distribution sourced (i.e., from which category of E&P does it first come)?
When is "double taxation" on a corporate liquidation an advantage over nonrecognition at the corporate level?
When will an exchange of securities of parties to a reorganization result in the receipt of boot? When will a corporate note be treated as a security?
How is the accumulated earnings credit determined?
On February 19 of the current year, Bobby Morley contributes property with a $75,000 fair market value and a $40,000 basis to the Morley Partnership, in which Bobby has a 40 percent interest. On
Explain the difference between the basis rules applicable to liquidating vs. current distributions. Why do the rules differ for these two classes of partnership distributions?
What is the definition of "straight debt" under Subchapter S, and what is its importance to an S corporation?
What are the interests in, and powers over, property that may be given to a donee without estate tax consequences to the donee's estate?
What requirements exist for determining the first tax year-end of an estate for income tax purposes?
How early can amounts be distributed from a qualified plan penalty-free?
What is the Uniform Division of Income for Tax Purposes Act?
How is the standard deduction computed for a dependent child with unearned income?
Under what conditions will scholarships or fellowships granted by an educational institution not be included in gross income.
What is an annuity, and what features determine the amount of income associated with such a contract?
If an activity of a taxpayer is determined to be a hobby for tax purposes, what tax deductions are available to the taxpayer? Are there any limitations on these deductions?
Differentiate between the following: active income, passive income, and portfolio income.
When is a refund of a state or local income tax reported as income?

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