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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

What is "income in respect of the decedent"? On whose return is "income in respect of the decedent" recognized?
What are the major nontax advantages associated with qualified employer- sponsored plans?
Under what circumstances does the Interstate Income Law prohibit a state from taxing income derived within the state by an out-of-state business?
What is the distinction between deductions for adjusted gross income and deductions from adjusted gross income?
Compare and contrast the economic benefit doctrine and the constructive receipt doctrine.
An individual surrenders, for $20,000, an endowment life insurance policy in which he had a $15,000 investment. How much of the $20,000 of proceeds must be included in gross income?
What are production of income tax deductions? What allowable deductions are included in the production of income deductions category?
Why were tax shelters popular before the Tax Reform Act of 1986? Briefly explain why tax shelter investments are not as popular today.
When are capital expenditures incurred for medical reasons deductible?
Explain what is meant by the terms "refundable" and "nonrefundable" credits. How might these classifications affect the tax liability of a taxpayer?
How is the adjusted basis of property determined?
Why might a taxpayer wish to elect out of the new exclusion on the sale of residence?
When a sole proprietorship is sold, how is it treated for tax purposes?
Jason is single and uses the calendar year for his tax year. He died on May 15, 2019. When is his final income tax return due?
Can a corporation elect to be taxed as a partnership?
Distinguish between current and accumulated E&P.
Contrast a complete liquidation with the legal dissolution of a corporation.
Which of the types of statutory reorganization are "acquisitive"?
Give the acceptable reasons to accumulate earnings as specified in the Code.
Will a partnership under state law be taxed as a partnership under the Internal Revenue Code?
Assume a partner agrees to leave a partnership in exchange for a distribution of land and cash. Due to a temporary cash shortage, the partnership distributes the land now, and agrees to distribute
What are the eligibility requirements that a corporation must meet in order to qualify under Subchapter S?
What is the estate tax base?
What income is included on a final income tax return for a cash-basis decedent? How would your answer change if the decedent was on the accrual basis of accounting?
What are the tax advantages associated with a qualified employer-sponsored plan?
Define the following type of SALTS: individual income, corporate income, sales, gross receipts, franchise, real property, personal property, unemployment, use, excise, transfer, and severance taxes.
List the various “administrative” sources of tax law.
Explain the rationale behind an individual's arranging financial affairs to use the standard deduction one year and itemized deductions in another year.
Mr. Chen directs his employer to deduct $50 per week from his pay for the purchase of U.S. savings bonds. Can Mr. Chen exclude this amount from his gross income? Explain.
What is the general rule for the deductibility of passive losses?
List the criteria that must be met before an expenditure can be considered as an allowable trade or business tax deduction.
What special rules affect three types of taxpayers?
Ron and Judy Rupert have the following health expenses. Which expenses are deductible as medical expenses?a. Toothpaste and dental floss for cavity preventionb. Acupuncture treatments for Ronc.
How are lease cancellation payments treated by a lessee and a lessor?
Sam is a sole proprietor and is a cash-basis taxpayer. He is forming Mark Co. One of the assets he will contribute as part of a Code Sec. 351 transfer is accounts receivable. What basis will Mark Co.
Is the dependency exemption required for the household and dependent care credit?
Can a sole proprietor use a fiscal tax year for a business if the individual is on a calendar tax year?
On Series EE U.S. savings bonds, what different tax consequences arise from the two choices in reporting interest?
Are gains and losses from the sale or exchange of personal use assets recognized for tax purposes?
Zest Company distributes property to its shareholders throughout the year. Some of the distributions are dividends and a few qualified as redemptions. The adjusted basis of all property was different
In what situations will a shareholder recognize an ordinary loss as a result of a complete liquidation of a corporation?
Will an acquiring corporation recognize gain or loss when it issues its stock to acquire the assets or stock of a target corporation in a reorganization?
Why are public corporations less likely to be subject to the accumulated earnings tax?
Discuss the partnership's treatment of contributed (1) accounts receivable of a cash- basis taxpayer, (2) inventory and (3) capital assets with a "built-in loss" at the time of the contribution.
What is a partner's basis in property received from the partnership in a current distribution?
An S corporation is formed by 100 shareholders, including a husband and wife holding stock jointly. They divorce, with each taking title to one-half of the jointly held stock. Will the corporation
Greta Cook died in 2019. Her gross estate was $11,490,000, administration expenses were $60,000, and adjusted taxable gifts were $20,000. Compute the estate tax liability.
Unreported interest income on U.S. government bonds owned by a decedent at the date of death can be handled in various ways for tax purposes. List and discuss the various ways.
What options are available to a qualified plan's trustee after a participant severs employment?
What are the steps in the typical state formula used to calculate a corporation's state income tax liability?
Do Regulations have higher authority in federal tax law than Revenue Rulings?
What other terms are used to describe deductions for adjusted gross income?
Ilana is short of money, so he asks his boss for an advance of $25. Is this taxable income to Ilana?
How is the amount of Social Security benefits included in taxable income calculated?
How might an improper classification of a deduction as for or from AGI affect the itemized deductions on a taxpayer's return?How might this improper classification have an effect on a taxpayer's
What is a nonrecourse loan? Will a nonrecourse loan given by the seller of real estate to the buyer increase the amount the buyer has at risk? Explain.
Harry and Mary Holmes had the following health expenses. Which expenses are deductible as medical expenses?a. Nonprescription vitamins for Harryb. Trip to Florida for general health reasonsc. Trip to
Can a taxpayer qualify for the household and dependent care credit if he or she is not employed?
Why is allocation of basis necessary?
Why would the exclusion on sale of residence be prorated?
What determines whether or not a transfer of a franchise is to be considered as a sale or exchange of a capital asset?
Pam recently married Henry. When she was single she used a calendar tax year. For a variety of reasons she is considering changing her tax year. When would she not need IRS permission to change her
What is the purpose of Code Sec. 351 in regard to transfers to corporations?
Contrast the tax treatment of a shareholder in a redemption under Code Sec. 302 with a shareholder's tax treatment in a liquidation under Code Sec. 331.
Will the continuity of proprietary interest requirement be met if the shareholders of the acquired corporation sell their stock soon after the reorganization?
What factors tend to indicate that excess accumulations exist?
What income tax effect does a partnership's receipt of tax-exempt interest and the proceeds of key-person life insurance payable on account of the death of the insured have upon the partnership
In what circumstances may a partner recognize loss upon receipt of a distribution from a partnership?
Is a corporation incorporated in Great Britain eligible for S corporation status?
Why is the gross estate different from the probate estate?
What are "expenses in respect of the decedent"? On whose return are "expenses in respect of the decedent" deducted?
What are the major similarities and differences between qualified plans and nonqualified plans?
Why might a business feel that a gross receipts tax is unfair?
Mar Company made a dividend distribution of property to its shareholders. Mar Company's adjusted basis in the property is less than its fair market value. What is the shareholders' basis in the
Explain the difference between a deduction for AGI and a deduction from AGI.Which type of deduction would be more advantageous for tax purposes?
What is the purpose in knowing and understanding the components oft he tax formula?
Explain the difference between a tax credit and a tax deduction. Which would help a 28 percent tax bracket taxpayer most, a $2,000 deduction or a $400 credit? A 15 percent tax bracket taxpayer?
What limits are imposed on the medical expense deduction?
Distinguish between realized gains and losses and recognized gains and losses.
What is a tax shelter? Generally, what two limitations apply to the deductibility of most tax shelter loss deductions?
How does a tax exclusion differ from a tax deduction?
Explain and differentiate between the three concepts of income: economic, legal, and accounting.
Tax deductions for an individual taxpayer can be divided into what three categories?
Describe the current tax law for sale of residence.
How are capital assets defined?
How does financial accounting differ from tax accounting?
Chris is starting a new business called Church Company. What entity structure may he use?
What is E&P and what is its significance?
What is meant by a "status of liquidation"?
Identify and briefly describe the seven types of corporate reorganization.
Identify three items of nontaxable receipts which nevertheless increase earnings and profits.
Give illustrations of the application of the "entity" and the "aggregate" theories as applied to the treatment of partnerships.
What is the difference between a current distribution and a liquidating distribution?
What is the official name given to corporations qualifying under Subchapter S of the Internal Revenue Code?
Distinguish between an estate tax and an inheritance tax.
On what date is a decedent's final income tax return due?
What are the major requirements of qualified employer-sponsored plans?
List five provisions of the U.S. Constitution that limit a state's power to impose taxes.
What is the test which distinguishes between tax avoidance and tax evasion?
If your interest is in tax avoidance, name several types of investments that will lower your tax liability.

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