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business
federal taxation

Questions and Answers of Federal Taxation

Amelia has wages of $45,000 and net income from a small unin-corporated business of $70,000 for 2019.a. What is the amount of Amelia's self-employment (SE) tax and deduction for AG1 for her SE tax?b.
Arnie and Angela are married and file a joint return in 2019. Arnie is a partner in a public accounting firm. His share of the partnership's incomc in the cur-rent year is $40,000, and he receives
Anita, a single taxpayer, reports the following items for 2019:Salary$20,000Income for serving on the Board of Directors for XYZ Corporation11,000Consulting gross income9,000Expenses related to
In each of the following independent situations, deter-mine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2019.)a. Brad and Bonnie
Randall and Dianne Wall live in St. Louis, Missouri. Randall and Dianne are each 30 years old, neither smokes, and they have no children or other dependents.Randall is attending law school full time
Carolyn is unmarried and has one dependent child, age 6, who lived with her for the entire year. In 2019, she has income of $16,000 in wages and $6,000 of unearned income (none of which was
Jose is unmarried with no qualifying children. He has $8,800 of 2019 wages and is otherwise eligible for the earned income credit. Jose has $200 of interest income and no (or AG1 deductions.a. What
Latisha is an unmarried taxpayer, filing head of household. She has two dependent children (7-year-old twins) who lived with her all year. Her 2019 earned income was $18,600, her AGI was $22,700, and
Len and Christy Vole, ages 42 and 39 respectively, are married and file jointly in 2018. Len is a contractor operating as a sole proprietorship (EIN 11-1111111). Christy is employed, earning $24,000
Reagan and Grady Wade are married with three qualify-ing children under the age of 17. In 2018, Reagan and Grady had earned income of $50,000 and no adjustments. Line 7 of their 1040 reports AGI of
Self Employment Tax Calculation Short Tax Font Doug is a single taxpayer. In 2018, he had wage income of $115,000 from his employee In addition to his wage income, Doug was a consultant in which he
Barbara was divorced two years ago. However, the final property settlement and determination of alimony payments was not made until February 2019 because of extended litigation. Barbara received a
Lean Corporation was incorporated in 2013 by Bruce Smith, who has served as an officer and member of the Board of Directors. Carl Jones has served as the secretary-treasurer of the company as a
a. What 2015 action (acquiescence or nonacquiescence) did the IRS Commissioner take regarding the 9th Circuit decision in Voss v. Commissioner, 116 AFTR 2d 2015-5529? Consult Actions on Decisions
Net Operating Loss Carryovers. In 2019, Ace Corporation reports gross income of $200,000 (including 5150,000 of profit from its operations and $50,000 in dividends from less•than-20%-owned domestic
Filing the Tax Return and Paying the Tax Liability. Wright Corporation's taxable in-come for calendar years 2016, 2017, and 2018 was $120,000, $150,000, and $100,000, respectively. Its total tax
Mike Barton owns Barton Products, Inc. The corporation has 30 employees. Barton Corporation expects $800,000 of net income before taxes in 2019. Mike is married and files a joint return with his
At the beginning of 2018, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion picture company in Los Angeles, California. In June, she accepted a new job with Ocala Production
On October 29, 2018, Miss Joan Seely (SSN 12.3-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2009, for $85,000. She spent $12,000 for capital
Paden, who is single and has been employed as an accountant for 27 years with Harper, Inc., lost his job due to company downsizing. His last day of employment is July 31, 2019, and Harper provides a
Consider the following information for Mr. and Mrs. Gomez: • On May 26, 2018, they sold their principal residence, acquired in 2001, for $200,000. They paid $8,000 of selling expenses. Their basis
Consider the following information for Mr. and Mrs. Di Palma: • On June 10, 2018, they sold their principal residence for $80,000 and incur $6,000 of selling expenses. The basis of the residence,
Rental Property. For the last five years, Mr. and Mrs. Cockrell rented their furnished basement to local college students. When determining their taxable income each year, they deducted a portion of
Sherron, who is single, purchased a house to use as rental property on April 1, 2008, for $300,000. He moved into the house on June 1, 2018, and used it as a personal residence until August 1. 2019.
In 1971, Mr. and Mrs. Self purchased their first principal residence for $80,000. In 1996, they sold the house for $300,000 and purchased a new residence for $1.5 million. At that time, the Selfs
Mr. and Mrs. Kitchens purchased their first home in Ohio for $135,000 on October 1, 2018. Because Mr. Kitchens' employer transferred him to Utah, they sold the house for $160,000 on January 10, 2019.
On January 10, 2019, Kirsten married Joe. Joe sold his personal residence on October 25, 2018, and excluded the entire gain of $175,000. Although they had originally planned to live in the house that
Mr. and Mrs. Rusbarsky purchased a residence on June 12, 2016, for $200,000. On March 12, 2019, they sell the residence for $300,000, and selling expenses amount to $11,000. They purchase another
Involuntary Conversion: Different Methods of Replacement. On September 3, 2019, Federal Corporation's warehouse is totally destroyed by fire. 5800,000 of insurance proceeds are received, and the
Marc, age 45, sells his personal residence on May 15, 2019, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence. He has lived in the residence
On April 27, 2019, an office building owned by the Ava James Corporation, an offshore drilling company that is a calendar-year tax-payer, is destroyed by a hurricane. The basis of the office building
Involuntary Conversion: Replacement Period. The Madison Corporation paid 43,000 for several acres of land in 1995 to use in its business. The land is condemned and taken by the state in March 2019.
Short Tax Form. Barbara B. Kuhn (SSN 987-65-4321) purchases a fourplex on January 8, 2015, for $175,000. She allocates $25,000 of the cost to the land, and she deducts MACRS depreciation totaling
BCD Partnership has, for many years, had a March 31 year-end. The partnership's net income for the fiscal year ended March 31, 2020 is $400,000. Because of its fiscal year, BCD has $100,000 on
On January 30, 2019, Amy sells land to Bob for a stated price of $200,000. The full $200,000 is payable on January 30, 2021. No interest is stated. Amy, a cash-method taxpayer, purchased the land in
Prime Corporation begins operations in late 2019. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:2019$110,0002020134,0002021125,000The price index
In 2017, the Margate Corporation acquired an automobile with a con of S30,000 for use in its business. Shortly thereafter, Margate Corporation experienced a decline in sales. Several employees were
Refer to the facts in Problem 1:10-48 for John and Ellen Brhe. The following information is also available for them:• John and Ellen live at 111 Maple Street, Johnsonville, Colorado 81733.•
Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2018:Sales (less returns and
Helen has operated a sole proprietorship for many years and has tentatively agreed to sell its assets to Blaze Corporation. They are negotiating how to allocate $1.4 million of the transaction's
John and Ellen Brire are married and file a joint return. They have no dependents. John owns an unincorporated specialty electrical lighting retail store, Brite-On. Brite-On had the following assets
Phillips Corporation, a construction company that specializes in home construction, uses special computer software to schedule jobs and keep track of job costs. It uses generic software for
In 2019, Phoenix Corporation acquires a new research facility and hires several scientists to develop new products. No new products are developed until 2020, although the following expenditures were
Troy entered into a three-year lease of a luxury auto-mobile on January 1, 2019, for use 80% in business and 20% for personal use. The FMV of the automobile at the inception of the lease was $61,000,
Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2019. He uses the automobile 70% in his business and 30% for personal use. The automobile cost $76,000. No amount is expensed under
Luxury Auto Limitations. In 2019, Luby Corporation acquires and places into service an automobile that it uses only for business purposes. Luby does not claim Sec. 179 expensing or bonus depreciation
Luxury Auto Limitations. Lutz Corporation acquired a 100% business-use automobile (MACRS S-year recovery) on July 1, 2019 for $64,000. The company did not elect Sec 179 expensing and elects out of
Recapture of Depreciation Deductions Due to Personal Use. Tammy acquired an automobile for $20,000 on July 1, 2016. Her business use of the vehicle is 70% in 2016, 70% in 2017,40% in 2018, and 35% in
Trish is a self-employed CPA who purchases an automo-bile for $72,000 and places it into service in 2019. Calculate Trish's current year MACRS depreciation deduction, assuming she does not elect Sec.
In 2019, Wabash Corporation pur-chases two assets and places them into service (both have a 7-year MACRS recovery period):• Asset #1: $1,260,000 cost; placed in service in February.• Asset #2:
In 2019, Richmond Corporation purchases and places into service a machine. Richmond elects Sec. 179 expensing for $1.02 million of its $1.22 million cost. The machine has a 7-year MACRS recovery
In 2019, Tish acquires and places into service in her business 7-year MACRS property costing $40,000 and 5-year MACRS property costing S 165,000. Tish elects Sec. 179 expensing for all of the
Large Corporation acquired and placed in service the following 100% business-use assets. Large did not claim Sec. 179 or bonus depreciation expensing on any of these properties.• Truck (light-duty,
Small Corporation purchased and placed in service the following 100% business-use assets (all of the assets were purchased new). Assume that Small purchased these assets in 2017, when 50% bonus
Sid purchased an automobile for personal use on January 18, 2015 for $20,000. On January 1, 2019, Sid starts a small business and begins to use the automobile exclusively in the business. The
Sandy acquired business machinery (which qualified as 7•year MACRS property) on July 15, 2016, for $10,000. In 2016, Sandy claimed a $1,429 regular MACRS depreciation deduction and she elected not
On March 1, 2019, Sarah entered into a three-year lease of an automobile used exclusively in her business. The automobile's FMV was $58,500 at the inception of the lease. Sarah made ten monthly lease
Shad Tax Fonts. Fiona Starr (social security number 111-22-3333) is single and earns $105,000 as a manager at Costco. Three years ago, she bought a single-family home on 12 Beach St., Bangor, ME
Kara and Brandon Arnold are married and file a joint return. Their Social Security numbers are 000-00-1111 and 000.00-2222, respectively. Kara and Brandon have one son, Henry, age 3. His Social
Using the information in Problem 1:7-62 for Dan and Cheryl, prepare a Form 1040, including Schedule 1 and 4, Schedule A, C, D, and SE, and Form 8829 for 2018.Problem
Given the following information for Jane Cole, complete Schedule D of Form 1040 through Part Ill.• Stock options, which she purchases on February 14 of the current year for $850, expire on October
Dawn, a single, cash-method taxpayer, paid the following taxes in the current year: Dawn's employer withheld $5,400 for federal income taxes, $2,000 for state income taxes, and $3,800 for RCA from
Joyce is a single, cash method taxpayer. On April 11, 2018, Joyce paid $120 in state income taxes with her 2017 state income tax return. During 2018, Joyce had $1,600 in state income taxes withheld.
Medical Expense Deduction. In 2019, Charla, a single taxpayer with no dependents, was severely hurt in a farm accident. Charla is 38 years old. The accident left Charla's legs 85% paralyzed. After
Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments are available to Dan
Assume the same facts as in Problem 1:8-34. In addition, assume that in 2020, Angela receives an additional $7,000 in a settlement of a lawsuit arising because of the snow-skiing accident. $4,000 of
During 2019, Angela sustains serious injuries from a snow skiing accident. She incurs the following expenses:ItemAmountDoctor bills$11,700Hospital bills9,400Legal fees in suit against ski
Jace Seaton is a single taxpayer living in Eugene, Oregon. From 2015 to 2018, he worked as the CEO of Wengren & Jeffers, a local architectural firm. In 2019, he left the firm to start his own
In 2016, Annie Cook and several family members formed Treehouse Rentals, Inc., in Denver, Colorado. Treehouse is a closely held C corporation engaged in the rental real estate business. Treehouse
Net Operating Loss. During 2019, Karen, a single taxpayer, reports the following income and expense items relating to her interior design business:Revenues$52,000Cost of goods
During 2018, Becky loans her brother Ken $5,000, which he in-tends to use to establish a small business. Because Ken has no other assets and needs cash to establish the business, the agreement
Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark works pare-rime as a high school math teacher, and spends the remainder of his time caring
Assume the same facts as in Problem 1:9-53, except that Becky and Ken are not related and that under the terms of the loan Ken agrees to repay Becky the $5,000 plus interest (at a reasonable stated
During 2019, Pam incurred the following casualty losses: All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. Before considering the casualty
Year of Deduction. Jerry sprayed all of the landscaping around his business with a pesticide in June 2019. Shortly thereafter, all of the trees and shrubs unaccountably died. The FMV and the adjusted
In 2019, Julie, a single individual, reported the following irems of income and deduction:Salary$166,000Interest income14,000Long-teml capital gain from sales of stock22,000Shorr-term capital losses
Passive Losses. In 2018, Mark purchased two separate activities. Information regarding these activities for 2018 and 2019 is as follows: The 2018 losses were suspended losses for that year. During
Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2018, the IRS disallowed several business deductions he cook in 2016 and 2017. In
On December 1, 2019, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates $5,000 to charity. She has no other itemized deductions. This year, she plans
Qualified Business Income Deduction. During the current year, Marilyn earned $115,000 as an accounting consultant. a. If she has no other income besides a 520,000 capital gain, how much can she claim
Qualified Business Income Deduction. Cathy is a 50% partner in the CD partnership, which owns a small manufacturing business. In the current year, the business had qualified business income of $2.8
Bonnie's charitable contributions and AGI for the four-year period are as follows: What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers
During 2019, James, a single, cash method taxpayer incurred the following expenditures:Qualified medical expenses$8,000Investment interest expense16,000Other investment activity
During 2019, Doug incurs the following deductible expenses: $2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. Doug is 33,
Dan and Cheryl are married, file a joint return, and have no children. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital.
Bender Corporation grants a nonqualified stock option to Penny, an employee, on January 1, 2019, that entitled Penny ro acquire 1,000 shares of Bender stock at $80 per share. On this date, the stock
Bell Corporation grants an incentive stock option to Peggy, an employee, on January 1, 2019, when the option price and FMV of the Bell stock is $80. The option entitles Peggy to buy 10 shares of Bell
Coverdell Education Savings Accounts. Jack and Katie have five grandchildren, ages 19, 16, 15, 12, and 10. They have established Coverdell Education Savings Accounts (CESA) for each of the
Chatham Mae is single, age 35, and wants to make a contribution to an IRA for the year ended December 31, 2019. She is an active participant in a qualified retire-ment plan sponsored by her employer.
Phil, age 30, is married and files a joint return with his spouse. On February 15, 2020, Phil establishes a traditional IRA for himself and a spousal IRA for his spouse with a 512,000 contribution,
On February 14, 2020, Jamal, who is single and age 30, establishes a traditional IRA and contributes $6,000 to the account. Jamal's adjusted gross income is $70,000 in 2019 and $60,000 in 2020. Jamal
In 2019, Bear Corporation transfers 100 shares of its stock to its employee Patrick. The stock is valued at $10 per share on the issue date. The stock is subject to the following restrictions:•
Pat is a participant in a qualified pension plan. She retires on January I, 2019, at age 63, and receives pension payments beginning in January 2019. Her pension payments, which will be received
Nancy is a self-employed consultant who uses 10% of her residence as an office. The office is used exclusively for business and is frequented by customers on a regular basis. Nancy also uses her den
Beach Corporation purchases cickets to sporting events and uses them to entertain customers. In 2019 Beach Corporation purchases the following rickets:100 tickers to football games (face value of the
Milt, a self-employed attorney, incurs the following expenses in 2019:Business lunches for clients and prospective clients$4,000Entertainment of professional associates in his home (immediately
Amelie is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles
Michelle is self-employed and uses her personal automobile for business trips. During 2019, Michelle drives her car 60% for business use and incurs the following total expenses (based on 100% use of
Mike is an independent contractor in 2019. Mike at-tends a professional trade association convention in Los Angeles. He spends three days at the meeting and two days vacationing before the meeting.
Marilyn, an independent contractor who lives and works in Cleveland, obtains a large contract that will require her to live and work in Atlanta for a period of ten months. Marilyn leaves her husband

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