All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
federal taxation

Questions and Answers of Federal Taxation

Ned Norris, a widower, engaged in the transactions described below during 2016. He made only one earlier taxable gift, $1.2 million in 2014. Use this information to prepare a 2016 gift tax return
Prepare an estate tax return (Form 706) for Marcia Miller, who died July 23, 2016. Marcia (born April 2, 1930) resided at 117 Brandywine Way, Eastern City, PA 19000 and was a lifelong Pennsylvania
Prepare an estate tax return (Form 706) for Adam Zugg of 45 Cornfield Place, Midwest City, IL 60000. Adam died October 31, 2016. He was survived by his wife, Callie, and their son, Zebulon. At the
Marion Mosley created the Jenny Justice Trust in 2005 with First Bank named as trustee. For 20 years, the trust is to pay out all its income semiannually to the beneficiary, Jenny Justice. At the end
In 2014, Leon Lopez funded Lopez Trust #3, an irrevocable trust, at First Bank, 125 Seaview, Northwest City, WA 98112, for the benefit of his twin children, Loretta and Jorge. The trust?s tax ID
Aida Petosa (SSN 123-45-6789) is the 12-year-old daughter of Alfredo Petosa (SSN 987- 65-4321). Her only income is $2,800 of interest on savings. Alfredo qualifies as a head of household, and his
John R. Lane (SSN 111-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100% of his cousin’s support. The cousin lives in Arizona. He
Find a blog posting or discussion thread with comments from tax professionals about Federal income tax consequences that occur when a business converts from an LLC to an S corporation or when a C
Identify three states considered to be in the same economic region as your own. a. For each of the three states and your own state, answer the following questions, creating a table with your
Locate data on the size of the international economy, including data on international trade, foreign direct investment of U.S. firms, and investments in the United States by foreign firms. Useful
For your analysis, choose 10 countries, one of which is the United States. Create a table showing whether each country applies a worldwide or territorial approach to international income taxation.
Find the text of various tax treaties currently in force in the United States. In an e-mail to your instructor, address the following items. a. How does the U.S. income tax treaty with Germany
Publicly traded corporations reacquire their own shares for various reasons. Through the use of a tender offer, a corporation can purchase a substantial percentage of the company’s stock. Prepare
Write an e-mail query to two tax consultants who practice in your state. Ask each for an example or two of a constructive dividend that a client recently paid. Give your instructor copies of your
Find the audited financial statements of five major U.S. corporations, each in a different operating industry (e.g., manufacturing, energy, financial services, health care). a. Compute the
From the IRS Tax Stats website, determine the number of individuals who report tax-exempt interest income on their tax return and the amount of that exempt income. Find this information for
Choose one of the so-called FAANG stocks (i.e., Facebook, Apple, Amazon, Netflix, Google/Alphabet). Using data that you find at EDGAR or the company website, provide the following information for the
Locate summary financial information for two companies in the same industry. Compare and contrast the following items across the two companies: debt-to-equity ratio, return on assets, shareholder
Locate the financial statements of three different companies. Review the income tax footnote information on deferred tax assets (DTAs) and deferred tax liabilities (DTLs). Create a schedule that
Metro builds and operates traditional shopping malls. It holds a $25 million deferred tax asset relating to credit carryforwards at the state, local, and Federal levels. No valuation allowances
Find one instance of each of the following using a nonsubscription site on the Web or an online library at your school. In an e-mail to your professor, give a full citation for the document and
Refer to Problem C:14-42. How would your answer change if instead the trust were a complex trust that makes no distributions in 2017 and 2018? Assume the trust earns $8,000 of corporate bond interest
Joy died on November 5, 2018. Soon after Joy's death, the executor discovered the following insurance policies on Joy's life. Joy transferred ownership of policies 757 and 848 to her son in 2009.
In December 2015, Jody transferred stock having an $8,114,000 FMV to her daughter Joan. Jody paid $1,068,000 ($3,185,800- $2,117,800) of gift taxes on this transfer. When Jody died in January 2018,
On January 30, 2018, Amy sells land to Bob for a stated price of $200,000. The full $200,000 is payable on January 30, 2020. No interest is stated. Amy, a cash-method taxpayer, purchased the land in
The Madison Corporation paid $3,000 for several acres of land in 1994 to use in its business. The land is condemned and taken by the state in March 2018. The company receives $25,000 from the state.
Raquel owns land used in her trade or business for more than one year. The basis is $10,000 and its FMV is $40,000. Her tax rate is 32% and her AGI is $250,000. She makes no other charitable
Yolanda and Xavier, spouses, have four adult children, Andy, Betty, Cathy, and Danny. In 2018, they made a number of gifts. Yolanda gave Andy cash of $40,000 and Betty stock valued at $60,000. Xavier
Janet (who has made no taxable gifts) is considering transferring assets valued at $16 million to an irrevocable trust (yet to be created) for the benefit of her son, Gordon, age 15, with Farmers
Frank, Greta, and Helen each have a one-third interest in the FGH Partnership. On December 31,2017, the partnership reported the following balance sheet: The partnership placed Asset 1 (seven-year
Sarah, a married taxpayer who files a joint return, is considering a foreign assignment for two years. In 2018, she will earn $120,000 in the foreign country. Sarah has no other income. She will be
Alice is a single mother, 37 years old, and has two qualifying children, ages 3 and 6. In 2018, she earns $20,000 in wages resulting in $20,000 of AGI. Is Alice eligible for the earned income credit?
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
Organizational Forms Available. Lucia, a single taxpayer, operates a florist business. She is considering either continuing the business as a sole proprietorship or reorganizing it as either a C
a. Given the nursery's operating prospects, what business forms might Paula and Mary consider and why?b. In light of their proposed use of debt and equity, how might Paula and Mary structure a
Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:• For the current year, Water reports an $80,000 long-term capital loss
In the current year, Sedgwick Corporation has $100,000 of current and accumulated E&P. On March 3, Sedgwick distributes to its shareholder Dina a parcel of land (a capital asset) having a $56,000
On May 10 of the current year, Stowe Corporation distributes to its shareholder Arlene $20,000 in cash and land (a capital asset) having a $50,000 FMV. The land has a $15,000 adjusted basis (for both
On May 15 of the current year, Quick Corporation distributes to its shareholder Calvin a building having a $250,000 FMV and used in Quick's business. The building originally cost $180,000. Quick
During the current year, Zeta Corporation distributes the assets listed below to its sole shareholder, Susan. For each asset listed, determine the gross income recognized by Susan, her basis in the
Scott and Lynn Brown each own 50% of Benson Corporation stock. During the current year, Benson made the following distributions to its shareholders: Benson had E&P of $250,000 immediately
Len Wallace contributed assets with a $100,000 adjusted basis and a $400,000 FMV to Ace Corporation in exchange for all of its single class of stock. The corporation conducted operations for five
On January of the current year, Becky (20%), Chuck (30%), and Dawn (50%) are partners in the BCD Partnership. During the current year, BCD reports the following results. All items occur evenly
Clark sold securities for a $50,000 short-term capital loss during the current year, but he has no personal capital gains to recognize. The C&L General Partnership, in which Clark has a 50%
Which of the following itemized deductions are deductible when computing the alternative minimum tax for individuals?a. Charitable contributionsb. Mortgage interest on a loan used to acquire a
You are working with the top management of one of your clients in selecting the U.S. location for a new manufacturing operation. Craft a plan for the CEO to use in discussions with the economic
How would your answer to parts (a) and (b) of Problem 36 differ if Julio were a corporate shareholder (in the 34% tax bracket) rather than an individual shareholder and the stock ownership in Gray
In 2019, Susan’s sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). Calculate the maximum amount Susan can deduct for
Rex, age 55, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2019. Hospitalization insurance premiums for Rex and his dependents. The
In 2019, Miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine the amount of Miranda’s self-employment tax and her for AGI income tax deduction.
In 2019, Robert entertains four key clients and their spouses at a nightclub. Business discussions occurred over dinner and prior to the entertainment beginning. Expenses were $200 (limo charge),
Sarah was contemplating making a contribution to her traditional IRA in 2018. She determined she would contribute $5,000 in December 2018 but forgot about making the contribution until she was
Where is the deduction for qualifying business income (QBI) applied in the individual tax formula? a. As an adjustment to arrive at adjusted gross income b. As an itemized deduction c.
Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2019. She uses the standard deduction. a. Calculate the amount,
Jenna, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education
Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are employed outside the home and, during 2019, earn salaries as follows: $16,000 (Jim) and $5,200
Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000 during 2019). Paul and Karen have two dependent children, both under the age of 13 (Samuel and Joy).
Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2019 and uses the standard deduction. Calculate the amount, if any, of
In December of each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following
Patrick and Eva are planning to divorce in 2019. Patrick has offered to pay Eva $12,000 each year until their 11-year-old daughter reaches age 21. Alternatively, Patrick will transfer to Eva common
Santiago and Amy are married and file a joint tax return claiming their three children, ages 12, 14, and 18, as dependents. Their AGI is $140,000. Determine any available child tax credit and
Kim was seriously injured at her job. As a result of her injury, she received the following payments. • $5,000 reimbursement from employer-provided health insurance for medical
Paul and Donna Decker are married taxpayers, ages 44 and 42, respectively, who file a joint return for 2019. The Deckers live at 1121 College Avenue, Carmel, IN 46032. Paul is an assistant manager at
Compute the taxable income for 2019 in each of the following independent situations. a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four
Castle and Dave formed an S corporation; Castle owns 75% of the outstanding shares, and Dave owns the rest. When the entity’s AAA balance is $1,000,000, it distributes an asset to each shareholder;
Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2019. They incurred positive AMT adjustments of $75,000 and tax preference items of $67,500. The couple itemizes
Pat is 40, is single, and has no dependents. She received a salary of $390,000 in 2019. She earned interest income of $11,000, dividend income of $15,000, gambling winnings of $14,000, and interest
Anh is single, has no dependents, and itemizes deductions. In the current year for regular tax purposes, she records $60,000 of income and $105,000 of deductions and losses, primarily from business
Determine whether each of the following transactions is a preference (P), is an adjustment (A), or is not applicable (NA) for purposes of the AMT. a. Depletion in excess of basis. b.
Lilia is going to be subject to the AMT in 2019. She owns an investment building and is considering disposing of it and investing in other realty. Based on an appraisal of the building’s value, the
Allie, who was an accounting major in college, is the owner of a medium-size construction limited liability company. She prepares the company’s Schedule C each year. Due to reporting a home
In March 2019, Helen Carlon acquired used equipment for her business at a cost of $300,000. The equipment is five-year property for regular tax depreciation purposes. a. If Helen depreciates the
In January 2018, Iris Corporation purchased and placed in service a certified historic structure building that houses retail businesses. The cost was $300,000, of which $25,000 applied to the land.
Oak Corporation holds the following general business credit carryovers. 2015................................$
Dimitri owns a gold mine that qualifies for a 15% percentage depletion rate. The basis of the property at the beginning of the year, prior to any current-year depletion deduction, is $21,000. Gross
Pineview Company, a single member LLC, placed a $5,000 asset that is ineligible for full expensing in service on June 1, 2019. The asset has a three-year MACRS class life; no bonus depreciation was
In March 2019, Serengeti exercised an ISO that had been granted by his employer, Thunder Corporation, in December 2016. Serengeti acquired 5,000 shares of Thunder stock for the exercise price of $65
Teal Company, a single member LLC, owns two warehouses that were placed in service before 1987. This year accelerated depreciation on Warehouse A is $36,000 (straight-line depreciation would have
Cooper Partnership, a calendar year partnership, made qualifying rehabilitation expenditures to a building that it has used in its business for eight years. These improvements were placed in service
Balm, Inc., has a general business credit for 2019 of $90,000. Balm’s regular income tax liability before credits is $140,000, and its tentative AMT is $132,000. Calculate the amount of general
Castle Corporation conducts business and has nexus in States A, B, and C. All of the states use a three-equal-factors apportionment formula, with the factors evenly weighted. Castle generates
Cordeio, Inc., is a calendar year taxpayer and a CFC for the entire tax year. Yancy Company, a U.S. corporation, owns 75% of Cordeio’s one class of stock for the entire year. Cordeio’s Subpart F
One of your clients, Texas, Inc., is considering electing S status. Both of Texas’s equal shareholders paid $30,000 for their stock. As of the beginning of 2019, Texas’s Subchapter C NOL
Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2019. The company generated a $74,000 NOL in 2018 and another NOL of $43,000 in 2019. Orange
Scott Tierney owns 21% of an S corporation. He is confused with respect to the amounts of the corporate AAA and his stock basis. Write a memo to the tax research file, identifying the key differences
On March 3, 2019, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident
Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual shareholder, receives a $30,000 cash distribution from Greiner. Prior to the distribution, Chad’s
Continue with the same facts of Problem 16. Consider Amy’s tax-basis capital account. a. What is Amy’s capital account at the beginning of the year? b. What is Amy’s capital account
Assume the same facts as in Problem 16. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is Amy required
Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is the managing member of the LLC (treated as a general partner) and is a U.S. citizen. At
Sam and Drew are equal members of the SD LLC, formed on June 1 of the current year. Sam contributed land that he inherited from his uncle Garza in 2009. Garza had purchased the land in 1984 for
Ashby and Curtis are married and have a 2-year-old son, Jason. Curtis works full-time as an electrical engineer, but Ashby has not worked outside the home since Jason was born. Since Jason is getting
Jacob Patterson cannot make a fully deductible $6,000 IRA contribution because his AGI exceeds the phaseout range. Instead, he makes a $3,500 nondeductible IRA contribution to his traditional IRA.
Myers, who is single, reports compensation income of $71,000 in 2019. He is an active participant in his employer’s qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the
Meredith, who is single, would like to contribute $6,000 to her Roth IRA. What is the maximum amount that Meredith can contribute if her AGI is $123,000?
Kristen, an independent management consultant, is based in Atlanta. During March and April of 2019, she is contracted by a national hardware chain to help implement revised human resource policies in
Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $66,000 in 2019. a. Calculate the amount Janet can contribute to a traditional IRA
In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. The corporate shareholders own less than 20% of the stock in the
Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from
Compute current E & P for Sparrow Corporation (a calendar year, accrual basis taxpayer). Sparrow reported the following transactions during 2019, its second year of operation. Taxable

Showing 1700 - 1800 of 3271

First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved