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business
federal taxation

Questions and Answers of Federal Taxation

Determine the amount of cost recovery under MACRS.
State the rationale for the cost consumption concept and identify the relevant time periods for depreciation, ACRS, and MACRS.
Identify tax planning opportunities in deducting certain business expenses, business losses, and personal losses.
Determine the amount of the net operating loss and review the impact of the carryback and carryover provisions on previous and subsequent year’s taxable income.
Calculate the domestic production activities deduction.
State and apply the alternative tax treatments for research and experimental expenditures.
Distinguish between deductible and nondeductible losses of individuals.
Identify tax planning opportunities for maximizing deductions and minimizing the disallowance of deductions.
Apply the Internal Revenue Code deduction disallowance provisions associated with the following:public policy limitations, political activities, excessive executive compensation, investigation of
Describe the cash and accrual methods of accounting.
Differentiate between deductions for and from adjusted gross income and describe the relevance of the differentiation.
Identify tax planning strategies for obtaining the maximum benefit from allowable exclusions.
Describe the circumstances under which income must be reported from the discharge of indebtedness.
Identify the circumstances under which various items are excludible from gross income.
Be aware that statutory authority is required to exclude an item from gross income.
Identify tax planning strategies for minimizing gross income.
Apply the Internal Revenue Code provisions on alimony, loans made at below-market interest rates, annuities, prizes and awards, group term life insurance, unemployment compensation, and Social
Identify who should pay the tax on a particular item of income in various situations.
Describe the cash and accrual methods of accounting and the related effects of the choice of taxable year.
Evaluate tax planning opportunities associated with the individual tax formula.
Formulate the fundamentals of property transactions.
List the filing requirements and choose the proper filing status.
Explain the rules for determining dependency exemptions.
Apply the rules for arriving at personal exemptions.
Recognize and apply the components of the Federal income tax formula.
Be aware of taxation on the CPA examination.
Apply tax research techniques and planning procedures.
Describe the tax research process.
Develop an awareness of tax research tools.
Locate and work with the appropriate tax law sources.
Describe the role played by the IRS and the courts in the evolution of the Federal tax system.and judicial sources of the tax law and understand the purpose of each source.
Recognize the economic, social, equity, and political considerations that justify various aspects of the tax law.
Evaluate some of the ethical guidelines involved in tax practice.
Explain the administration of the tax law, including the audit process utilized by the IRS.
Identify the different taxes imposed in the United States at the Federal, state, and local levels.
Assess some of the criteria for selecting a tax structure; recognize the components of a tax structure.
Describe some of the history and trends of the Federal income tax.
Demonstrate why taxation is important.
A company calculates its corporation tax liability for the year to 31 August 2021 as£120,000 and pays this amount on 1 June 2022. The company's corporation tax return is submitted during August 2022
State the date (or dates) on which a "large" company would be required to settle its corporation tax liability for each of the following accounting periods:(a) the eleven months to 31 May 2022 (b)
A company (which is not a member of a group) has the following results for the year to 31 March 2023:£Adjusted trading profit, after deduction of capital allowances 360,284 Bank deposit interest
A company (which is not a member of a group) has the following results for the 14 months to 31 December 2022:£Adjusted trading profit, before deduction of capital allowances 1,413,510 Capital
A company has the following results for the three years to 31 March 2023:y/e 31/3/2021 y/e 31/3/2022 y/e 31/3/2023£ £ £Trading profits/(losses) (32,200) 23,800 40,300 Gift Aid donations 4,000
A company has the following results for the year to 31 October 2022:£Trading loss (232,300)Income from property 190,200 Chargeable gains 45,540 Gift Aid donations 24,000 Assuming that a claim is
A company has the following results for its three most recent accounting periods:y/e 31/10/2020 eight months y/e 30/6/2022 to 30/6/2021£ £ £Trading profits/(losses) 59,700 73,600
A company has the following results for the four years to 31 March 2023:y/e y/e y/e y/e 31/3/2020 31/3/2021 31/3/2022 31/3/2023£ £ £ £Trading profits/(losses) 61,900 77,400 64,200
A private company's share capital consists of 5,000 ordinary shares, held as follows:Number of shares Sejanus (a manager) 900 Claudius (a director) 400 Agrippa (a director) 300 Cleopatra (a director)
(a) ABC Ltd has taxable total profits of £1,800,000 for the year to 31 March 2023.Taxable total profits were £1,600,000 for the year to 31 March 2022.Calculate the company's corporation tax
State the date (or dates) on which corporation tax is due for payment in relation to the following periods of account:(a) the year to 31 March 2023 (b) the six months to 30 November 2022(c) the 21
A company's taxable total profits for an accounting period are £3,200,000. Compute the corporation tax liability if the accounting period is:(a) the year to 31 March 2023 (b) the year to 31 December
In 2015, Shaun bought 20% of the ordinary shares of an unlisted trading company. The shares cost £140,000. He owned the shares until January 2023 when he gave all the shares to a friend. On the date
Identify the accounting periods relating to the following periods of account:(a) year to 30 November 2022 (b) 1 October 2021 to 31 July 2022(c) 1 January 2023 to 31 January 2023 (d) 33 months to 31
A company's accounts for the 17 months to 30 June 2022 include:£Trading income 425,000 Debenture interest receivable:Received 31 October 2021 2,400 Received 30 April 2022 2,400 Accrued to 30 June
A company has the following results for the year to 31 March 2023:£ £Trading profits, after capital allowances 1,561,400 Bank deposit interest (account opened 1 April 2022):Received 30 June 2022
A company's income statement for the year to 31 March 2023 is as follows:£Gross trading profit 383,870 Receivable from other UK companies:Dividends 4,000 Debenture interest (Note 1) 6,000 Bank
A company made the following disposals during the year to 31 March 2023:(a) A factory building was sold for £650,000 on 13 June 2022. This building had cost£300,000 in August 2000 (RPI 170.5) and
PCC Ltd is a manufacturing company which prepares accounts to 31 December each year.The company made the following disposals of chargeable assets in the year to 31 December 2022:(i) On 12 September
Timberlake Ltd prepares accounts to 31 March each year. The company made the following disposals of chargeable assets in the year to 31 March 2023:(i) In February 2023, a rare Bentley motor car used
Tracey is a sole trader. She has the following transactions during the quarter to 31 December 2022 (all amounts shown are VAT-exclusive):£Sales to UK customers:Standard-rated 34,475 Zero-rated
Phoebe made the following transfers during 2022-23:£12 April 2022 Gift to grandson 50 17 May 2022 Gift to her nephew on his marriage 3,000 3 August 2022 Gift to her husband 25,000 31 October 2022
Tony died on 11 July 2022, leaving an estate which was valued at £900,000. None of the transfers made on his death were exempt from IHT. He had made the following transfers during his lifetime:£3
Donald is resident and domiciled in the UK. He is not a Scottish taxpayer. He has the following income in tax year 2022-23:£UK trading profits 42,200 Income from UK property 5,000 Income from
During the quarter to 31 December 2022, a taxable person makes the following supplies:£Standard-rated supplies (including VAT) 326,400 Zero-rated supplies 88,000 Exempt supplies 440,000 Input tax
With regard to the VAT default surcharge, complete the following table:Quarter to VAT return VAT paid Surcharge Penalty late late period ends 31 March 2021 Yes Yes 31 March 2022 None 30 June 2021 No
U Ltd has three subsidiaries (one of which is dormant) and has the following results for the year to 31 December 2022:£Trading profits 485,000 Income from property 12,000 Dividends received from
Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2023 are as follows:Apexine Ltd
The ordinary share capital of PP Ltd (a trading company) is owned 32% by QQ Ltd, 35%by RR Ltd and 23% by SS Ltd. The remaining 10% is owned by various individuals, none of whom own more than 1%. All
T Ltd has owned 90% of the ordinary share capital of B Ltd for many years. Both are UK resident. Recent results for the two companies are as follows:T Ltd T Ltd B Ltd y/e 31/3/2022 y/e 31/3/2023 y/e
Classify each of the following supplies as either taxable at the standard rate, taxable at the reduced rate, taxable at the zero rate or exempt:(a) a theatre ticket (b) a loaf of bread(c) bank
Smart Ltd began trading on 1 September 2022. Taxable turnover for the first four months of trading was as follows:September 2022 £26,000 October 2022 £47,000 November 2022 £134,000 December 2022
Sanjay began trading on 1 February 2022, selling standard-rated goods and services. He decided not to register for VAT voluntarily. His taxable turnover (excluding VAT) for the first 16 months of
A UK resident company has 19 subsidiaries, five of which are situated abroad. In the year to 31 March 2023, the company had the following results:£UK trading profits 720,000 UK dividends received
Compute the primary and secondary Class 1 NICs payable in relation to the following employees:(a) A earns £256 for the week ending 25 November 2022.(b) B earns £861 for the week ending 25 November
David was given a chargeable asset in November 2016 at which time the asset had a market value of £7,500. He sold the asset in January 2023. Compute the chargeable gain or the allowable loss if his
Edwina bought a chargeable asset in August 2011 for £240,000, paying acquisition costs of £12,000. In June 2018 she sold a one-quarter interest in the asset for £100,000 and incurred disposal
In June 2014, Gillian was given shares with a market value at that time of £6,000. In November 2021 she made a successful claim to the effect that these shares now had a negligible value of only
Jon bought a chargeable asset for £58,500 in October 1990. He incurred enhancement expenditure of £10,000 in December 1993 and a further £4,000 in July 2009. The asset was sold for £185,000 in
Karen bought a house in 1995 for £42,000. In November 1996 she spent £18,000 on dividing the house into two self-contained flats. In September 2020 she sold one of the flats for £95,000, at which
In October 2022 Keith sells an antique cabinet for £7,200. He incurs incidental costs of disposal amounting to £200. The cabinet cost Keith £2,300 in July 2014. Compute the chargeable gain.
In September 2022 Kevin sells a drawing for £2,000. He bought the drawing in February 2016 for £50,000 when it was thought (incorrectly) to be by a famous artist. Compute the allowable loss.
In January 2023 Karl sells a one-quarter interest in a chattel for £2,500. On the date of this sale, the remaining three-quarters interest is valued at £8,500. The chattel had cost Karl£3,850 in
In January 2020 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her £50,000 and capital allowances are claimed. Compute the chargeable gain arising in
Carol purchased a holiday flat in December 2014 for £100,000. She spent £5,000 on installing central heating in February 2017 and a further £750 on repainting the interior of the flat in March
Melissa is a sole trader. Her capital gains and capital losses for 2022-23 are £27,000 and£700 respectively. She has capital losses brought forward from 2021-22 of £12,900 and she also has
Mark starts his own business on 25 July 2022 and is self-employed for 36 weeks in tax year 2022-23. His trading profit which is assessed to income tax for 2022-23 is £12,590.Calculate the Class 2
Brenda is a company director and she earns a regular monthly salary of £8,000. In May 2022 she received a £20,000 bonus. She is provided with a diesel-engined company car which has an emission
Leonard is employed and received a gross salary of £3,500 per month during tax year 2022-23. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2022-23 was
An individual has capital losses of £2,500 in tax year 2022-23. There are no unrelieved losses brought forward from previous years. Compute the individual's taxable gains for 2022-23 if capital
John dies on 3 March 2023. Between 6 April 2022 and 3 March 2023, he has capital gains of £1,200 and capital losses of £15,400. His net gains in recent tax years (and the annual exemption for each
On what date is CGT for 2022-23 normally due for payment?
Rosemary's capital gains and losses in recent years (and the annual exemption for each year) have been as follows:Gains Losses Annual exemption£ £ £2019-20 6,500 12,700 12,000 2020-21 11,600 2,350
In June 2020 Katie acquired a 5-year option to buy a piece of land. The option cost her£10,000. In June 2022 she sold the option for £8,000. Compute the chargeable gain.
Katherine acquired a 40-year lease on a property on 31 August 2004 for £75,000. On 31 August 2022 she assigned the lease to Francesco for £97,500. The property was never Katherine's residence.
The following information is available:(a) On 9 May 2013, Steven bought 2,000 ordinary shares in Vexacon plc for £8,000. On 28 November 2017, he bought a further 500 of the shares for £2,500.(b) In
Jeremy acquired the following ordinary shares in Scarlon plc:Date No of shares Cost£19 September 2013 4,000 16,000 20 October 2015 2,000 12,000 21 November 2017 1,000 7,000 22 December 2022 3,000
Rupert bought a house in Manchester on 1 November 2000 for £75,000. He occupied the house as his principal private residence until 1 November 2004 when he left to work abroad for a year, living in
Samantha bought a house for £47,500 on 1 August 2001 and occupied the house as her principal private residence. On 1 June 2003 she began to use one-fifth of the house for business purposes.
In October 2011, Matthew bought a piece of rare porcelain for £10,000. The porcelain was damaged in early 2018 and in February of that year Matthew spent £3,850 on restoration work. In July 2018,
In February 2013, Maria bought a diamond necklace for £13,500. In 2016 the necklace was stolen and, as a result, an insurance payment of £14,000 was received in February 2017. In the same month,
In June 2014, Pamela bought a freehold building for business use costing £150,000. In July 2022 she sold this building for £261,400 and immediately bought another freehold building, again for

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