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business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Apply the Subchapter J rules in a manner that minimizes the income taxation of trusts and estates and still accomplishes the intended objectives of the grantor or decedent.
Use the special rules that apply to trusts where the creator (grantor) of the trust retains certain rights.
Illustrate the uses and implications of distributable net income.
Identify the steps in determining the accounting and taxable income of a trust or an estate and the related taxable income of the beneficiaries.
Use working definitions with respect to trusts, estates, beneficiaries, and other parties.
List and review procedures to obtain liquidity for an estate.
Apply procedures that reduce estate tax consequences.
Illustrate how to reduce probate costs in the administration of an estate.
Recognize when gifts trigger income taxes for the donor.
Explain how gifts can minimize gift taxes and avoid estate taxes.
Compare the income tax basis rules applying to property received by gift and by death.
Identify problems involved in valuing an interest in a closely held business.
Apply the special use valuation method in appropriate situations.
Describe various established concepts used in carrying out the valuation process.
Review and demonstrate the role of the generation-skipping transfer tax.
Calculate the Federal estate tax liability.
Describe the components of the taxable estate.
Identify the components of the gross estate.
Calculate the Federal gift tax.
Illustrate the operation of the Federal gift tax.
List and analyze the Federal estate tax formula.
List and analyze the Federal gift tax formula.
Explain the nature of the Federal gift and estate taxes.
Summarize the legal and ethical guidelines that apply to those engaged in tax practice.
Recognize and apply the rules governing the statute of limitations on assessments and on refunds.
List and explain the various penalties that can be imposed on acts of noncompliance by taxpayers and return preparers.
Determine the amount of interest on a deficiency or a refund and when it is due.
Explain the taxpayer appeal process, including various settlement options available.
Describe the audit process, including how tax returns are selected for audit and the various types of audits.
Identify the various administrative pronouncements issued by the IRS, and explain how they can be used in tax practice.
Illustrate the organization and structure of the IRS.
Recognize tax planning opportunities available to minimize a corporation’s state and local tax liability.
Describe other commonly encountered state and local taxes on businesses.
Discuss the states’ income tax treatment of S corporations, partnerships, and LLCs.
Apply the unitary method of state income taxation.
Discuss the sales, payroll, and property apportionment factors.
Describe the nature and treatment of business and nonbusiness income.
Distinguish between allocation and apportionment of a multistate corporation’s taxable income.
Define nexus and explain its role in state income taxation.
Illustrate the computation of a multistate corporation’s state tax liability.
Identify tax planning opportunities for exempt organizations.
List the reports that exempt organizations must file with the IRS and the related due dates.
Determine when an exempt organization is subject to the unrelated business income tax and calculate the amount of the tax.
Recognize the taxes imposed on private foundations and calculate the related initial tax and additional tax amounts.
Determine which exempt organizations are classified as private foundations.
Apply the tax consequences of exempt status, including the different consequences for public charities and private foundations.
Enumerate the requirements for exempt status.
Identify the different types of exempt organizations.
Use financial statement income tax information to benchmark a company’s tax position.
Identify the GAAP treatment concerning tax uncertainties and unrepatriated foreign earnings.
Interpret the disclosure information contained in the financial statements.
Describe the purpose of the valuation allowance.
Compute a corporation’s book income tax expense.
Determine the differences between book and tax methods of computing income tax expense.
Compare the tax consequences of the various forms of doing business.
Analyze the effect of the disposition of a business on the owners and the entity for each of the forms for conducting a business.
Review and illustrate the applicability and the effect of the conduit and entity concepts on contributions to the entity, operations of the entity, entity distributions, passive activity loss and
Identify techniques for avoiding double taxation and for controlling the entity tax.
Distinguish between the forms for conducting a business according to whether they are subject to single taxation or double taxation.
Explain the relative importance of nontax factors in making business decisions.
Identify the principal legal and tax forms for conducting a business.
Engage in tax planning for S corporations.
Compute the built-in gains and passive investment income penalty taxes.
Explain the tax effects that losses have on shareholders.
Calculate a shareholder’s basis in S corporation stock.
Determine how distributions to S corporation shareholders are taxed.
Allocate income, deductions, and credits to shareholders.
Compute nonseparately stated income and identify separately stated items.
Explain how an S election can be terminated.
Explain how to make an S election.
Identify corporations that qualify for the S election.
Explain the tax effects that S corporation status has on shareholders.
List and evaluate various tax planning considerations related to partnership distributions and sales of partnership interests.
Describe the application of partnership provisions to limited liability companies (LLCs) and limited liability partnerships (LLPs).
Identify the special considerations of a family partnership.
Outline the methods of terminating a partnership.
Calculate the optional adjustments to basis under§ 754.
Describe tax issues related to other dispositions of partnership interests.
Calculate the selling partner’s amount and character of gain or loss on the sale or exchange of a partnership interest.
Determine the tax treatment under § 736 of payments from a partnership to a retiring or deceased partner.
Specify and explain the general concepts governing tax treatment of disproportionate distributions.
Describe the tax treatment that applies to distributions treated as disguised sales and distributions of marketable securities and precontribution gain property.
Determine the tax treatment of proportionate distributions that liquidate a partnership.
Determine the tax treatment of proportionate nonliquidating distributions from a partnership to a partner.
Provide insights regarding advantageous use of a partnership.
List and explain the special rules that govern the treatment of transactions between a partner and the partnership.
List and review the limitations on deducting partnership losses.
Illustrate a partner’s capital account rollforward, and explain why the year-end balance might differ from the partner’s year-end basis in the partnership interest.
Explain how liabilities affect a partner’s basis.
Determine a partner’s basis in the partnership interest.
Outline and discuss the requirements for allocating income, gains, losses, deductions, and credits among the partners, and describe how that income is reported.
Calculate a partnership’s taxable income and separately stated items, and describe how the partnership’s income is reported.
List and explain the methods of determining a partnership’s tax year.
Specify the accounting methods available to a partnership.
Identify elections available to a partnership, and specify the tax treatment of expenditures of a newly formed partnership.
Describe the tax effects of forming a partnership with cash and property contributions.
Describe the conceptual basis for partnership taxation and how partnership income is reported and taxed.
Distinguish among the various types of entities treated as partnerships for tax purposes.
Apply the U.S. tax provisions concerning nonresident alien individuals and foreign corporations.
Work with the U.S. tax provisions affecting U.S.persons earning foreign-source income, including the rules relating to cross-border asset transfers, antideferral provisions, and the foreign tax

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