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business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Apply foreign currency exchange rules as they affect the tax consequences of international transactions.
Apply the rules for sourcing income and deductions into U.S. and foreign categories.
Describe the interaction between Internal Revenue Code provisions and tax treaties.
Explain the framework underlying the U.S. taxation of cross-border transactions.
Demonstrate tax planning opportunities available to consolidated groups.
Derive deductions and credits on a consolidated basis.
Identify limitations that restrict the use of losses and credits of group members derived in separate return years.
Account for intercompany transactions of a consolidated group.
Compute a parent’s investment basis in a subsidiary.
Explain the compliance aspects of consolidated returns.
Identify the corporations that are eligible to file on a consolidated basis.
List the major advantages and disadvantages of filing consolidated tax returns.
Identify the sources of the rules for consolidated taxable income.
Apply the fundamental concepts of consolidated tax returns.
Structure corporate reorganizations to obtain the desired tax consequences.
Apply the rules pertaining to the carryover of tax attributes in a corporate reorganization.
Delineate the judicial and administrative conditions for a nontaxable corporate reorganization.
Explain the statutory requirements for the different types of reorganizations.
Identify the general requirements of corporate reorganizations.
Identify planning opportunities available to minimize the tax impact in stock redemptions and complete liquidations.
Determine the tax consequences of subsidiary liquidations for both the parent and the subsidiary corporations.
Determine the tax consequences of complete liquidations for both the corporation and its shareholders.
Recognize the restrictions on sale or exchange treatment for certain redemption-like transactions.
Determine the tax impact of stock redemptions on the distributing corporation.
Identify the stock redemptions that qualify for sale or exchange treatment.
Structure corporate distributions in a manner that minimizes the tax consequences to the parties involved.
Compute the tax arising from receipt of stock dividends and stock rights and the shareholder’s basis in the stock and stock rights received.
Recognize situations when constructive dividends exist and compute the tax resulting from such dividends.
Evaluate the tax impact of property dividends by computing the shareholder’s dividend income, basis in the property received, and the effect on the distributing corporation’s E & P and taxable
Describe the tax treatment of dividends for individual shareholders.
Determine taxable dividends paid during the year by correctly allocating current and accumulated E & P to corporate distributions.
Compute a corporation’s earnings and profits.
Explain the role that earnings and profits play in determining the tax treatment of distributions.
Identify tax planning opportunities associated with organizing and financing a corporation.
Handle the tax treatment of shareholder debt and stock losses.
Recognize the tax differences between debt and equity investments.
Explain the tax aspects of the capital structure of a corporation.
Recognize the basis issues relevant to the shareholder and the corporation.
Describe the special rules that apply when liabilities are assumed by a corporation.
Identify the tax consequences of incorporating a business.
Apply various tax planning procedures to maximize the domestic production activities deduction (DPAD) and to minimize the imposition of the AMT.
Demonstrate the operation of the accumulated earnings and personal holding company taxes.
Evaluate the current status of the penalty taxes on corporate accumulations.
Review and illustrate the function of adjusted current earnings (ACE).
Calculate the alternative minimum tax applicable to corporations.
Explain the reason for the alternative minimum tax.
List the collateral problems associated with the domestic production activities deduction (DPAD).
Illustrate the necessary adjustments to DPGR to arrive at qualified production activities income (QPAI).
Recognize and work with the different types of domestic production gross receipts (DPGR).
Identify the components of the domestic production activities deduction (DPAD).
Explain the reasons for the domestic production activities deduction (DPAD).
Evaluate corporations as an entity form for conducting a business.
Describe and illustrate the reporting process for corporations.
Explain the rules unique to computing the tax of related corporations.
Compute the corporate income tax.
List and apply the tax rules unique to corporations.
Compare the taxation of individuals and corporations.
Summarize the tax treatment of various forms of conducting a business.
Explain the role of taxation on the CPA examination.
Describe various tax planning procedures.
Assess the validity and weight of tax law sources.
Demonstrate tax research.
List and assess tax law sources.
Identify tax law sources—statutory, administrative, and judicial.
Recognize the role of the courts in interpreting and shaping tax law.
Illustrate how the IRS, as the protector of the revenue, has affected tax law.
Demonstrate the influence of economic, social, equity, and political considerations on the development of the tax law.
Stress the importance of revenue needs as an objective of Federal tax law.
LO.6 Hank is single and a doctor in a west Texas community. He owns and operates a cattle ranch, which has been profitable in only one of the last 10 years. He believes that he satisfies one-third of
LO.5 During 2010, Helen, the owner of a store, has the following income and expenses:Gross profit on sales $73,000 Income from part-time job (subject to FICA) 45,000 Business expenses (related to
LO.5 In each of the following independent situations, determine the amount of FICA C R I T I CAL THINKING(Social Security and Medicare) that should be withheld from the employee’s 2010 salary by
LO.5 Harvey is a self-employed accountant with earned income from the business of$136,050 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined
LO.5 In 2010, Susan’s sole proprietorship earns $260,000 of self-employment net income(after the deduction for one-half of self-employment tax).a. Calculate the maximum amount that Susan can deduct
LO.4 In 2013, Joyce receives a $4,000 distribution from her Coverdell Education Savings Account (CESA), which has a fair market value of $10,000. Total contributions to her CESA have been $7,000.
LO.4 Monica, age 51, has a traditional deductible IRA with an account balance of$102,000. Of this amount, $72,000 represents contributions, and $30,000 represents earnings. In 2010, she converts her
LO.4 Karli and Jacob, ages 34 and 35, have been married for 12 years and are both active participants in employer qualified retirement plans. Their total AGI in 2010 is $174,000, and they earn
LO.4 Molly, age 29, is unmarried and is an active participant in a qualified deductible(traditional) IRA plan. Her modified AGI is $61,000 in 2010.a. Calculate the amount that Molly can contribute to
LO.3, 4 Tim has AGI of $92,000 during the year and the following expenses related to his employment:Lodging while in travel status $4,000 Meals during travel 3,800 Business transportation 5,200
LO.5 Christine is employed full-time as an accountant for a national hardware chain. She also has a private consulting practice, which provides tax advice and financial planning to the general
LO.3, 4 Elvis is a salesman who works for Crane Sales, Inc. Typically, Elvis spends several days out of town each week. Crane provides Elvis with a travel allowance of $1,100 per month, but requires
LO.3 In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under § 222(qualified tuition and related expenses):a. Sophia is single and is
LO.3 Charles is employed as a full-time high school teacher. The school district for which he works recently instituted a policy requiring all of its teachers to start working on a master’s degree.
LO.3 Upon losing his job as a plant manager in Quincy, Massachusetts, Anthony incurs$6,200 in job search expenses. Having no success in finding new employment in the same type of work, Anthony moves
LO.3 Veronica is a key employee of Perdiz Corporation, an aerospace engineering concern E THI C S AND EQUI TY located in Seattle. Perdiz would like to establish an office on the east coast of Florida
LO.3 On Thursday, Justin flies from Baltimore (his home office) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and
LO.3 In June of this year, Dr. and Mrs. Alvin Lord traveled to Memphis to attend a three-day conference sponsored by the American Society of Implant Dentistry. Alvin, a practicing oral surgeon,
LO.3 Larry went from Cleveland to New York on business. His time was spent as follows:Thursday Travel Friday Business Saturday and Sunday Sightseeing Monday and Tuesday Business Wednesday Travel
LO.3 Marvin is employed by an accounting firm and uses his automobile in connection with his work. During the month of October 2010, he works at the office for 5 days and participates in the audit of
LO.2 George is a U.S. citizen who is employed by Hawk Enterprises, a global company.Beginning on June 1, 2010, George began working in London. He worked there until January 31, 2011, when he
LO.2 Redbird, Inc., does not provide its employees with any tax-exempt fringe benefits.The company is considering adopting a hospital and medical benefits insurance plan that will cost approximately
LO.2 Several of Egret Company’s employees have asked the company to create a hiking trail that employees could use during their lunch hours. The company owns vacant land that is being held for
LO.2 Tom works for Roadrunner Motors, a company that manufactures automobiles. E THI C S AND EQUI TY Tom purchased a new automobile from Roadrunner at the company’s cost of $10,000.The retail
LO.2 Ted works for Sage Motors, an automobile dealership. All employees can buy a car at the company’s cost plus 2%. The company does not charge employees the $175 transfer service fee that
LO.2 Canary Corporation would like you to review its employee fringe benefits program with regard to the tax consequences of the plan for the company’s president (Polly), who is also the majority
LO.2 Rosa’s employer has instituted a flexible benefits program. Rosa will use the plan to DE C I S ION MAKING pay for her daughter’s dental expenses and other medical expenses that are not
LO.2 Finch Construction Company provides its employees who are carpenters with all of COMMUNI CAT IONS the required tools. However, the company believes that this has led to some employees not taking
LO.2 Sally and Bill are married and file joint returns. In 2010, Bill, an accountant, has a salary of $75,000, and Sally receives a salary of $25,000 as an apartment manager. What are the tax
LO.2 Does the taxpayer recognize gross income in the following situations?a. Ann is a registered nurse working in a community hospital. She is not required to take her lunch on the hospital premises,
LO.2 Bertha spent the last 60 days of 2010 in a nursing home. The cost of the services provided to her was $14,000. Medicare paid $7,500 toward the cost of her stay. Bertha also received $10,500 of
LO.2 Paul is in the 15% marginal tax bracket, and Betty is in the 35% marginal tax bracket. They each pay $6,300 in health insurance premiums for themselves and their families. Their employer has

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