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south western federal taxation

Questions and Answers of South Western Federal Taxation

LO.4 When Brent learns that his mother, Della, is terminally ill, he gives her a valuable art collection. In her will, Della leaves the collection to Melody, Brent’s wife.a. For income tax
LO.4 Before electing certain valuation provisions such as § 2032 (alternate valuation date) and § 2032A (special use valuation), income tax consequences should be taken into account. Explain this
LO.4 When Scott discovers that his illness is terminal, his family estate planner tells him to “prune the community of loss assets.” Explain what the planner means and how it could affect
LO.4 Joshua inherited stock in Garnet Corporation from his aunt when it had a date of death value of $20,000. Four months later, Joshua sells the stock for $15,000, expecting a short-term capital
LO.4 Katelyn receives stock in Kite Corporation as a gift from her father, which she sells four months later. Although Katelyn sold the stock for more than it was worth when she received it as a
LO.1 Marvin’s daughter Carol was a student at an exclusive private women’s college.Each year that she attended, Marvin had Carol sign a note for $40,000 to cover books, tuition, and room and
LO.1 At the time of his death from a terminal illness, Hugo owned the following major assets.• A 3,400-square-foot condominium located in Kansas City, Kansas.• An antique car collection.In terms
Joel has operated his business as a sole proprietorship for many years but has decided to incorporate the business to limit his exposure to personal liability.The balance sheet of his business is as
A considerable amount of material (e.g., magazine and newspaper commentaries, journal articles, and books) is available on why the Federal estate tax should be repealed. Identify three recent
The IRS’s web page at www.irs.gov contains many useful links to publications, tax forms and instructions, and tax revenue statistics. Locate web pages for at least three other countries’ taxing
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.
Your clients, Grayson Investments, Inc. (Ana Marks, President), and Blake Caldwell, each contributed $200,000 of cash to form the Realty Management Partnership, a limited partnership. Grayson is the
Harrison has considerable experience as a leasing agent for residential rental properties. Alameda Properties (not a publicly traded partnership) has offered Harrison a position handling leasing
Print an article posted by a law firm that comments on pitfalls to avoid in drafting partnership agreements. Ideally, use the home page of a firm that has offices in your state.
Use the search feature on your favorite news site on the Web (e.g., CNN, ABC News, or Fox News) and search for news on partnerships, LLCs, or limited partnerships. What entities did you find that are
Find the home page of a partnership that seems to be soliciting financing from new partners. Comment on the portrayal of the pertinent tax law that is included in the materials, especially with
Your client, Paul, owns a one-third interest as a managing (general)partner in the service-oriented PRE, LLP. He would like to retire from the limited liability partnership at the end of the current
The accrual basis Four Winds Partnership owned and operated three storage facilities in Milwaukee, Wisconsin. The partnership did not have a § 754 election in effect when partner Taylor sold her 25%
Prepare a graph illustrating the trends in IRS audit activity over the past decade, and submit it to your instructor. First, decide whether you are measuring audited returns, tax dollars recovered by
Print an article written by a tax adviser discussing the merits of the family limited partnership. Write a memo discussing one of the following issues.a. The effects of Revenue Ruling 93–12 and
Locate and summarize in an e-mail to your instructor the holdings reported in these items involving S corporations.a. Ltr.Rul. 9803023.b. Jerome R. Vainisi, 132 T.C. 1 (2008).c. TAM 200247002.d.
List at least four forms the tax law requires when a U.S. person invests in overseas or investment business entities.
In a PowerPoint presentation for your classmates, describe how the IRS targets certain tax issues, taxpayers, and transactions in the audit process. Give examples of high- and low-priority audit
What type of transfer tax, if any, does your home state impose? What about the state(s) contiguous to your home state? (For Alaska, use Washington; for Hawaii, use California.)
Ralph Heard dies in 2008 leaving a large estate. After providing for specific bequests to friends and distant relatives, his will states, “I leave the residue of my estate to be divided between my
Grace Tipton, a widow of considerable means, dies in February 2004.One month later, her designated executor is appointed by the probate court of appropriate jurisdiction, and the administration of
You have been assigned the task of preparing a letter ruling request on behalf of one of the firm’s clients. As the firm has not prepared a ruling request before, you are to outline the IRS’s
State income tax law may include provisions for corporate reorganizations that differ from those of the Federal income tax rules. Find your state’s statutes that indicate the treatment of
Find a recent merger or acquisition in the mining industry. Prepare a written summary of the transaction, including the companies involved, and send your document to your professor.
Find a news article discussing a recent stock-for-stock corporate acquisition.Prepare a one-page summary of the reorganization, including the names of the companies and the value of the transaction.
When corporations are contemplating reorganization transactions, it is suggested that they obtain a private letter ruling (PLR) from the IRS to ensure the treatment they desire. How does a taxpayer
Alpha and Beta have been members of an electing Federal consolidated group since the beginning of year 1. Also at the beginning of year 1, Alpha acquired and placed in service a fleet of trucks to be
LargeCo owns stock in Small Corporation. The voting shares and value of the Small stock owned by LargeCo are as follows.• Common stock, 100%.• Preferred stock, 60%.Under Small’s corporate
The Cardinal Group had filed on a consolidated basis for several years.Parent Cardinal, Ltd., had a wholly owned subsidiary, Swallow, Inc. The group used a calendar tax year.On January 25, 2012,
Last year Cutlinger, Inc., acquired Donte Corporation in a state-law merger. Donte immediately joined the Cutlinger consolidated return group for state and Federal income tax purposes. Both parties
Find a thread in a tax blog involving consolidated returns. Post an entry to the site concerning acceptable tax allocation formulas. Which tax-sharing methods have been most popular with the
Determine whether the income tax laws of your state, and those of two of its neighbors, allow Federal affiliated groups to use capital loss, passive loss, and NOL deductions. What are the NOL
Sam is selling his S corporation, Superbody Fitness, Inc. He will receive 80% cash and 20% of another S corporation fitness center. As part of this transaction, should Sam liquidate Superbody
Develop a list of the pros and cons for a proposal by Congress to restructure the Federal income tax law for flow-through entities and to integrate Subchapters K and S.
City Hospital, a tax-exempt hospital, has purchased a sports and fitness center located about three miles from the hospital. It is a state-of-the-art fitness center that includes an open fitness room
The American Accounting Association holds its regional meetings at seven locations in the spring and its national meeting in August of each year. The meetings include the formal presentation of
Roger is the pastor at the Third Ecumenical Church in Atlanta. Over lunch with Priscilla, the pastor at another church with whom Roger went to seminary, Roger learns that another friend’s church
Download an application for tax-exempt status that would be filed with the IRS. Write a one-page letter to an organization that is contemplating the filing of such an application. The letter should
Determine whether the Kellogg Foundation is a private foundation.Print a copy of its Form 990 or Form 990–PF.
Verify the exempt status of the symphony orchestra that performs closest to your home. Who are its three highest-paid associates? Send an e-mail to your instructor explaining how you found this
Use www2.guidestar.org to obtain the following information on the Jamestown Yorktown Foundation, Inc., which is located in Williamsburg, Virginia.• Locate the foundation’s website.• Under what
Send an e-mail to the secretary of revenue for your home state proposing adoption of at least two of the following provisions that do not currently exist in your state.a. Increase the apportionment
For your state and one of its neighbors, determine the following. Place your data in a chart and e-mail your findings to your professor.a. To what extent does each state follow the rulings of the
Does Walmart.com collect use tax when it ships an order into your state? Does Dell.com? Gateway.com? Amazon.com? Crateandbarrel.com? SamGoody.com? (If your state does not have a sales tax law, answer
Find a state/local tax policy organization (e.g., the Committee on State Taxation). Read its current newsletter. In an e-mail to your instructor, summarize a major article in the newsletter. Look
Many states offer a tax credit for expenditures made in-state for new computing and energy-saving equipment. For your state and one of its neighbors, summarize in a table three of the tax incentives
In 2008, Gupta sold some shares of Wingo, a private U.S. corporation, for $40 million. On his Form 1040 Schedule D for 2008, Gupta showed the basis of the stock as $11 million, thereby reporting a
Taxpayers generally “go to jail” on tax charges only when criminal activities have been involved. Find information about the criminal tax prosecutions the Treasury undertakes. How many criminal
A Native American tribal government issued $10 million of bonds, paying interest at 5%. The disclosure document associated with the bonds stated that the bonds were tax-exempt. Is this correct? If
Using publicly available web information, locate news or other items reporting financial analysts’ forecasts or other information regarding two different companies.Determine whether the analyst
Locate the financial statements of two different companies in two different industries that appear to have very different state and local tax burdens based on the rate reconciliation contained in the
Go to the website of a newspaper or business magazine. Find a case study of how to start a small business and choose the best tax entity (e.g., C corporation or S corporation). Summarize your
Outline the Treasury Department’s tax reform proposal to treat passthrough entities as corporations. Summarize your findings in an e-mail to your instructor.
Summarize in no more than five PowerPoint slides what a tax adviser can learn from the David E. Watson, P.C., 714 F.Supp.2d 95 (S.D. Iowa, 2010) decision.
The stock of Ebony, Inc., is owned as follows:Percent Ownership Basis FMV Alma 30 $2,700 $270,000 Ben 30 2,700 270,000 Debbie 20 1,800 180,000 Clyde 20 1,800 180,000 Alma and Ben are the parents of
Dr. Sanders is a veterinarian who is the sole shareholder of Vet, Inc., an S corporation. The corporation offers consulting and surgical services to other veterinarians that Dr. Sanders provides. Dr.
Find a newspaper article about a state that contributed assets to an auto company as a location inducement and later recovered some or all of the assets under a“clawback” provision. What are the
Find a newspaper article that discusses the increasing regulation of“corporate America.” Outline the pros and cons of such regulation from your viewpoint and that of the author. In this regard,
Determine whether your state income tax permits an S corporation election and whether it permits an LLC to be taxed as an S corporation.
Locate the web page of Citizens for Tax Justice and find the report“Corporate Taxpayers and Corporate Tax Dodgers, 2008-10.” In no more than four PowerPoint slides for your classmates, summarize
Search the news archives available on the Web, and locate two articles addressing the controversy over whether fair value should be used to compute investment income on a company’s income
Both Schedule M–1 and Schedule M–3 of Form 1120 provide a reconciliation of book income to taxable income. Locate the instructions for both of these schedules at the IRS website (www.irs.gov),
Use any available resources (databases, the Web, etc.) to locate articles or other discussions regarding the key differences between ASC 740 (SFAS 109) and International Accounting Standard No. 12
Locate the financial statements of three different companies that report information in the income tax footnote regarding uncertain tax positions under ASC 740 (FIN 48). Create a schedule that
Using publicly available web resources, locate summary financial information for two companies in the same industry. Compare and contrast the following items across the two companies: debt-to-equity
Find an article in which a tax professional describes the confidentiality privilege available under the Code for a CPA tax adviser. Then construct a list of “Confidentiality Dos and Don’ts for
Based on the most recent IRS data available, determine the following.a. The number of estate tax returns (Form 706) filed in a year. What percentage of these returns did the IRS audit?b. The number
Have the provisions of § 1202, which relate to qualified small business stock, been widely used since their enactment? What leads you to this conclusion? What rationale did Congress provide as a
The Western States Partnership is a calendar year, cash basis general partnership. The partnership was formed in 2008 and consists of 19 individual partners.Sarah has a 10% capital and profits
Marula Corporation was formed in 2000, with Adede contributing$34,000 of machinery, Buru contributing $33,000 cash, and Chipo contributing $33,000 of land. Marula has been a very successful firm and
Pan, an S corporation, is in the home construction business and has sustained $500,000 in losses in excess of the shareholders’ bases in their stock. Thus, these losses have been suspended and are
Berta Jackson owns 100% of the common stock of Almond Corporation(E & P of $1.5 million), having purchased the stock 15 years ago. Berta is contemplating a gift of 45% of her shares in Almond (basis
Six years ago, Coastal Drillers, Inc., redeemed all of the stock owned directly by Jeremiah Cranston (6870 Vinton Court, Los Angeles, CA 90034). At the time of the redemption, Jeremiah and his
Over the last few years, there have been several proposals to reform the Federal income tax. Use the Internet to ascertain how these proposals have addressed the tax treatment of corporate
The law allowing a reduced tax rate on dividends (part of the “Bush tax cuts”) was scheduled to expire at the end of 2010. During the year leading up to the scheduled expiration, there was
Just how common are dividend distributions? Are dividends concentrated in the companies traded on the New York Stock Exchange, or do closely held corporations pay dividends with the same frequency
Oriole Corporation wholly owns Canary Corporation, which was formed six years ago with the transfer of several assets and a substantial amount of cash.Oriole’s basis in the Canary stock is $11.5
Identify the key details of the evolution and development of the Federal consolidated tax return rules. When were consolidated returns elective? When did they become required? What political forces
Complete a review of the evolution of your state’s tax laws concerning consolidated returns. Use a format similar to the one described in Research Problem 9.
Find the language in the budget proposal of the Obama administration that would limit to 90 years the transfer tax exemptions for dynasty trusts. In no more than four PowerPoint slides, summarize the
Create no more than three PowerPoint slides, summarizing your state’s definitions of and rules for using the following terms. Hint: Your state might not use these terms at all, or it might use a
The IRS’s list of abusive tax shelters includes a “family residence trust,”which attempts to create deductions for personal items such as utilities, furniture purchases, and swimming pool
Under the income tax laws of your state applicable to fiduciaries, how are the following items allocated among the entity and the beneficiaries? Put your findings in a PowerPoint presentation for
Siri’s revocable trust held title to a plot of investment land that she had acquired in 2003. On October 20, 2011, the trust entered into a sales contract with Hilltop Developers. A closing date of
IRS Notice 2011–82 relates to the portability of the estate and gift tax exemptions. What aspect of this procedure is discussed?
Review IRS Publication 4895 and Form 8939.a. How are the two items related to each other?b. What purpose does each serve?
What procedures has the IRS recommended that a surviving spouse use to take advantage of a DSUEA?
The IRS makes available several publications that can prove useful to those involved in the administration of estates. Retrieve and summarize the following documents.a. Publication 559.b. Publication
Find the IRS forms noted below. List the title of each, prepare a short comment as to its purpose or use, and e-mail this information to your instructor.a. Schedule U of Form 706.b. Form 706–CE.c.
Based on the most recent IRS data available, determine the following.a. On how many Forms 706 was a charitable contribution claimed?b. What was the total dollar amount of the charitable contribution
In 2007, Troy wins the Connecticut LOTTO grand prize of $15 million.The LOTTO contest is governed by the following rules.• The prize money is to be paid in 20 equal annual installments (in this
Garth dies in 2009 and is survived by his wife, Daisy, and four adult children.Among the items included in his gross estate are the following.Fair Market Value Apartment building $2,900,000
Identify the following forms issued by the IRS: Forms 706–NA, 706–CE, 712, 4768, and 4808. What purpose does each serve? Summarize your comments in an email to your professor.
LO.6 In 2009, Jessica placed $250,000 in a savings account listing ownership as follows:“Jessica, Keri, and Jason, joint tenancy with the right of survivorship.” Keri and Jason are Jessica’s
LO.4, 6, 7 Assume the same facts as in Problem 54, except that Gordon and Fawn are husband and wife (not brother and sister).a. What are the gift tax consequences in 2002?b. What are the estate tax

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