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south western federal taxation

Questions and Answers of South Western Federal Taxation

Five years ago Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2013, his amount at risk in the activity was $30,000. His shares of the income and losses
Pamela owns a passive activity acquired several years ago that has incurred losses since its acquisition. This is the only passive activity she has ever owned. How will these passive losses affect
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a regional sales manager for Wren Industries, a national
Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined
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. Lily is single and is employed
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 to
Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2013, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her
As a condition of leasing a 10-year-old warehouse, Martha was required to make capital improvements to the interior of the building to accommodate the lessee. These improvements cost Martha $300,000.
During March 2014, Sam constructed new agricultural fences on his farm. The cost of the fencing was $80,000. Sam does not elect immediate expensing under § 179, and he does not claim any available
On April 20, 2014, Ralph purchased used equipment to be used in his farming business. The cost of the equipment is $150,000. Ralph does not elect immediate expensing under § 179, nor does he elect
A professional consulting business sells professional tools and equipment and provides associated services, such as repair and maintenance, to its customer base. The company’s employees include
Discuss whether § 179 expensing may be taken on qualified property used in a transaction entered into for profit.
Discuss the cost recovery periods and methods to be used on leasehold improvement property owned by the lessor.
Discuss whether § 179 is applicable when a farmer uses ADS computations for depreciable assets.
Discuss the definition of residential rental real estate
Discuss what property qualifies for additional first-year depreciation.
Discuss whether the date that an asset is placed in service is important in determining whether the mid-quarter convention applies for personalty.
Esther owns a large home on the East Coast. Her home is surrounded by large, mature oak trees that significantly increase the value of her home. In August 2013, a hurricane damaged many of the trees
Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic
Barbara, a calendar year taxpayer, owns and operates a company that manufactures toys. For 2014, she has modified AGI of $500,000 and QPAI of $550,000. Ignoring the W–2 wage limitation, calculate
Discuss the tax treatment of capitalized research and experimental expenditures.
Kelly decided to invest in Lime, Inc. common stock after reviewing Lime’s public disclosures, including recent financial statements and a number of press releases issued by Lime. On August 7, 2012,
Discuss the treatment of a loss on rental property under the following facts:Basis
Discuss the tax consequences of not making an insurance claim when insured business use property is subject to a loss.
Discuss the measurement rule for the theft of property used in a transaction entered into for profit.
Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 60% of their face value and then attempts to collect these accounts. During the current year, Bob
Sarah was contemplating making a contribution to her traditional IRA in 2013. She determined she would contribute $5,000 in December 2013, but forgot about making the contribution until she was
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for
The Robin Corporation is owned as follows:Isabelle
Alex, who is single, conducts an activity in 2014 that is appropriately classified as a hobby. The activity produces the following revenues and expenses:Revenue
Why is the reserve method not allowed to be used for Federal income tax purposes?
The parsonage allowance in § 107(2) allows clergymen and clergywome to exclude from gross income any rental allowance paid to them as compensation, as long as that allowance is used to rent or buy a
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2011. Alfred and Beulah will file a joint return for 2013. Alfred’s Social Security number is 111-11- 1111. Beulah’s Social
How does the tax benefit rule apply in the following cases?a. In 2012, the Orange Furniture Store, an accrual method taxpayer, sold furniture on credit for $1,000 to Sammy. The cost of the furniture
Rosa’s employer has instituted a flexible benefits program. Rosa will use the plan to pay for her daughter’s dental expenses and other medical expenses that are not covered by health insurance.
Tim is the vice president of western operations for Maroon Oil Company and is stationed in San Francisco. He is required to live in an employer-owned home, which is three blocks from his company
Tammy, a resident of Virginia, is considering purchasing a North Carolina bond that yields 4.6% before tax. She is in the 35% Federal marginal tax bracket and the 5% state marginal tax bracket. She
Melba’s employer provides a flexible spending plan for medical and dental expenses not covered by insurance. Melba contributed $1,500 during 2014, but by the end of December 2014, she still had
Tranquility Funeral Home, Inc., your client, is an accrual basis taxpayer that sells preneed funeral contracts. Under these contracts, the customer pays in advance for goods and services to be
Daniel B. Butler and Freida C. Butler, husband and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan’s Social Security number is 111-11-1111, and Freida’s is
Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2014, the company repaired Samuel Mosley’s car and charged him
Al is a medical doctor who conducts his practice as a sole proprietor. During 2014, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in
How does the hybrid method of accounting differ from the cash method and the accrual method?
On December 29, 2014, an employee received a $5,000 check from her employer’s client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30,
Which of the following individuals are required to file a 2014 Federal income tax return? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age
Wesley and Myrtle (ages 90 and 88, respectively) live in an assisted care facility and for years 2013 and 2014 received their support from the following sources.
Determine the number of personal and dependency exemptions in each of the following independent situations.a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife and furnish more than
Determine the amount of the 2014 standard deduction allowed in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent.a. Curtis, age
Compute Aiden’s 2014 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three years.
Compute Emily’s 2014 taxable income on the basis of the following information. Her filing status is single.
Paul and Sonja, who are married, reported 2014 itemized deductions of $8,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately—he will itemize his
Mark and Lisa were divorced in 2013. In 2014, Lisa has custody of their children, but Mark provides nearly all of their support. Who is entitled to claim the children as dependents?
Camden and Lily are divorced on March 3, 2013. For financial reasons, however, Lily continues to live in Camden’s apartment and receives her support from him. Camden does not claim Lily as a
Kirby, age 18, lives with her parents in a household maintained by them. As an actress, she earns $600,000 during the year, which, after taxes, is placed in a trust for her. Can Kirby be claimed as a
To save on U.S. income taxes, Lucas (a U.S. citizen and resident of Vermont) invests in foreign stocks and bonds. Is Lucas’s approach effective in reducing his taxes? Explain.
Rearrange the following items to show the correct formula for arriving at taxable income of individuals under the Federal income tax.a. Deductions for AGI.b. Income (broadly conceived).c. Taxable
In which Subchapter of the Internal Revenue Code would one find information about corporate distributions?a. Subchapter S.b. Subchapter C.c. Subchapter P.d. Subchapter K.e. Subchapter M
For her tax class, Yvonne has to prepare a research paper discussing the tax aspects of child support payments. Explain to Yvonne how she can research this topic using various tax research resources.
Where can you locate a published decision of the U.S. Court of Federal Claims?
Which of the following would be considered advantages of the Small Cases Division of the Tax Court?a. Appeal to the U.S. Tax Court is possible.b. A hearing of a deficiency of $65,000 is considered on
Distinguish between legislative, interpretive, and procedural Regulations.
Explain how Regulations are arranged. How would the following Regulations be cited?a. Finalized Regulations under § 152.b. Proposed Regulations under § 274.c. Temporary Regulations under § 163.d.
In which title and subtitle of the U.S. Code is the income tax portion of the Internal Revenue Code of 1986 found?
To what date in 2013 did an average taxpayer have to work in order to pay his or her taxes for the year?
In May 2014, Hernando, a resident of California, has his 2012 Federal income tax return audited by the IRS. An assessment of additional tax is made because he had inadvertently omitted some rental
President Obama and others have called for repeal of the LIFO method for tax purposes. Conduct an internet search to find arguments for and against this proposal. Prepare a summary of these arguments.
Chee, single, age 40, had the following income and expenses during 2017: Calculate Chee?s taxable income for the year before personal exemptions. If Chee has any options, choose the method that
The IRS Statistics on Income division accumulates information each year on the various types of businesses operating as partnerships. At irs.gov/taxstats, click “Partnerships,” and then click
For your jurisdiction, find the name of the court that handles bequests and inheritances, the maximum fee that can be charged against the probate estate, and the deadlines for filing various
Find two articles that address tax policy reasons supporting a repeal of the Federal estate tax. Prepare two PowerPoint slides summarizing these arguments for a presentation to your school’s
Make a graph showing the number of Forms 706 and 709 that have been filed for every third year starting with 2005. On the same graph, indicate the revenue collected by the Treasury from these taxes
Your client Ellie, a single U.S. individual, owes the IRS $84,000 in income taxes that relate to her tax year 2010. This year, Ellie submits a renewal request for her U.S. passport. In a research
Find a website that lists suggestions on how to deal with an IRS auditor during the first meeting with him or her. You might start at irs.gov by reading Publication 556. Then find at least three
Every year toward the end of the Form 1040 filing season, suggestions are offered to taxpayers about how to pay their taxes if they lack the funds to do so. The discussions address filing extensions,
Corporations with large estimated tax over payments and underpayments are subject to special interest rates.a. Find in the Code how these rates are determined.b. List the rates that have been in
Make a list of the individuals currently serving in the following tax-related positions. Give the website address where you found this information.Send this list to your instructor.a. IRS
Read the “tax footnote” of five publicly traded U.S. corporations. Find the effective state/local income tax rates of each. Create a PowerPoint presentation (maximum of three slides) for your
Identify three states considered to be in the same economic region as your own. For each of the three states, answer the following questions. Answers to most can be found at taxadmin.org.• What is
For your state and one of its neighbors, find the following income tax rules. Place your data in a chart, and e-mail your findings to your instructor.a. To what extent does each state follow the
Use 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
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
Locate the financial statements of three different companies that report information in the income tax footnote regarding uncertain tax positions under ASC 740-10. Create a schedule that identifies
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
Locate the most recent financial statements of two companies in the same industry using the companies’ websites or the SEC’s website (sec.gov). Perform a benchmarking analysis of the two
Bitcoin, and the blockchain technology that makes it work, has created new methods for commerce and investment. One of these new vehicles is initial coin offerings (ICOs). Find an example in the
Find a recent article written by a tax practitioner that discusses how the TCJA of 2017 changes choice of entity considerations for businesses. In a paper that you send to your instructor, summarize
Find an article describing how a specific business put together its employee fringe benefit package in light of the limitations presented by the tax law and the business’s form of operation.
Summarize the corrective actions required for a corporation to obtain a letter ruling under the inadvertent defective election provision since 1997. There have been almost 100 such letter rulings,
Prepare a graph of the growth in the number of S elections since 1980, using increments of no more than five years. On the same graph, show the maximum Federal income tax rates for those years as
For the most recent year available, what types of partnerships are most commonly used in various industries? Consider general and limited partnerships and LLCs; disregard LLPs and foreign
Locate data on the size of the international economy, including data on international trade, foreign direct investment by U.S. firms, and investment in the United States by foreign firms. Useful web
Send your instructor a graph of the number of Federal consolidated income tax returns that the IRS has received over the last 25 years, using 5-year intervals for your data points. On the same graph,
Identify the key details of the evolution and development of the Federal consolidated tax return rules. When were consolidated returns elective? When were they first required? What political forces
Find several journal articles and web postings addressing the consolidation election. Construct a list titled “Consolidated Returns: Compliance Tips and Traps.” Submit this document to your
Using data from the IRS Stats website, assess the size of the businesses that file Federal consolidated returns, and their taxable activities. In a table that you send to your instructor, make a
Find a recent merger or acquisition in the beverage industries (e.g., soft drinks, beer, wine). Prepare a written summary of the transaction, including a diagram of the deal and the names of the
Browse the internet sites of several public accounting firms, and find discussions comparing stock purchases with asset purchases when acquiring a business. Based solely on your findings, prepare an

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