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business
taxation decision makers

Questions and Answers of Taxation Decision Makers

Monico Company is a cash-basis, calendar-year sole proprietorship. The owner, Rob, is in the 32 percent marginal tax bracket this year. If Monico bills its customers at the beginning of December, it
The 4,000 shares of Medco stock that Diana purchased 11½ months ago for $12 per share are now trading at $19 per share. Diana’s regular marginal tax rate is 32 percent and her tax rate for
Cynthia and Howard, married taxpayers filing a joint return, have $100,000 in taxable income in 2018. They have 4 children (ages 4 through 12) who have no income that is taxable. If they can legally
Thomas received $30,000 in a legal settlement in 2018. The tax treatment of the item is not certain. Thomas’s research results were ambiguous and he is not sure if the income is taxable. Because
Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2017 tax return. The return showed gross income of $150,000 when filed on October 15, 2018. When can the IRS
Kevin deliberately omitted $40,000 of gross income from his restaurant on his 2018 tax return. The return indicated gross income of $200,000 when filed on April 14, 2019. When can the IRS no longer
Denise files her 2018 tax return on February 4, 2019. If there is no material understatement of income on her return and the return is properly signed and filed, when does the statute of limitations
What uniquely numbered part of the Internal Revenue Code does a tax researcher usually cite?
Describe the basic steps in performing tax research.
Maria is a single individual with taxable income of $75,000 in 2018. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense?
Statement on Standards for Tax Services No. 4 states that a CPA may use estimates in completing a tax return. When would using estimates be appropriate in tax return preparation?
Your client, Teresa, claimed a deduction that the IRS agent disallowed upon audit. Teresa received a 30-day letter notifying her of the proposed additional tax liability of $1,050. Teresa is very
Regarding the Small Case Division of the Tax Court, which of the following statements is correct?a. The IRS (but not the taxpayer) can appeal an adverse judgment.b. The taxpayer (but not the IRS) can
Primary sources of authority include all of the following except:a. Treasury Regulationsb. Tax Court decisionsc. Internal Revenue Coded. Tax journals
The primary purpose of effective tax planning is:a. Minimizing tax liabilityb. Repealing all federal taxesc. Converting capital gain into ordinary incomed. Deferring deductions and accelerating income
While preparing this year‘s tax return, a CPA discovers that the client has underpaid his income taxes due to an omission on last year’s tax return, which was prepared by another accountant.
George owns 1,000 shares of ABC stock that he purchased a little more than 11 months ago at a cost of $5 per share. The stock is now trading for $40 per share. George’s tax advisor suggested that
Go to www.taxfoundation.org (the website for the Tax Foundation). a. What is Tax Freedom Day? b. When were Tax Freedom Days in 2016 and 2017?
Search the IRS website for LEAP. Briefly describe this program.
Search the IRS website for VITA. Briefly describe this program.
Briefly describe the statistical information available when you search the IRS website for statistics.
Compare the benefits of a $4,000 deduction and a $4,000 tax credit for two single taxpayers, one with taxable income of $50,000 and the other with taxable income of $200,000.
What is the after-tax interest rate that a corporation pays on a loan of $100,000 at 7 percent interest?
What is the maximum income tax rate that applies to the employee salary, the employment tax rate(s) on the salary, and the capital gain rate(s) on the long-term capital gains, for these four single
Carol has recently incorporated her sole proprietorship and is considering making an S election. The corporation has $200,000 of gross revenue and expenses of $75,000 before Carol’s salary. She
Jeremy is setting up a service business. He can either operate the business as a sole proprietorship or he can incorporate as a regular C corporation. He expects that the business will have gross
John and Martha are planning to be married. Both are professionals each with taxable incomes of $360,000 annually. They are deciding on a wedding date. They have two dates to choose from: December
Assume the same facts as problem 49, except that John and June expect the business will have a $44,000 loss in the first year (instead of a $64,000 profit) and will not make any cash distributions.
June and John decide to form a business. They each plan to contribute $20,000 in exchange for a 50 percent interest in the business. They will then take out a bank loan for $30,000 to cover the
Carolyn has a 50 percent interest in a general partnership that has a $14,000 loss for the year. She materially participates in the partnership. Her basis in the partnership is $10,000. She also has
John has taxable income of $30,000. William has taxable income of $60,000. Determine their 2018 income taxes if they are both single individuals and claim the standard deduction. Compare their
An estate has $20,000 of taxable income in 2018. What amount of tax will the estate pay if it fails to distribute the income to the beneficiaries?
Carrie and Stephen have gross salary and wages of $76,000 in 2018, file a joint return, and have a seven year old dependent child. They have $15,000 of allowable itemized deductions and a $240 child
Conrad, who has $220,000 of taxable income, plans to marry Anita, a college student with no taxable income. If they marry on December 21, 2018, they will file jointly and have $220,000 of taxable
Sally and Jim are married and have taxable income in 2018 of $700,000. If they could file their income tax as single individuals, each of them would have taxable income of $350,000. Do they have a
Refer to the information in problem 37. Determine Warner Corporation’s income tax liability. Problem 37.The Warner Corporation has gross income of $560,000. It has business expenses of
Refer to the information in problem 36. Determine the corporation’s income tax liability.Problem 36.Determine a corporation’s taxable income if it has $450,000 of gross receipts, $145,000 cost of
Refer to the information in problem 34. Determine Amy’s income tax liability for 2018. Problem 34Determine Amy’s taxable income for 2018 if she has $40,000 of salary income, is single, and
Determine George and Mary’s taxable income and tax liability for 2018 if George has $65,000 and Mary has $45,000 of salary income, they have $20,000 of allowable itemized deductions, no dependents,
Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files as head of household for 2018. Determine her taxable income if she has a salary of $71,000 and interest
Determine Amy’s taxable income for 2018 if she has $40,000 of salary income, is single, and claims the standard deduction.
If a taxpayer has $140,000 of employee salary, how much will be withheld for the Social Security and Medicare taxes in 2018?
If a taxpayer has $40,000 of employee salary in 2018, how much will be withheld for the Social Security and Medicare taxes?
What are three characteristics of a sole proprietorship? Do these characteristics differ from those of a partnership? What are three characteristics of a limited liability company that differ from
What are two fiduciary entities and how are they created? Differentiate the grantor, trustee, and beneficiary of a trust.
Briefly describe the basic elements of the tax model.
Over what ranges of taxable income in 2018 will the total income tax liability for two persons with equal incomes who file as single individuals equal their income tax liability if they file jointly
Suntan Corporation sells its products nationwide over the Internet. It has production facilities, warehouses, and offices only in the state of Florida. It has sales in excess of $600,000 for the year
Which of the following entities does not pass its income directly through to its owners? a. Sole proprietorship b. Partnership c. C corporation d. S corporation
Which of the following applies only to individual taxpayers and not to corporations? a. Taxable income b. Estimated tax payments c. Gross income d. Lower tax rates for long-term
What characteristic of a tax states that taxpayers with equal incomes should pay equivalent amounts of taxes? a. Horizontal equity b. Vertical equity c. Certainty d. Convenience
What type of tax is a sales tax?a. Income tax b. Consumption tax c. Wealth transfer tax d. Turnover tax
Which of the following is correctly categorized as a tax? a. The dog license fee b. The annual property tax on your home c. An assessment for putting streetlights in front of your home

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