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taxation of individuals

Questions and Answers of Taxation of Individuals

LO.6 Vogel Corporation owns two subsidiaries. Song, located in State A. generated $500,000 taxable income this year. Bird, located in State B, generated a $100,000 loss for the period.a. Determine
LO.6 Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $800,000. Beckett's apportionment factors for the year use the following data. Compute Beckett's B
LO.6 Fillon operates manufacturing facilities in States A and B. Fillon has nexus with both states; apportionment factors are .70 for A and 30 for B. Taxable income for the year totaled $150,000,
LO.6 Castle Corporation conducts business and has nexus in States A, B, and C. All of the states use a three-equal-factors apportionment formula, with the fac- tors evenly weighted. Castle generates
LO.3 Enders, Inc., a domestic corporation, reports $290,000 total taxable income for the year, consisting of $208,800 in U.S.-source business profits and $81,200 of income from foreign investment
LO.3 Cordero, Inc., is a calendar year taxpayer and a CFC for the entire tax year. Yancy Company, a U.S. corporation, owns 75% of Cordero's one class of stock for the entire year. Cordero's Subpart F
Synthesize key aspects of international and multistate tax systems to identify common rules and issues taxpayers face in both systems.
Apply principles designed to compute state taxable income for a taxpayer operating in more than one U.S.state.
Identify the sources of tax law applicable to a taxpayer operating in more than one U.S.state.
Describe the tax effects related to the U.S. operations of a non-U.S. taxpayer.
Outline the U.S. tax effects related to the offshore operations of a U.S. taxpayer.
Identify the sources of tax law applicable to a taxpayer operating in more than one country.
Discuss the computational and compliance issues that arise when a taxpayer operates in more than one taxing jurisdiction.
The Matthew Corporation, an S corporation, is equally owned by three shareholders- Emily, Alejandra, and Kristina. The corporation is on the calendar year basis for tax and financial purposes. On
On what date did Village's S status become effective?a. January 1, year 4b. January 1, year 5c. December 5, year 4d. December 5, year 5 2. Fox Corp., an S corporation, had an ordinary loss of $36,500
Prepare a graph of the growth in the number of S corporation returns filed. Obtain data for these years: 1980, 1985, 1990, 1995, 2000, 2005, and 2010. In a note to your instructor, explain the trends
Sean Moon is president, secretary, treasurer, sole director, and sole shareholder of Streetz, an S corporation real estate company. He manages all aspects of the company's operations, and he is the
Alice owns 100% of Medical Data, a C corporation, and 100% of Your Realtors, an S corporation. She worked full-time for Medical Data (i.e., she materially participated in the entity), but Alice did
Using no more than five slides, at least two of which include a chart or graphic to illustrate your observations, prepare a presentation for your fellow students at the annual Pay It Forward
Using an online research service, determine whether your state:a. Allows flow-through treatment for Federal S corporations.b. Requires any state-specific form to elect or elect out of S treatment at
LO.6, 7 C&C Properties is an S corporation that owns two rental real estate undertakings: Carrot Plaza and Cantaloupe Place. Each property produces an annual $10,000 operating loss. C&C's Schedule K
LO.1 One of your clients, Texas, Inc., is considering electing S status. Both of Texas's equal shareholders paid $30,000 for their stock. As of the beginning of 2018, Texas's Subchapter C NOL,
LO.7 Blue is the owner of all of the shares of Blue Bell, an S corporation. Blue is considering receiving a salary of $110,000 from the business. She will pay the 7.65% FICA taxes on the salary, and
LO.7 Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold the stock for $15,700 after he had owned it for six years. Samuel had paid $141,250 for the stock, which
LO.6, 7 Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2018. The company generated a $74,000 NOL in 2017 and another NOL of $43,000 in 2018.
LO.6 Maple, Inc., is an S corporation with a single shareholder, Bob Maple. Bob believes that his stock basis in the entity is $50,000, but he has lost some of the records to substantiate this
LO.5, 6 Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the
LO.5 If the beginning balance in Swan, Inc.'s OAA is $6,700 and the following transactions occur, what is Swan's ending OAA balance? Depreciation recapture income Payroll tax penalty Tax-exempt
LO.4, 5, 6 Valence Corporation's Form 1120S shows ordinary income of $88,000 for the year. Daniel owns 40% of the Valence stock throughout the year. The following information is obtained from the
LO.4, 7 Sweetie, a calendar year S corporation, reports an ordinary loss of $80,000 and a capital loss of $20,000. Mei Freiberg owns 30% of the corporate stock and holds a $24,000 basis in the stock.
LO.5 Polly has been the sole shareholder of a calendar year S corporation since its inception. Polly's stock basis is $15,500, and she receives a distribution of $19,000. Corporate-level accounts
LO.4, 5, 6 Spence, Inc., a calendar year S corporation, generates an ordinary loss of $110,000 and makes a distribution of $140,000 to its sole shareholder, Storm Nelson. Nelson's stock basis and AAA
LO.4, 5 Tiger, Inc., a calendar year S corporation, is owned equally by four share- holders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago.
LO.4, 5 McLin, Inc., a calendar year S corporation, holds $90,000 of AEP. Tobias, the sole McLin shareholder, has an $80,000 basis in his stock with a zero balance in the AAA.a. Determine the tax
LO.4 Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. Operating income $100,000 Cost of goods sold (40,000)
LO.4 Maul, Inc., a calendar year S corporation, incurred the following items. Tax-exempt interest income Sales Depreciation recapture income Long-term capital gain $1231 gain Cost of goods sold
LO.4 The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders. From supple- mental data, you obtain the following
LO.5, 6 Mary is a shareholder in CarrollCo, a calendar year S corporation. At the beginning of the year, her stock basis is $10,000, her share of the AAA is $2,000, and her share of corporate AEP is
LO.6, 7 Junie's share of her S corporation's net operating loss is $50,000, but her stock basis is only $30,000. Point out the Federal income tax consequences that Junie must face.
LO.6 For each of the following independent statements, indicate whether the trans- action will increase (+), decrease (-), or have no effect (NE) on the basis of a shareholder's stock in an S
LO,5,6 Scott Tierney owns 21% of an S corporation. He is confused with respect to the amounts of the corporate AAA and his stock basis. Write a memo to the tax research file, identifying the key
LO.3 On March 2, 2018, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident
LO.2 Joey lives in North Carolina, a common law state. He is a shareholder in an S corporation. If he marries a nonresident alien, will the S election terminate? Would your answer change if he lived
LO.2 Isaac and 121 of his close friends want to form an S corporation. Isaac rea- sons that if he and his friends form a partnership, the partnership then can establish an S corporation and act as a
LO.2 Which of the following can be a shareholder of an S corporation?a. Resident alien.b. Partnership.c. IRA.d. C corporation.
LO.7 Kaiwan, Inc., a calendar year S corporation, is partly owned by Sharrod, whose beginning stock basis is $32,000. During the year, Sharrod's share of a Kaiwan long-term capital gain (LTCG) is
LO.5 Ten years ago, Vogel, Inc., an S corporation, purchased a plot of investment land for $45,000. This year, Vogel distributed the land, now worth $120,000, to Jamari, its majority shareholder.a.
LO.5, 6 Holbrook, a calendar year S corporation, distributes $15,000 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $20,000, Holbrook's AAA balance is $8,000, and
LO.4, 6 Greiner, Inc., a calendar year S corporation, holds no AEP. Dur- ing the year, Chad, an individual shareholder, receives a $30,000 cash distribu- tion from Greiner. Prior to the distribution,
LO.4 Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the per-day allocation method, compute Dion's share of the following S
Compute the entity-level taxes on S corporations.
Explain the tax effects of losses on S shareholders.
Calculate a shareholder's basis in S corporation stock.
Compute nonseparately stated income and allocate income, deductions, and credits to shareholders.
Explain how to make and terminate an S election.
Explain the tax effects associated with S corporation status.
Identify the nature and treatment of constructive dividends.
Distinguish between taxable and nontaxable stock dividends.
Discuss the tax treatment of stock redemptions and corporate liquidations.
Evaluate the tax effects of noncash dividends on the recipient shareholder and the corporation making the distribution.
Apply the rules for assigning earnings and profits to distributions.
Compute a corporation's earnings and profits (E&P).
LO.6 Your client, Raptor Corporation, declares a dividend permitting its common shareholders to elect to receive 9 shares of cumulative preferred stock or 3 additional shares of Raptor common stock
Your client, White Corporation, has done well since its forma- tion 20 years ago. This year, it recognized a $50 million capital gain from the sale of a subsidiary. White's CEO has contacted you to
LO.3 On January 1 of the current year, Rhondell Corporation holds accumulated E&P of $13,000. Current E & P for the year is $84,000, earned evenly through- out the year. Elizabeth and Jonathan are
LO.1,7 How would your answer to parts (a) and (b) of Problem 36 differ if Julio were a corporate shareholder (in the 34% tax bracket) rather than an indi- vidual shareholder and the stock ownership
LO.6 Ken purchased 10,000 shares of Gold Corporation common stock six years ago for $160,000. In the current year, Ken received a preferred stock dividend of 800 shares, while the other holders of
LO.7 For the last 11 years, Lime Corporation has owned and operated four differ- ent trades or businesses. Lime also owns stock in several corporations that it purchased for investment purposes. The
What amount of the year 5 distributions is classified as dividend income to Olinto's shareholders?a. $15,000b. $35,000c. $50,000d. $80,000
On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and
Write an e-mail query to two tax consultants who practice in your state. Ask each for an example or two of a constructive dividend that a cli- ent recently paid. Give your instructor copies of your
In July 2014, Windstream Corp. (Nasdaq: WIN), a Fortune 500 and S&P 500 company, made an announcement regarding the taxation of a recent distribution. It also made a projection regarding the
Emerald Corporation must change its method of accounting for Federal income tax purposes. The change will require that an adjustment to income be made over three tax periods. Jonas, the sole
Kenny Merinoff and his son, John, own all of the outstanding stock of Flamingo Corporation. John and Kenny are officers in the corporation and, together with their uncle, Ira, comprise the entire
LO.5 Pink Corporation has several employees. Their names and salaries are listed Judy below. Holly (Judy's daughter) Terry (Judy's son) $470,000 100,000 John (an unrelated third party) 100,000
LO.1, 2, 3 On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note. The note is pay- able in five installments, with the first
LO.2 Compute current E & P for Sparrow Corporation (a calendar year, accrual basis taxpayer). Sparrow reported the following transactions during 2018, its second year of operation. Taxable income
LO.7 During the current year, Gnatcatcher, Inc. (E & P of $1 million), distributed $200,000 each to Brandi and Yuen in redemption of some of their Gnatcatcher stock. The two shareholders are not
LO.1, 3 Complete the following schedule for each case. Unless otherwise indicated, assume that the shareholders have ample basis in the stock investment. All taxpayers use a calendar tax year.
LO.1, 2, 3, 4 Cerulean Corporation has two equal shareholders, Marco and Avery. Marco acquired his Cerulean stock three years ago by transferring property worth $700,000, basis of $300,000, for 70
L0.4 Raven Corporation owns three machines that it uses in its business. It no lon- ger needs two of these machines and is considering distributing them to its two shareholders as a property
LO.1,4 Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to Harry, its sole shareholder. The land is sub- ject to a liability of $120,000, which
LO.1,4 Heather, an individual, owns all of the outstanding stock in Silver Corpora- tion. Heather purchased her stock in Silver nine years ago, and her basis is $56,000. At the beginning of this
LO.1,3 Black Corporation and Tom each own 50% of Tan Corporation's common stock. On January 1, Tan holds a deficit in accumulated E & P of $200,000. Its current E & P is $90,000. During the year, Tan
LO.1,3 Green Corporation (a calendar year taxpayer) had a deficit in accumulated E & P of $250,000 at the beginning of the current year. Its net profit for the period January 1 through July 30 was
LO.2 Penguin Corporation (a cash basis, calendar year taxpayer) recorded the following income and expenses in the current year. Income from services $400,000 Salaries paid to employees 70,000
LO.1,2 In each of the following independent situations, indicate the effect on tax- able income and E & P, stating the amount of any increase (or decrease) in each as a result of the transaction.
L0.5 Global Corporation distributed property with an $850,000 fair market value and a $415,000 adjusted basis to Kang, one of its shareholders. The property was subject to a $230,000 mortgage, which
Jake pays the following amounts to his former spouse during the current year. Regular alimony payments Child support Residence as part of a property settlement $ 12,000 10,000 115,000 What amount can
Bill and Jane Jones were divorced on January 1, 2018. They have no children. In accordance with the divorce decree, Bill transferred the title of their house over to Jane. The home had a fair market
Jim spent four years earning his undergraduate degree at a local university. He began his first year of law school in January of the current year. Assuming he is under the phaseout limitation, what
In the current year, Wells paid the following expenses: Premiums on an insurance policy against loss of earnings due to sickness or accident Physical therapy after spinal surgery $3,000 2,000 Premium
Stephen is a graduate student at West University. He works part time at the campus coffee shop carning $5,000 this year. Stephen also receives a $25,000 scholarship that pays for his tuition, fees,
One income exclusion that some states allow that the Federal government does not is for lottery winnings. Does your state have an exclusion for lottery winnings? If so, how does it work? Why do you
The Federal government incurs a cost for every item that is deductible in the computation of taxable income. These costs, which take the form of forgone tax revenue, are often referred to as "tax
Ashby and Curtis are married and have a 2-year-old son, Jason. Curtis works full-time as an electrical engineer, but Ashby has not worked outside the home since Jason was born. As Jason is getting
Ken and Mary Jane Blough, your neighbors, have asked you for advice after receiving correspondence in the mail from the IRS. You learn that the IRS is asking for documentation in support of the
Jane suffers from a degenerative spinal disorder. Her physician said that swimming could help prevent the onset of permanent paralysis and rec- ommended the installation of a swimming pool at her
LO.3 Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2018. She uses the standard deduction.a. Calculate the amount, if
LO.3 Mark and Lisa are approaching an exciting time in their lives as their oldest son, Austin, graduates from high school and moves on to college. What are some of the tax issues Mark and Lisa

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