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business
taxation of individuals

Questions and Answers of Taxation of Individuals

LO.7 Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2018. Gull incurred the following expenses during its first year of operations
LO.7 Egret Corporation, a calendar year C corporation, was formed on March 6, 2018, and opened for business on July 1, 2018. After its formation but prior to opening for business, Egret incurred the
LO.8a. In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year
LO.10 Dove Corporation, a calendar year C corporation, had the following informa- tion for 2018: Net income per books (after-tax) Taxable income Federal income tax per books Unappropriated retained
LO.10 In the current year, Pelican, Inc., incurs $50,000 of nondeductible fines and penalties. Its depreciation expense is $245,000 for financial statement purposes and $310,000 for tax purposes. How
LO.10 In January 2018, Pelican, Inc., established an allowance for uncollectible accounts (bad debt reserve) of $70,000 on its books and increased the allow- ance by $120,000 during the year. As a
A new client, John Dobson, recently formed John's Premium Steakhouse, Inc., to operate a new restaurant. The restaurant will be a first-time busi- ness venture for John, who recently retired after 30
Lynn Jones, Shawn, Walt, and Donna are trying to decide whether they should organize a corporation and transfer their shares of stock in several corporations to this new corporation. All of their
On November 21, 2013, Max Baucus, Chairman of the Senate Finance Committee, released a proposal to change several provisions related to the taxation of business income including, but not limited to,
Gearty and Olinto organized The Worthington Corp., which issued voting com- mon stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows: Property
In the current year, Acorn, Inc., had the following items of income and expense: Sales Cost of sales Dividends received $500,000 250,000 25,000 The dividends were received from a corporation of which
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 compares and
Locate articles or other discussions regarding the key differences between ASC 740 and International Accounting Standard No. 12 (related to income taxes). Summarize these key differences in an e-mail
Locate the most recent financial statements of two compa- nies in the same industry using the companies' websites or the SEC's website (www.sec.gov). Perform a benchmarking analysis of the two
LO.5 LaceCo has adopted certain aggressive policies concerning its transfer pric- ing procedures. The entity estimates that it will reduce its Federal income tax liability by $400,000 as a result of
LO.4 KellerCo reports $5 million of U.S. taxable income, the same as its book income, as there are no temporary book-tax differences this year. KellerCo is subject to a 21% Federal income tax rate.
LO.3 Identify whether each of the following items typically constitutes positive or negative evidence when a manufacturing entity assesses whether a valuation allowance is required or should be
LO.3 Does the taxpayer's effective tax rate increase or decrease when:a. It creates a valuation allowance against the deferred tax asset for a net operat- ing loss?b. It releases a valuation
LO.2 Based on the facts and results of Problems 38-44, provide the income tax footnote rate reconciliation for Kantner.
LO.2 Based on the facts and results of Problems 38-43, calculate Kantner's total provision for income tax expense reported on its financial statement and its book net income after tax.
LO.2 Provide the journal entry to record Kantner's current tax expense as deter- mined in Problem 42.
LO.2 In addition to the temporary differences identified in Problems 38-41, Kantner reported two permanent book-tax differences. It earned $7,800 in tax-exempt municipal bond interest, and it
LO.2 Based on the facts and results of Problems 38-40, determine Kantner's change in net deferred tax asset or net deferred tax liability for the current year. Provide the journal entry to record
LO.2 Based on the facts and results of Problem 38 and the beginning-of- the-year book-tax basis differences listed below, determine the change in Kantner's deferred tax liabilities for the current
LO.2 Based on the facts and results of Problem 38 and the beginning-of-the-year book-tax basis difference listed below, determine the change in Kantner's deferred tax assets for the current year.
LO.2 Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Kantner's net deferred tax asset
LO.2 Based on the facts and results of Problems 30-36, provide the income tax footnote rate reconciliation for Relix.
LO.2 Based on the facts and results of Problems 30-35, calculate Relix's total pro- vision for income tax reported in its financial statements, and determine its book net income after tax.
LO.2 Provide the journal entry to record Relix's current tax expense as determined in Problem 34.
LO.2 In addition to the temporary differences identified in Problems 30-33, Relix reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond
LO.2 Based on the facts and results of Problems 30-32, determine Relix's change in net deferred tax asset or net deferred tax liability for the current year. Provide the journal entry to record this
LO.2 Based on the facts and results of Problem 30 and the beginning-of-the-year book-tax basis differences listed below, determine the change in Relix's deferred tax liabilities for the current year.
LO.2 Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Relix's net deferred tax asset or
LO.2 Continue with the results of Problem 28. Prepare the GAAP journal entries for Willingham's income tax expense.
LO.2 Willingham, Inc., an accrual basis C corporation, reports pretax book income of $1.6 million. At the beginning of the tax year, Willingham reported no deferred tax accounts on its balance sheet.
LO.2 Continue with the results of Problem 26.a. Determine Rubio's income tax expense and GAAP income for the year.b. Express your computations as Microsoft Excel commands.
LO.2 Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30%. Compute Rubio's taxable income. Book income, including the
LO.2 Continue with the results of Problem 24. Prepare the GAAP journal entries for Britton's year 1 income tax expense.
LO.2 Britton, Inc., an accrual basis C corporation, sells widgets on credit. Its book and taxable income for year 1 totals $60,000 before accounting for bad debts. Britton's book allowance for
LO.2 Continue with the results of Problem 22. Prepare the GAAP journal entries for Phillips's year 1 income tax expense.
LO.2 Phillips, Inc., a cash basis C corporation, completes $100,000 in sales for year 1, but only $75,000 of this amount is collected during year 1. The remain- ing $25,000 from these sales is
LO.6 In the current year, Dickinson, Inc., reports an effective tax rate of 36%, and Badger, Inc., reports an effective tax rate of 21%. Both compa- nies are domestic and operate in the same
LO.6 HippCo and HoppCo operate in the same industry and report the following tax rate reconciliations in their tax footnotes. Compare and contrast the effec- tive tax rates of these two companies.
LO.6 LawnCo and TreeCo operate in the same industry, and both report a 30% effective tax rate (Federal, state, and global). Their book income and current, deferred, and total tax expense are reported
LO.6 RoofCo reports total book income before taxes of $20 million and a total tax expense of $8 million. FloorCo reports book income before taxes of $30 mil lion and a total tax expense of $12
LO.6 Jill is the CFO of PorTech, Inc. PorTech's tax advisers have recommended two tax planning ideas that will each provide $5 million of current-year cash tax savings. One idea is based on a timing
LO.3 You saw on the Business News Today blog that YoungCo has "released one- third of its valuation allowances because of an upbeat forecast for sales of its tablet computers over the next 30
LO.2 Using the facts of Problem 14, determine the following.a. The 2019 end-of-year balance in Mini's deferred tax asset and deferred tax liability balance sheet accounts.b. The cost to Mini of the
LO.2 Mini, in Problem 12, reports $800,000 of pretax book net income in 2019. For that year, Mini did not deduct any bad debt expense for book purposes but did deduct $15,000 in bad debt expense for
LO.2 Using the facts of Problem 12, determine the 2018 end-of-year balance in Mini's deferred tax asset and deferred tax liability balance sheet accounts.
LO.2 Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no
LO.2 Using the facts of Problem 10, determine the following.a. The 2019 end-of-year balance in Prance's deferred tax asset and deferred tax liability balance sheet accounts.b. The value to Prance of
LO.2 Prance, in Problem 3, reports $600,000 of pretax book net income in 2019. Prance's book depreciation exceeds tax depreciation that year by $20,000. Prance reports no other temporary or permanent
LO.1 In no more than three PowerPoint slides, list several commonly encountered temporary and permanent book-tax differences. The slides will be used in your presentation next week to your school's
LO.1 Define the terms temporary difference and permanent difference as they per- tain to the financial reporting of income tax expenses. Describe how these two book-tax differences affect the gap
LO.1 Marcellus Jackson, the CFO of Mac, Inc., notices that the tax liability reported on Mac's tax return is less than the tax expense reported on Mac's financial statements. Write a letter to
LO.1 Parent, a domestic corporation, owns 100% of Block, a foreign corporation, and Chip, a domestic corporation. Parent also owns 45% of Trial, a domestic corporation. Parent receives no
LO.1 Parent, a domestic corporation, owns 100% of Block, a foreign corporation, and Chip, a domestic corporation. Parent also owns 45% of Trial, a domestic corporation. Parent receives no
LO.1 Evaluate the following statement: For most business entities, book income differs from taxable income because "income" has different meanings for the users of the data in the income computation.
LO.2 Prance, Inc., earns pretax book net income of $800,000 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. Prance
LO.3 Ion Corporation reports an income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. According to lon's management and financial auditors, lon only will be able to
LO.2 Ovate, Inc., earns $140,000 in book income before tax and is subject to a 21% marginal Federal income tax rate. Ovate records a single temporary dif- ference: Warranty expenses deducted for book
Identify the GAAP treatment concerning tax uncertainties and tax law changes.
Compute a corporation's book income tax expense.
Identify the differences between book and tax methods of computing income tax expense.
Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total
Bob provides more than half of his mother's support. His mother earns $6,000 per year as a hairdresser. She lives in an apartment across town. Bob is unmarried and has no children. What is Bob's most
LO.1, 3, 6 Terri, age 16, is a dependent of her parents in 2018. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs.a. What is Terri's taxable income?b. What is
LO.1,6 Paige, age 17, is a dependent of her parents in 2018. During 2018, Paige earned $3,900 pet sitting and $4,100 in interest on a savings account. What are Paige's taxable income and tax
LO.5 Jayden calculates his 2018 income tax by using both the Tax Tables and the Tax Rate Schedules. Because the Tax Rate Schedules yield a slightly lower tax liability, he plans to pay this amount.a.
LO.4, 5 Roy and Brandi are engaged and plan to get married. During 2018, Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable
LO.4 Which of the following individuals are required to file a tax return for 2018? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age 19,
LO.4 Bob and Carol have been in and out of marital counseling for the past few years. Early in 2018, they decide to separate. However, because they are barely able to get by on their current incomes,
LO.1, 2, 3, 4, 5 Morgan (age 45) is single and provides more than 50% of the sup- port of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live
LO.1, 3, 5 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and
LO.2, 3 Taylor, age 18, is a dependent of her parents. For 2018, she has the follow- ing income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of
LO.3 Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facil- ity and for 2017 and 2018 received their support from the following sources: Social Security benefits Percentage
LO.3 For tax year 2018, determine who is considered a dependent of another tax- payer in each of the following independent situations:a. Leo and Amanda (ages 48 and 46, respectively) are husband and
LO.3 Caden and Lily are divorced on March 3, 2017. For financial reasons, however, Lily continues to live in Caden's apartment and receives her support from him. Caden does not claim Lily as a
LO.3 Analyze each of the characteristics in considering the indicated test for depen- dency as a qualifying child or qualifying relative. In the last two columns, after each listed test (e.g., gross
LO.2 Determine the amount of the standard deduction allowed for 2018 in the fol- lowing independent situations. In each case, assume that the taxpayer is the dependent of another taxpayer.a. Curtis,
LO.2,3,4 In 2018, David is age 78, is a widower, and is a dependent of his son. How does this situation affect the following?a. David's own individual filing requirement.b. The standard deduction
LO.2 In choosing between the standard deduction and itemizing deductions Issue ID from AGI, what effect, if any, does each of the following have?a. The age of the taxpayer(s).b. The health (ie.,
LO.1, 2, 3 Compute the taxable income for 2018 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2016. Salary $80,000 Interest on
LO.1,2,3 Compute the taxable income for 2018 for Emily on the basis of the fol- lowing information. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments
LO.1, 2, 3, 4 Compute the taxable income for 2018 in each of the following inde- pendent situations:a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to
LO.1 In late 2018, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation,
LO.1 Which of the following items are exclusions from gross income?a. Alimony payments received from a divorce settlement in 2016.b. Damages award received by the taxpayer for personal physical
LO.1 Which of the following items are inclusions in gross income?a. During the year, stock that the taxpayer purchased as an investment doubled in value.b. Amount an off-duty motorcycle police
LO.1,4 During the year, Addison is involved in the following transactions:a. Lost money gambling on a recent trip to a casino.b. Helped pay for her neighbor's dental bills. The neighbor is a good
LO.6 In 2018, Simon, age 12, has interest income of $4,800 and no earned income. He has no investment expenses. Determine Simon's net unearned income and total tax liability.
LO.5 George and Aimee are married. George has wage income of $190,000, and Aimee has a sole proprietorship that generated net income of $85,000. They also have interest and dividend income of
LO.5 Compute the 2018 tax liability and the marginal and average tax rates for the fol- lowing taxpayers (use the 2018 tax rate schedules in Appendix A for this purpose).a. Chandler, who files as a
LO.4 Paul and Sonja, who are married, had itemized deductions of $13,200 and $400, respectively, during 2018. Paul suggests that they file separately-he will itemize his deductions from AGI, and she
LO.2 Compute the 2018 standard deduction for the following taxpayers.a. Margie is 15 and claimed as a dependent by her parents. She has $800 in divi- dend income and $1,400 in wages from a part-time
LO.2 Sam and Abby are dependents of their parents, and each has income of $2,100 for the year. Sam's standard deduction for the year is $1,050, while Abby's is $2,450. As their income is the same,
Identify and report kiddie tax situations.
Demonstrate the proper procedures for determining the tax liability.

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