1. Elizabeth works for Dog Gone Inc. In 2021, her annual salary is $40,000. In addition to her salary, her employer provides her with the following benefits in 2021: $5,000 of health insurance, $40,000 of group term life insurance, and $2,000 of child and dependent care services. Her employer also provides her with meals on Saturdays on the business premises to limit the time she is away from the front desk during busy times. These yearly value of these meals is $500. Elizabeth contributes $2,000 in 2021 towards a traditional Roth IRA. Elizabeth files taxes as single. Her itemized deductions are $3,000 and the standard deduction for single filing status in 2021 is $12,550. What is Elizabeth's taxable income for 2021?

2.Raymond owns a bakery as a sole proprietor. In 2021, sales revenue equaled $100,000. The business had the following expenses in 2021: $2,000 of advertising, $15,000 of supplies, and $1,500 of insurance. Raymond also incurred the following expenses related to the bakery. He traveled to a bakery convention strictly for business purposes. He spent $500 on airfare, $200 on hotels, and $300 on meals. He also incurred $400 of expenses related to entertaining clients of the bakery and a $100 fine for not paying his taxes on time. What is Raymond's adjusted gross income for 2021?

3.

Harold and Charlene are married and own a clothing boutique that is operated as partnership. In 2021, their taxable income before the QBI deduction (modified taxable income) is $790,000. They have $900,000 in QBI from the clothing boutique. They paid $300,000 in W-2 Wages and their unadjusted basis of qualified property is $200,000. What is Harold and Charlene's taxable income for 2021?

4.In 2021, Donald contributes a building to Keen Corporation in exchange for common stock. Donald's basis in the building is $400,000 and the FMV is $600,000. The common stock Donald received is worth $700,000. Donald owns 60% of the voting stock and 90% of the non-voting stock after the exchange. What is Donald's taxable gain in 2021?

5.In 2021, Dembe contributes land with FMV of $100,000 to Reddington Corporation in exchange for common stock worth $70,000. Dembe's adjusted basis in the land is $50,000. The land has a liability of $30,000 attached that Reddington Corporation will assume. What is Dembe's adjusted basis in the common stock after the exchange?

6.In 2021, Reddington Corporation's net income per books was $50,000. Federal income taxes paid was $1,000. Interest income on state and local bonds was $700. The dividends received deduction was $500. Fines and penalties were $200. Entertainment and lobbying expenses were $800. What is Reddington Corporation's taxable income for 2021?

7.In 2021, Cooper Corporation's taxable income was $60,000. Federal income taxes paid was $3,000. Excess of accelerated depreciation over straight line depreciation was $1,200. Proceeds from life insurance policy on key employee was $4,000. What is Cooper Corporation's current earnings and profit for 2021?

8.Keen Corporation distributed $40,000 to its only shareholder, Tom. Tom's adjusted basis in the corporation is $20,000. Keen Corporation's current E&P is $5,000 and accumulated E&P is $3,000. How much of the distribution results in a taxable gain to Tom?

9.Kaplan Corporation has $500,000 of pretax book income in 2021. They have $4,000 of nondeductible expenses (permanent book-tax differences). The corporate income tax rate is 21%. What is their current tax expense?

10.In 2021, Ressler Corporation has $40,000 of book-tax temporary differences related to gain deferred on an installment sale. The corporate income tax rate is 21%. What is Ressler Corporation's deferred tax expense in 2021?