Answer the questions below with the appropriate IRC formatted structure in a Word document and upload your document in Canvas by the due date listed above. Number your responses on your Word document to correspond with appropriate questions below. Assignments will be graded for reasonable accuracy and completeness. 1. Tomsik contacts you and indicates that he expects to incur a substantial net capital loss for calendar-year 2019 and wonders what the treatment of the carryforwards will be in future years. Which code section and subsection provides for the treatment of an individual's capital loss carryforward ? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC912(a), IRC$12A(a), IRC$12AA(a), IRC$123(a), 2. At the end of the current tax year Lisa owned 100 shares of VOL stock that she had owned for three years with a basis of $8,000. She sold the stock on December 27th of the current year for $5,000 and realized a $3,000 loss. She repurchased 100 shares of the stock two days later. What code section and subsection provides the authority for whether Lisa will be able to deduct this loss on her current tax return? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC$12AA(a), IRC123(a) IRC$123A(a), IRCR1234(a), IRCR1234A(a), and IRC$1234A-5(a) 3. Earlier this year, Investment, Inc. sold one of its stock investments and realized a loss. What code section and subsection provide the authority regarding the treatment by corporate taxpayers of this realized loss? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRCR12(a), IRC$12A(a), IRC312AA(a), IRCR123(a). IRC9123A(a), IRC1234(a), IRC91234A(a), and IRC$1234A-5(a) 4. Honestown Securities, a company with a March 31 year-end, deals in copper and gold and derivatives associated with those commodities. In the past, Honestown has elected to value its stock- based securities at the fair market value of the stock as of March 31 and would like to do the same with its copper and gold. Which section and subsection of the Internal Revenue Code allows Honestown to make this election? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC1(a), IRC912(a), IRC312A(a), IRC$12AA(a), IRC8123(a). IRC$123A(a), IRC$1234(a), IRC1234A(a), and IRC91234A-5(a) 5. The Shaws are considering donating a painting to a state university for display in the university's library. The Shaws acquired the painting six months ago for $90,000 and believe that the painting is now worth $105,000. Which code section and subsection determine the amount of charitable contribution to which the Shaws will be entitled if they donate the painting at the present time? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ 6. The Dex Home Improvement General Partnership is planning to adopt a fiscal year ending September 30, while Brinks (a 20% partner) uses the calendar year as his taxable year. What Internal Revenue Code section and subsection describes how Brinks should determine the amount of income and other partnership items from the fiscal-year partnership that must be reported on Brinks's 2019 calendar-year tax return? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC312AA(a), IRC8123(a), IRC$123A(a), IRC$1234(a), IRCR1234A(a), and IRC81234A-5(a) 7. Adjustments must be made to regular taxable income in order to compute an individual's alternative minimum tax-able income (AMTI). Which Internal Revenue Code section and subsection provide the adjustments that only apply to individuals when computing the alternative minimum tax? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC$12AA(a), IRC$123(a), IRC$123A(a), IRC$1234(a), IRC$1234A(a), and IRC$1234A-5(a) 8. Dividends received from taxable domestic corporations are generally eligible for a dividends received deduction. What Internal Revenue Code section and subsection provides a special restriction on the dividends-received deduction if the stock investment is financed with debt? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ alhad IDAIDAIDAIDAGAA Answer the questions below with the appropriate IRC formatted structure in a Word document and upload your document in Canvas by the due date listed above. Number your responses on your Word document to correspond with appropriate questions below. Assignments will be graded for reasonable accuracy and completeness. 1. Tomsik contacts you and indicates that he expects to incur a substantial net capital loss for calendar-year 2019 and wonders what the treatment of the carryforwards will be in future years. Which code section and subsection provides for the treatment of an individual's capital loss carryforward ? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC912(a), IRC$12A(a), IRC$12AA(a), IRC$123(a), 2. At the end of the current tax year Lisa owned 100 shares of VOL stock that she had owned for three years with a basis of $8,000. She sold the stock on December 27th of the current year for $5,000 and realized a $3,000 loss. She repurchased 100 shares of the stock two days later. What code section and subsection provides the authority for whether Lisa will be able to deduct this loss on her current tax return? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC$12AA(a), IRC123(a) IRC$123A(a), IRCR1234(a), IRCR1234A(a), and IRC$1234A-5(a) 3. Earlier this year, Investment, Inc. sold one of its stock investments and realized a loss. What code section and subsection provide the authority regarding the treatment by corporate taxpayers of this realized loss? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRCR12(a), IRC$12A(a), IRC312AA(a), IRCR123(a). IRC9123A(a), IRC1234(a), IRC91234A(a), and IRC$1234A-5(a) 4. Honestown Securities, a company with a March 31 year-end, deals in copper and gold and derivatives associated with those commodities. In the past, Honestown has elected to value its stock- based securities at the fair market value of the stock as of March 31 and would like to do the same with its copper and gold. Which section and subsection of the Internal Revenue Code allows Honestown to make this election? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC1(a), IRC912(a), IRC312A(a), IRC$12AA(a), IRC8123(a). IRC$123A(a), IRC$1234(a), IRC1234A(a), and IRC91234A-5(a) 5. The Shaws are considering donating a painting to a state university for display in the university's library. The Shaws acquired the painting six months ago for $90,000 and believe that the painting is now worth $105,000. Which code section and subsection determine the amount of charitable contribution to which the Shaws will be entitled if they donate the painting at the present time? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ 6. The Dex Home Improvement General Partnership is planning to adopt a fiscal year ending September 30, while Brinks (a 20% partner) uses the calendar year as his taxable year. What Internal Revenue Code section and subsection describes how Brinks should determine the amount of income and other partnership items from the fiscal-year partnership that must be reported on Brinks's 2019 calendar-year tax return? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC312AA(a), IRC8123(a), IRC$123A(a), IRC$1234(a), IRCR1234A(a), and IRC81234A-5(a) 7. Adjustments must be made to regular taxable income in order to compute an individual's alternative minimum tax-able income (AMTI). Which Internal Revenue Code section and subsection provide the adjustments that only apply to individuals when computing the alternative minimum tax? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ Examples of correctly formatted IRC responses are IRC$1(a), IRC$12(a), IRC$12A(a), IRC$12AA(a), IRC$123(a), IRC$123A(a), IRC$1234(a), IRC$1234A(a), and IRC$1234A-5(a) 8. Dividends received from taxable domestic corporations are generally eligible for a dividends received deduction. What Internal Revenue Code section and subsection provides a special restriction on the dividends-received deduction if the stock investment is financed with debt? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Choose a title from the list. Select a title from the dropdown list below. $ alhad IDAIDAIDAIDAGAA