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federal taxation 2019

Questions and Answers of Federal Taxation 2019

Juan divorced Maria in 2017. During 2019, per the divorce decree, Juan made the following payments:What is the amount Juan can deduct as alimony on his 2019 tax
Which of the following item(s) must be included in an individual’s return as income?a. Compensation for servicesb. Prizes and awardsc. Inheritance (a) and (b)d. All of the above.
Rick and Roberta were divorced in 2019.In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child?a. The noncustodial parent
Which of the following is not considered “constructive receipt” income in 2019?a. Andrew Mason was informed that his check for services rendered was available on December 15, 2019, but he waited
Bert and Barbara Longfelt support in nursing homes both Bert’s parents and Barbara's parents. Bert’s parents are 70 and 68 years of age respectively and have no income except for the $3,600 in
A distribution of stock or stock rights is generally considered a taxable dividend unless it is which of the following:a. A distribution in lieu of moneyb. A proportionate distributionc. A
David and Doris Kelley were divorced on February 3, 2018, The divorce decree required David to make the following payments:a. Transfer full title to their jointly owned family home to Doris. Fair
If an employee is covered by a group-term life insurance plan that pays the entire premium of the policy, must the employee include the premium coverage in income if the face value of the policy is
What is the date of IRS Letter Ruling 8302032?
On what date was Reg. §1.274-8 adopted?
Refer to a citator and locate the following case: New York Life Insurance Co. v. Edwards.a. What happened on appeal to the Court of Appeals?b. What happened on appeal to the Supreme Court?
What Code sections cover the standard deduction, trade or business expenses, losses, medical expenses, and moving expenses?
What two Code sections are referred to in Code Sec. 56 (f) (2) (F)(ii) (II)?
Reg. §1.212-1 (n) refers to two Code Sections. What are they?
Refer to Blacks Law Dictionary or a similar legal reference book and ascertain the definition of the following words or terms: annotated, certiorari, remanded, dictum, acquiesced.
A taxpayer has a cellular telephone, used 45 percent for business and 55 percent for personal use. Is the MACRS depreciation method allowable?
What is the effective date of Code Sec. 1031(f)?
A borrower is personally liable on a real estate mortgage with an outstanding balance of $1.5 million.Borrower's basis in the property is $1 million and the property has a current fair market value
Anthony Antunicci, a Massachusetts lawyer, has tired of the long, cold New England winters. He recently spent three months in Florida where he took a Florida bar review course which enabled him to
A corporate client was the target of a hostile takeover by a corporate raider. In successfully thwarting the hostile takeover, the Board of Directors incurred legal fees of $100,000.a. What is the
An oil tanker collided with a ship in Tampa Bay. The resulting oil spill severely curtailed the fishing business for two months. The Franklin Fishing Boat Co, made a claim against the tanker’s
Tom and Jane were legally separated during the preceding year under a written separation agreement. Jane had custody of their two children for the entire year while Tom contributed $2,000 support for
What form is used to grant an exemption to the noncustodial parent?
Calculate the number of exemptions that could be claimed and the standard deduction that the taxpayer is entitled to take in 2019 in each oft he following independent cases:a. John, age 66, and his
What is meant by filing status?
What filing status options are available to Darlene, assuming she separated from her husband in March? Darlene is the sole support of her daughter, who lives with Darlene.
How do head of household expenses differ from the expenses used in the support test?
Are all individuals required to file an income tax return?
Charles has interest income of $1,150 and no other income. He is claimed as a dependent by his parents. Is he required to file an income tax return?
Why might an individual file an income tax return even though not required to do so?
Under what circumstances must a return be filed by an individual even though there is only $800 in taxable income?
What is the difference between the tax tables and the tax rate schedules?
What is the limit for self-employment tax?
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $27,400 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income
Compute Marie's taxable income for 2019, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $19,350.
Which of the following taxpayers should itemize? Explain.a. Robert is a single taxpayer. He has itemized deductions of $12,400.b. Jane qualifies as head of household. Her itemized deductions total
Duke and Pat Collins have adjusted gross income of $358,000, They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in
Compute Stanley's taxable income for 2019, assuming he has $1,000 in wages from working in a grocery store and $2,300 in interest income from some bonds he owns. Stanley, age 16, is eligible to be
Compute the taxable income for 2019 under each of the following circumstances:a. Jim is married and files a joint return.Jim and his wife have two dependent children. They have adjusted gross income
What is Mary's taxable income for 2019, assuming she has $6,150 of earned income and $800 of unearned income and is eligible to be claimed as a dependent by her parents?
Bradford is 12 years old and is eligible to be claimed as a dependent on his parents' return. In 2019, he received unearned income of $2,300. Bradford's itemized deductions totaled $150. Determine
What is the standard deduction and the number of exemptions that a married couple will be allowed, assuming that they are not over 65 or blind, that they fully support the husband's 82-year-old blind
Has Jodi provided more than 50 percent of the support in the following situations?a. Jodi contributed $4,200 to her mother’s support during the year. Her mother received $5,300 in Medicare payments
Margaret is attending school full-time for the year. Her parents paid $6,000 toward her support. She earned $5,000 from a part-time job which she used toward her support. In addition, Margaret
Myrtle is fully supported by her three children and Fred, a close friend of the family. Mark paid $4,000 toward Myrtle's support, while Nancy, Opel, and Fred paid $3,200, $800, and $2,000,
Annie was divorced in 2004. She provided over half the cost of maintaining the home that she and her 22-year-old son lived in the entire year. Her former husband provided more than half of the
What is the best filing status in each of the following situations?a. Phillip and Catherine were married on December 31, 2019,b. John and Sandra were married in 2018, John left Sandra in March 2019,
What is the taxpayer's filing status for 2019 in each of the following situations?a. Bill’s wife died in 2018. Bill maintained a household for his two dependent children in 2019.b. Bill is
Indicate the filing status and the number of exemptions allowed to Sandy for 2019, 2020, 2021, and 2022, assuming her husband died in 2019 and Sandy has been the sole support of her son since that
Mike and Ellen Evans desi to part in April.Mike moves into an apartment two blocks away. The children spend each weekend with Mike. What filing statuses are available to Mike and Ellen, assuming they
Which oft he following individuals are required to file a tax return for 2019? Assume no tax has been withheld.a. Rebecca, single and with no dependents, earned $12,550 for the year.b. Hugh and Jane
Julian and Georgia file a joint return. They have adjusted gross income of $112,000 and ritemized deductions of $24,600. Are they Arequired to use the Tax Rate Schedules or the Tax Tables in
Eric is single and has no dependents for 2019. He earned $60,000 and had deductions from gross income of $1,800 and temized deductions of $12,400. Compute Eric's income tax for the year using the Tax
Allen has taxable income of $75,475 for 2019. Using the Tax Rate Schedules in the Appendix, compute Allen's income tax liability before tax credits and prepayments for each of the following filing
Determine the amount of self-employment tax due for 2019, assuming that Lynette earned $30,000 in wages and also earned $20,000 from a business that she owned.
What Code Section immediately follows Code Sec. 280?
The legislative process of a tax bill begins with the:a. House Ways and Means Committeeb. Presidentc. Senate Finance Committeed. Any of the above
The Sixteenth Amendment granted Congress the right to:a. Create progressive tax ratesb. Create a value-added taxc. Tax income from whatever source derivedd. Impose a national property tax
The value-added tax has great appeal to politicians because:a. It has the potential to raise large sums of money.b. It taxes the rich and not the poor.c. It is progressive in nature.d. All of the
An attractive characteristic of the personal income tax is:a. It does not tax the poor.b. It is equitable.c. It is free from loopholes.d. It has the ability to raise a considerable amount of money.
The Tax Reform Act of 1986:a. Amended the Internal Revenue Code of 1954b. Replaced the Internal Revenue Code of 1954 with the Internal Revenue Code of 1986c. Replaced the Internal Revenue Code of
The Tax Cuts and Jobs Act did all of the following except:a. Enhanced the child care credit ‘b. Created a homebuyer's creditc. Lowered corporate tax ratesd. Extended the 7.5 percent floor on
When approving a tax bill and there are differences between the House and Senate versions, the differences are resolved by the:a. Presidentb. Speaker of the Housec. President of the Senated. Joint
Net capital gains are:a. ‘Taxed at a maximum rate of 31 percent.b. ‘Taxed at a maximum rate of 28 percent.c. ‘Taxed at a maximum rate of 20 percentd. ‘Taxed at a maximum rate of 15 percent.
The American Taxpayer Relief Act of 2012 did all of the following except:a. Permanently patched the Alternative Minimum Taxb. Sunset the Bush-era tax cutsc. Installed a maximum 20 percent capital
Define and distinguish between a Private Letter Ruling, a Determination Letter, and a Technical Advice Memorandum.
Define 30-day letter; 90-day letter.
Describe the appeals process within the IRS.
Describe the trial and appellate court system for federal tax litigation.
What factors should a taxpayer consider in choosing a tax forum?
What are the two delinquency penalties?
What could constitute "reasonable cause" for purposes of the delinquency penalties?
What is the negligence penalty?
What two parties might be subject to the understatement of tax liability penalty?
Describe the valuation overstatement penalty.
How may an individual avoid a penalty for underpayment of tax liability?
Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties?
Based upon the organization oft he Internal Revenue Code, what general topic would be covered in Code Sec. 731?a. Capital gains and lossesb. Partners and partnershipsc. Exempt organizationsd.
Due to negligence, Rose underpaid her taxes by $20,000. What is her negligence penalty?
Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon
Which of the following is published in the Federal Register?a. Technical Information Releasesb. Revenue Rulings C. Revenue Proceduresd. Treasury Regulations
To read an IRS Revenue Ruling that was issued within the past week which source should be used?a. Internal Revenue Codeb. Cumulative Bulletinc. Federal Registerd. Internal Revenue Bulletin
Which oft he following publications includes the memorandum decisions of the United States Tax Court?a. Federal Registerb. Cumulative Bulletinc. Internal Revenue Bulletind. Tax Court Memorandum
Which of the following publications includes the regular decisions of the United States Tax Court?a. Federal Registerb. Internal Revenue Bulletinc. United States Tax Court Reportsd. Tax Court
Matthew, a sole proprietor, employs Timothy as his full-time employee. Timothy's 2018 tax return is being audited by the IRS. Because of Timothy’s high regard for Matthew's knowledge and judgment,
Marvin filed his 2017 tax return on August 15, 2018, having obtained an automatic extension of time to file. However, not having the money to pay the tax bill at that time, he arranged with the IRS
Your client, Steve, is an engineer whose income has doubled over the past four years. He feels that by incorporating he could reduce his tax significantly. However, he can demonstrate no business
Ron mailed his 2018 federal tax return on April 15, 2019, attaching only a first-class postage stamp. However, the postage should have been higher since the return weighed three ounces. His return is
Karen engaged Joe, a CPA, to prepare her tax return. Karen received a refund check of $300 from the IRS. She endorsed the check and mailed it to Joe as payment for the preparation of her return. Joe
Jim, a retail merchant, reported the following on his 2018 return:What amount must be omitted from income for the six-year statute of limitations to apply? Sales Cost of goods sold Gross profit
Andrea, a CPA, is representing her client, Rodney, in an administrative proceeding. In the course of this engagement, she discovers an error in the return that may result in a material understatement
Mary, a CPA, prepared Gordon's tax return for the current year. In preparing his return, she took a deduction that is contrary to the Code. She feels that he is entitled to this deduction because of
An individual files an income tax return for the calendar-year 2018 on September 20, 2019, and pays $1,200, which is the balance of the tax due. Disregarding interest, how much in delinquency
Tommy gives a painting to a church and takes a charitable contribution deduction in the amount of$ 50,000. If the actual value was only $20,000 and if the tax underpayment is $12,000, how much
Sandy had the following items on her timely filed 2018 income tax return:Sandy inadvertently omitted some income on her 2018 return. What is the statute of limitations if she omitted $100,000 of
At February 15, 2017, Brent filed his 2016 income tax return (Due April 15, 2017), and he paid a tax of $15,000 at that time. on June 10, 2018, he filed an amended 2016 return showing an additional
Harold and Maude filed a joint return for 2018 reporting:Maude inadvertently omitted some income from this return. The six-year statute applies only if Maude’s omitted gross income
Angela filed her 2018 income tax return on February 14, 2019, showing gross income of $20,000. She mistakenly deducted a $6,000 casualty loss that in good faith she considered deductible. By what
Reginald filed his 2018 income tax return on January 15, 2019. On November 1, 2019, he learned that his investment of $10,000 in 1,000 shares of Ultimate Corp. had become worthless in 2018. What is
If a practitioner who is authorized to practice before the IRS knows that a client has not complied with the revenue laws of the United States with respect to a matter administered by the IRS, the

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