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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

Susie and Marilyn transfer property in exchange for all of Falco stock. Susie transfers land and building worth $200,000 in exchange for 150 shares and Marilyn transfers equipment worth $200,000 for
Wake Company distributed appreciated property as its dividend to shareholders. What are the tax effects of the distribution to Wake Company?
Discuss the concept of transferred basis as it relates to a complete liquidation.
How do exchanging shareholders and security holders determine their basis for the stock and securities received in a corporate reorganization?
How are short- and long-term capital gains and losses treated in computing accumulated taxable income?
What is the difference in treatment when an incoming partner purchases an interest by agreeing to perform services for the partnership and the partnership (1) gives a 25 percent interest in the
What basis will a partner take in property received in a liquidating distribution from a partnership?
What requirements must be met in regard to the stock in an S corporation? What differences are allowed?
Why may the 50 percent "qualified joint tenancy" rule have adverse income tax effects?
Do all estates have to file federal estate income tax returns? If not, what are the requirements for filing estate income tax returns?
What penalty is imposed on taxpayers who fail to make a required minimum distribution?
What is click-through nexus?
How is the manner of citing a Revenue Ruling or a Revenue Procedure affected by the passage of time?
What is the reason that some taxpayers are not entitled to the standard deduction or are entitled to only part of it? Explain.
Distinguish between compensation and gifts and identify the tax consequence associated with each.
List several social justifications for issuing private activity bonds.
Explain why the IRS would be interested in the reasonableness of a salary payment to an employee/owner of a closely held corporation.
Briefly, how do the at-risk rules and passive activity rules function together?
What criteria must be met for personal property taxes to qualify as an itemized deduction?
What limits are placed on employment related expenses for the household and dependent care credit?
When is fair market value of an asset used as the basis for an asset?
When does the holding period begin for property acquired through the following transactions?a. Nontaxable exchangeb. Involuntary conversion 7. How is the holding period determined for property
What residence-related matter did the Housing Assistance Tax Act of 2008 address?
What tax year options are available to a partnership?
Bill, Charlie, and Tom form a corporation. Each receives 100 shares of stock. Bill and Charlie transfer property and Tom performs services for the stock. Does the exchange qualify under Code Sec. 351?
Nap Co. distributes appreciated property subject to a small liability to Susan. Susan assumes the liability. Nap Co. has large E&P. What is the measure of the distribution, the amount of Susan's
How does the assumption of corporate liabilities affect the amount realized by shareholder in a complete liquidation? How does the assumption of liabilities affect the basis for assets received in a
Explain the concept of exchanged basis as it relates to shareholders who exchange stock in corporations that are a party to a reorganization.
John Ferret is the sole shareholder of two corporations.Unusual Pets Inc. is a pet shop with $240,000 in current and accumulated earnings, all invested in certificates of deposit and none of which is
Identify and discuss three situations in which a partner recognizes gain (income) or loss on the receipt of an interest in partnership capital and profits.
Why is the partner's basis in distributed property limited to his/her basis in the partnership interest prior to the distribution?
What shareholders will prevent a corporation from qualifying as an S corporation?
Why are certain gift taxes includible in the gross estate?
What are the duties and responsibilities of an executor of an estate in regard to the income tax returns required by an estate?
When are plan participants required to begin withdrawing taxable distributions from their qualified retirement accounts?
In determining the dependency exemption, how is the value of lodging provided a dependent computed for the support test?
Describe under what terms a stock dividend would not be included in gross income.
How are employer contributions to accident and health and group legal services plans treated by employees on their own income tax returns?
Explain the difference between an employee and an independent contractor from a tax standpoint. What difference does it make for tax purposes if someone is characterized as an employee or independent
Generally, how will a suspended loss attributable to a passive activity that is transferred by gift be treated for federal income tax purposes?
What items are included in “net investment income” for purposes oft he investment interest limitation?
What is the amount of the child tax credit for 2019?
What is the basis and holding period of taxable stock rights and the basis and holding period of the shares of stock if the rights are exercised?
What are four broad types of like-kind exchanges?
What happens to capital losses in excess of the allowed current year deduction?
Must an estate use the calendar year only for its tax year?
Jennifer transfers properties to Mump Co. in an exchange that meets all the requirements of Code Sec. 351. Several of the properties have liabilities, which also are transferred to the corporation.
Ann owns ten percent of Phil Co. She received 200 shares of Phil Co. this year as a stock dividend and was told it was a taxable stock dividend. When is a stock dividend taxable?
Discuss the tax treatment of liquidating distributions of installment obligations.
Define a Type A reorganization, and differentiate between a statutory merger and a consolidation.
Identify four types of corporations excluded from PHC status.
Discuss the consequences to a partnership that elects a fiscal year under Code Sec. 444 to avoid a required tax year of December 31.
Explain how the basis rules work to defer rather than exclude a partner's recognition of gain associated with a partnership distribution.
Can a corporation make a retroactive election under Subchapter S?
Which transfers of life insurance policies prior to death are includible in the transferor's gross estate?
What exemption amounts are allowed to an estate, simple trust, and complex trust?
What distinguishes a direct rollover from an indirect rollover?
Give five examples of the types of adjustments that states make to a taxpayer's federal tax base.
Are taxpayers allowed to claim the additional old-age or blindness standard deduction for dependents?
In a rental agreement, when are improvements to the property made by the lessee regarded as income?
What five categories of compensation for injuries and sickness are excluded from gross income?
What is the logical argument that supports the statutory disallowance of a deduction for any expenditure related to tax-exempt income?
Generally, how will a suspended loss attributable to a passive activity that is transferred by reason of death be treated for federal income tax purposes?
Which of the following taxes are deductible for federal income tax purposes as an itemized deduction?a. Federal income taxb. Federal gasoline taxc. State income taxd. Excise tax imposed on cigarettes
What effect does the receipt of Social Security benefits have on the credit for the elderly?
What is the basis and holding period of nontaxable stock rights?
What tax year options are available to an S corporation?
What are two acceptable methods of calculating the basis of new property acquired in a like-kind exchange?
How are net overall capital losses treated?
Anne received stock and boot in a transfer that qualified under Code Sec. 351. She has a realized gain on the transaction. How does boot affect any gain realized under Code Sec. 351?
Perfect Co. is a closely-held corporation. It has very large E&P so its majority owner asked the firm’s accountant what options were available to the firm to distribute some of the E&P and if the
What problem is encountered on a liquidation that is followed by a reincorporation?
When will boot received in a corporate reorganization be treated as a dividend?
How are assets to be valued for the purpose of the accumulated earnings tax?
Discuss the "varying interest rule," particularly as it applies to "allocable cash- basis items."
In what circumstances does a partner recognize gain on receipt of a proportionate distribution from a partnership?
Which corporations are specifically excluded from S corporation status?
Distinguish between a mere testamentary power to appoint property to the creditors of one's estate and a power to appoint property to anyone in the world, except oneself, one's estate, or the
When is a federal estate income tax return due? What options are available to an estate executor in paying the estate's income tax liability?
Define the term "vesting" and identify the two vesting methods that are available to employer-sponsored qualified plans.
To comply with the Commerce Clause, a state tax must satisfy which requirements?
Are the federal courts bound to follow Treasury Regulations when deciding a tax case?
How does a tax deduction differ from a tax credit?
Explain the fruit-of-the-tree doctrine and why it was established by the courts.
What effect does interest on tax-exempt bonds have on the taxation of social security benefits?
When is the cost of transportation deductible as a medical expense?
Why is the household and dependent care credit sometimes only 20 percent and other times as high as 35 percent?
List three capital additions or expenditures and three capital returns or recoveries and discuss the treatment of each category for tax purposes.
Is it possible to defer gain through the purchase of a new residence?
What determines whether or not a transfer of a patent is considered to be a sale or exchange of a capital asset resulting in long-term capital gain treatment?
If a taxpayer is on the fiscal year, what is the requirement regarding the taxpayer's books?
What is the main tax advantage of the corporate form of organization?
What are the broad categories of adjustments made to determine current E&P?
Explain the doctrines of "continuity of business enterprise" and "continuity of proprietary interest."
What happens to a corporation's tax attributes (e.g., earnings and profits, NOL carryforwards) in a complete liquidation?
What is the Bardahl formula and how is it computed?
List at least three items which will increase a partner's basis in a partnership and at least three items which will decrease a partner's basis.
Why can't a partner recognize loss upon receipt of a current distribution?
What is a domestic corporation?
What is the applicable credit amount?

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