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south western federal taxation

Questions and Answers of South Western Federal Taxation

How does the hybrid method of accounting differ from the cash method and the accrual method?
On December 29, 2014, an employee received a $5,000 check from her employer’s client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30,
Which of the following individuals are required to file a 2014 Federal income tax return? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age
Wesley and Myrtle (ages 90 and 88, respectively) live in an assisted care facility and for years 2013 and 2014 received their support from the following sources.
Determine the number of personal and dependency exemptions in each of the following independent situations.a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife and furnish more than
Determine the amount of the 2014 standard deduction allowed in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent.a. Curtis, age
Compute Aiden’s 2014 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three years.
Compute Emily’s 2014 taxable income on the basis of the following information. Her filing status is single.
Paul and Sonja, who are married, reported 2014 itemized deductions of $8,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately—he will itemize his
Mark and Lisa were divorced in 2013. In 2014, Lisa has custody of their children, but Mark provides nearly all of their support. Who is entitled to claim the children as dependents?
Camden and Lily are divorced on March 3, 2013. For financial reasons, however, Lily continues to live in Camden’s apartment and receives her support from him. Camden does not claim Lily as a
Kirby, age 18, lives with her parents in a household maintained by them. As an actress, she earns $600,000 during the year, which, after taxes, is placed in a trust for her. Can Kirby be claimed as a
To save on U.S. income taxes, Lucas (a U.S. citizen and resident of Vermont) invests in foreign stocks and bonds. Is Lucas’s approach effective in reducing his taxes? Explain.
Rearrange the following items to show the correct formula for arriving at taxable income of individuals under the Federal income tax.a. Deductions for AGI.b. Income (broadly conceived).c. Taxable
In which Subchapter of the Internal Revenue Code would one find information about corporate distributions?a. Subchapter S.b. Subchapter C.c. Subchapter P.d. Subchapter K.e. Subchapter M
For her tax class, Yvonne has to prepare a research paper discussing the tax aspects of child support payments. Explain to Yvonne how she can research this topic using various tax research resources.
Where can you locate a published decision of the U.S. Court of Federal Claims?
Which of the following would be considered advantages of the Small Cases Division of the Tax Court?a. Appeal to the U.S. Tax Court is possible.b. A hearing of a deficiency of $65,000 is considered on
Distinguish between legislative, interpretive, and procedural Regulations.
Explain how Regulations are arranged. How would the following Regulations be cited?a. Finalized Regulations under § 152.b. Proposed Regulations under § 274.c. Temporary Regulations under § 163.d.
In which title and subtitle of the U.S. Code is the income tax portion of the Internal Revenue Code of 1986 found?
To what date in 2013 did an average taxpayer have to work in order to pay his or her taxes for the year?
In May 2014, Hernando, a resident of California, has his 2012 Federal income tax return audited by the IRS. An assessment of additional tax is made because he had inadvertently omitted some rental
President Obama and others have called for repeal of the LIFO method for tax purposes. Conduct an internet search to find arguments for and against this proposal. Prepare a summary of these arguments.
Chee, single, age 40, had the following income and expenses during 2017: Calculate Chee?s taxable income for the year before personal exemptions. If Chee has any options, choose the method that
The IRS Statistics on Income division accumulates information each year on the various types of businesses operating as partnerships. At irs.gov/taxstats, click “Partnerships,” and then click
For your jurisdiction, find the name of the court that handles bequests and inheritances, the maximum fee that can be charged against the probate estate, and the deadlines for filing various
Find two articles that address tax policy reasons supporting a repeal of the Federal estate tax. Prepare two PowerPoint slides summarizing these arguments for a presentation to your school’s
Make a graph showing the number of Forms 706 and 709 that have been filed for every third year starting with 2005. On the same graph, indicate the revenue collected by the Treasury from these taxes
Your client Ellie, a single U.S. individual, owes the IRS $84,000 in income taxes that relate to her tax year 2010. This year, Ellie submits a renewal request for her U.S. passport. In a research
Find a website that lists suggestions on how to deal with an IRS auditor during the first meeting with him or her. You might start at irs.gov by reading Publication 556. Then find at least three
Every year toward the end of the Form 1040 filing season, suggestions are offered to taxpayers about how to pay their taxes if they lack the funds to do so. The discussions address filing extensions,
Corporations with large estimated tax over payments and underpayments are subject to special interest rates.a. Find in the Code how these rates are determined.b. List the rates that have been in
Make a list of the individuals currently serving in the following tax-related positions. Give the website address where you found this information.Send this list to your instructor.a. IRS
Read the “tax footnote” of five publicly traded U.S. corporations. Find the effective state/local income tax rates of each. Create a PowerPoint presentation (maximum of three slides) for your
Identify three states considered to be in the same economic region as your own. For each of the three states, answer the following questions. Answers to most can be found at taxadmin.org.• What is
For your state and one of its neighbors, find the following income tax rules. Place your data in a chart, and e-mail your findings to your instructor.a. To what extent does each state follow the
Use guidestar.org to obtain the following information on the Jamestown Yorktown Foundation, Inc., which is located in Williamsburg, Virginia.• Locate the foundation’s website.• Under what
Choose one of the so-called FAANG stocks (i.e., Facebook, Apple, Amazon, Netflix, Google/Alphabet). Using data that you find at EDGAR or the company website, provide the following information for the
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 identifies
Metro builds and operates traditional shopping malls. It holds a $25 million deferred tax asset relating to credit carryforwards at the state, local, and Federal levels. No valuation allowances
Locate the most recent financial statements of two companies in the same industry using the companies’ websites or the SEC’s website (sec.gov). Perform a benchmarking analysis of the two
Bitcoin, and the blockchain technology that makes it work, has created new methods for commerce and investment. One of these new vehicles is initial coin offerings (ICOs). Find an example in the
Find a recent article written by a tax practitioner that discusses how the TCJA of 2017 changes choice of entity considerations for businesses. In a paper that you send to your instructor, summarize
Find an article describing how a specific business put together its employee fringe benefit package in light of the limitations presented by the tax law and the business’s form of operation.
Summarize the corrective actions required for a corporation to obtain a letter ruling under the inadvertent defective election provision since 1997. There have been almost 100 such letter rulings,
Prepare a graph of the growth in the number of S elections since 1980, using increments of no more than five years. On the same graph, show the maximum Federal income tax rates for those years as
For the most recent year available, what types of partnerships are most commonly used in various industries? Consider general and limited partnerships and LLCs; disregard LLPs and foreign
Locate data on the size of the international economy, including data on international trade, foreign direct investment by U.S. firms, and investment in the United States by foreign firms. Useful web
Send your instructor a graph of the number of Federal consolidated income tax returns that the IRS has received over the last 25 years, using 5-year intervals for your data points. On the same graph,
Identify the key details of the evolution and development of the Federal consolidated tax return rules. When were consolidated returns elective? When were they first required? What political forces
Find several journal articles and web postings addressing the consolidation election. Construct a list titled “Consolidated Returns: Compliance Tips and Traps.” Submit this document to your
Using data from the IRS Stats website, assess the size of the businesses that file Federal consolidated returns, and their taxable activities. In a table that you send to your instructor, make a
Find a recent merger or acquisition in the beverage industries (e.g., soft drinks, beer, wine). Prepare a written summary of the transaction, including a diagram of the deal and the names of the
Browse the internet sites of several public accounting firms, and find discussions comparing stock purchases with asset purchases when acquiring a business. Based solely on your findings, prepare an
Although the requirements for a § 332 parent-subsidiary liquidation are fairly straightforward, some planning and reporting issues must be addressed to ensure the proper outcome. Using the internet
The requirements for effectively liquidating a corporate entity under state law vary from state to state. Using the internet as your sole research source, prepare an outline discussing how an entity
Just how common are dividend distributions? Are dividends concentrated in the companies traded on the New York Stock Exchange, or do closely held corporations pay dividends in a similar manner? Did
Limited liability company (LLC) status has become a popular form of operating a business in the United States. Investigate how the growth of LLC status has affected the relative number of new
A significant percentage of U.S. corporations are closely held corporations, with the stock of such corporations often owned predominately or exclusively by family members. Using the internet as your
Some states automatically conform to any Federal tax changes, but others require special legislation to conform. Generally, states do not conform to rate changes because state income tax systems have
The deduction for qualified business income received considerable praise and criticism in the press from the time it was introduced in November 2017 to the present. Find reliable articles that
A client has asked you for guidance on selecting the best type of entity for her new business. Using the internet as your sole research source, prepare an outline detailing the advantages and
Find a definition for each of these terms.a. Rule 155.b. En banc.c. Pro se.d. Dicta.e. Parallel cite.f. Sunset provisions.g. Work product.h. Remanded.
Locate the following on the internet:a. Several primary sources of the tax law, including the U.S. Supreme Court, a Court of Appeals, the Internal Revenue Service, the U.S. Tax Court, and final
Find the website of a law firm that seems to specialize in fiduciary entities, preferably a firm located in your state. Ask the firm to quote you a fee for (1) establishing a simple trust and (2)
Under the income tax laws of your state applicable to fiduciaries, how are the following items allocated among the entity and the beneficiaries? Put your findings in a PowerPoint presentation for
Consider the Deceased Spouse Unused Exclusion amount. For the last three years, on one graph, show the number of returns that included such an amount, and the dollar amount of such exclusions
Find a report issued by the Treasury Inspector General for Tax Administration, an IRS oversight group. Using information from this report, construct a chart for a specific tax year, showing the audit
Make a list of the individuals currently serving in the following tax-related positions. Identify the website address where you found this information. Send this list to your instructor.a. IRS
At crsreports.congress.gov, find a 2018 report that analyzes the 2017 tax law changes concerning international corporate taxation. In no more than one page each, summarize an important tax issue
Pick two of the following provisions that currently do not exist in your state. If your state does not levy a sales/use tax or an income tax on corporations, review the rules of a neighboring state.
Verify the exempt status of the symphony orchestra that performs closest to your home. Who are its three highest-paid associates? Send an e-mail to your instructor summarizing your results and
Send your instructor a graph of the number of tax returns reporting UBI, and the UBIT collected from those returns, for the last 20 years. Use five-year intervals in your analysis.
With respect to the constitutionality of a church to engage in political activities, submit to your instructor a two-page paper defining and tracing the history of the so-called Johnson Amendment.
While there are tax consequences to corporate reorganizations, there are non-tax issues that also should be considered. Read “Reorganizations Without Tears” by Beauchamp, Heidarti-Robertson, and
Stock buy-back (redemption) programs are a frequent occurrence among publicly traded corporations. Using the internet as your sole research source, find at least six publicly traded corporations that
The U.S. tax system allows many businesses to use the cash method of accounting. Find another country that allows some businesses to use the cash method, and explain how that system compares to the
How do U.S. individuals generate their income? Does it vary by size of income (AGI)? Go to the IRS tax statistics website (irs.gov/statistics), and download a recent tax year’s information on
As you might suspect, there are significant tax planning opportunities related to fixed asset acquisition (and depreciation). Search the internet to see how large public accounting firms are
Many states that have income taxes “piggyback” onto the Federal income tax calculation. In other words, these states’ income tax calculations incorporate many of the Federal calculations and
How many U.S. individuals claim a deduction for casualties? Does it vary by size of income (AGI)? How do casualty loss deductions compare to the amounts of other itemized deductions claimed by
Use information about individual income tax returns available at the IRS Tax Stats website (irs.gov/statistics/soi-tax-stats-individual-income-tax-returns) to find data on the number of individuals
Find the website of a law firm that seems to specialize in fiduciary entities, preferably a firm located in your state. Ask the firm to quote you a fee for (1) establishing a simple trust and (2)
Under the income tax laws of your state applicable to fiduciaries, how are the following items allocated among the entity and the beneficiaries? Put your findings in a PowerPoint presentation for
How many estates filed a Form 1041 last year? Simple trusts? Complex trusts? Grantor trusts? How much Federal income tax has been collected on Forms 1041 over the last three tax years? Summarize your
Find two articles that address tax policy reasons supporting a repeal of the Federal estate tax. Prepare two PowerPoint slides summarizing these arguments be a presentation to your school’s
Make a graph showing the number of Forms 706 and 70 that have been tiled for every third year starting with 2003. On the same graph, indicate the revenue collected by the Treasury from these taxes
What type of transfer tax, if any, does your home state impose? What about the state(s) contiguous to your home state? (For Alaska, use Washington; for Hawaii, use California.) Make a chart relating
Find a website that lists suggestions on how to deal with an IRS auditor during the first meeting with him or her. You might start at www.irs.gov by reading Publication 556. Then find at least three
Find the text of various tax treaties currently in force in the United States. In an e-mail to your instructor, address the following items.a. How does the U.S income tax treaty with Germany define
For your analysis, choose 10 countries, one of which is the United States. Create a table showing whether each country applies a worldwide or territorial approach to international income taxation.
Locate data on the size of the international economy, including data on international trade, foreign direct investment by U.S firms, and investment in the United States by foreign firms. Useful web
Read the “tax footnote” of five publicly traded (U.S. corporations. Find the effective state/local income tax rates of each. Create a Power Point presentation (maximum of five slides) for your
Identify three states considered to be in the same economic region as your own. For each of the three states, answer the following questions. Answers to most can be found at www.taxadmin.org.What is
For your state and one of its neighbors. find the following sales/use tax rules. Place your data in a chart, and e-mail your findings to your instructor.a. What are the requirements for the
For your state and one of its neighbors. find the following income tax rules. Place your data in a chart, and e-mail your findings to your instructor.a. To what extent does each state follow the
Use www.guidestar.org to Obtain the following information on the Jamestown Yorktown Foundation. Inc., which is located in Williamsburg. Virginia.Locate the foundation’s website.Under what paragraph

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