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business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Keckye Co. is a C corporation with a fiscal year-end of September 30. When is Keckye’s 2016 tax return due?a. March 15, 2017b. April 15, 2017c. December 15, 2016d. January 15, 2017
Keckye Co. is a calendar year C corporation. When is Keckye’s 2016 tax return due?a. March 15, 2017b. April 15, 2017c. June 15, 2017d. October 15, 2017
In general, what is the filing deadline for a C corporation in 2016?a. March 15b. April 15c. The 15th day of the 3rd month after year-endd. The 15th day of the 4th month after year-end
In general, what is the filing deadline for a C corporation in 2016?a. March 15b. April 15c. The 15th day of the 3rd month after year-endd. The 15th day of the 4th month after year-end
Mary, age 65, reported adjusted gross income of $150,000 for the year. Mary also incurred $20,000 in medical expenses. In computing Mary’s alternative minimum tax, what is the adjustment for
Mary, age 65, reported adjusted gross income of $150,000 for the year. Mary also incurred $20,000 in medical expenses. In computing Mary’s alternative minimum tax, what is the adjustment for
Farr, who is single, has no dependents and does not itemize her deductions. She shows the following items relative to her current-year tax return.a. Determine Farr’s AMT adjustments and
Renee and Sanjeev Patel, who are married, report taxable income of $273,000. They computed positive AMT adjustments of $38,000, negative AMT adjustments of $14,000, and AMT preference items of
Chuck is single and has no dependents. He does not itemize deductions. In 2016, he claims a $4,050 personal exemption and records taxable income of $120,000. Chuck’s AMT preferences total $51,000.
Geoff incurred $900,000 of mine and exploration expenditures. He elects to deduct the expenditures as quickly as the tax law allows for regular income tax purposes.a. How will Geoff’s treatment of
This year, Brennen sold a machine used in his business for $180,000. The machine was put into service eight years ago for $340,000. Depreciation up to the date of the sale for regular income tax
In 2016, Colossus Corporation incurred a net capital loss in the amount of $25,000. Colossus had the following net capital gains in the previous five years:2015: $7,0002014: $2,0002013: $5,0002012:
Clyde had worked for many years as the chief executive of Red Industries, Inc., and had been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated. Clyde and Red
Carla was the owner of vacant land that she was holding for investment. She paid $1 million for the land in 2014. Raymond was an investor in vacant land. He thought Carla’s land might be the site
In a § 1031 like-kind exchange, Rafael exchanges a piece of equipment that originally cost $200,000. On the date of the exchange, the equipment given up has an adjusted basis of $85,000 and a fair
In a § 1031 like-kind exchange, Rafael exchanges a piece of equipment that originally cost $200,000. On the date of the exchange, the equipment given up has an adjusted basis of $85,000 and a fair
Review Examples 50 and 52 in the text. In both examples, the taxpayer’s AGI is $129,400 even though in Example 52 there is $700 of nonrecaptured § 1231 loss from 2015. Explain why the two AGI
Kellye purchased her home in 2011 for $140,000. After living in it for five years, she sold it in 2016 for $170,000, its market value. What is the tax treatment of the sale of Kellye’s home?a. A
Sengupta died on February 1, 2015, and bequeathed two different assets to a beneficiary, Roberts. Asset One was distributed to Roberts on April 24, 2015; Asset Two was distributed to Roberts on
Your client, Jacob, turned 66 years old this year. Jacob has no heirs and has decided that he would like to sell a life insurance policy to fund a tripto Africa that he has wanted to take.Jacob knew
Lloyd owns a beach house (four years) and a cabin in the mountains (six years). His adjusted basis is $300,000 in the beach house and $315,000 in the mountain cabin. Lloyd also rents a townhouse in
Cabel’s warehouse, which has an adjusted basis of $380,000 and a fair market value of $490,000, is condemned by an agency of the Federal government to make way for a highway interchange. The
Cabel’s warehouse, which has an adjusted basis of $380,000 and a fair market value of $490,000, is condemned by an agency of the Federal government to make way for a highway interchange. The
Ashby and Curtis, married professionals, have a 2-year-old son, Jason. Curtis works full-time as an electrical engineer, but Ashby has not worked outside the home since Jason was born. As Jason is
Bernadette Rosen, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing
Same as Problem 33, except that Jimenez paid $2 million in income taxes to other countries.Data From Problem 33:Jimenez Enterprises is incorporated in Arkansas. It generated a $5 million profit on
Which of the following individuals qualify for the earned income credit?a. Thomas is single, 21 years old, with no qualifying children. His income consists of $9,000 in wages.b. Shannon, who is 27
Which of the following individuals qualify for the earned income credit?a. Thomas is single, 21 years old, with no qualifying children. His income consists of $9,000 in wages.b. Shannon, who is 27
Santiago and Amy are married and file a joint tax return, claiming as dependents their three children, ages 12, 14, and 18. Their AGI is $140,000. Determine the amount of the couple’s child tax
Lee, a married individual, is an employee with three rental properties in which Lee does not actively participate. In 2015, Property 1 had a net loss of $10,000, Property 2 had a net gain of $25,000,
Bonnie and Jake (ages 35 and 36, respectively) are married with no dependents and live in Montana (not a community property state). Because Jake has large medical expenses, they seek your advice
Kristin Graf (123 Baskerville Mill Road, Jamison, PA 18929) is trying to decide how to invest a $10,000 inheritance. One option is to make an additional investment in Rocky Road Excursions in which
Discuss whether the passive activity loss rules apply to the following: individuals, closely held C corporations, S corporations, partnerships, and personal service corporations.
Aaron, age 55, has an adjusted gross income in 2016 of $30,000. His expenses are as follows:What is Aaron’s itemized deduction for medical expenses?a. $0b. $1,500c. $2,000d. $4,500
Kellye, a teacher, volunteers for eight hours per week at a school for high-risk children, a qualified charitable organization. Kellye’s normal rate for teaching is $30 per hour. Kellye’s
Kellye, a teacher, volunteers for eight hours per week at a school for high-risk children, a qualified charitable organization. Kellye’s normal rate for teaching is $30 per hour. Kellye’s
Use the IRS’s website to determine whether taxpayers who are not U.S. residents can claim itemized deductions when calculating their taxable income.
Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2015. Although the stock of the corporation was not
In December of each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 28% marginal tax bracket, is considering the following
William, a high school teacher, earns about $50,000 each year. In December 2016, he won $1 million in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax
Explain how GILTI reduces the incentive for U.S. multinational corporations to shift profits outside of the United States.
Rogers Co., a U.S. multinational corporation, owns 100% of Orange Co., a CFC. Orange Co. has net tested income $200,000, qualified business asset investments of $400,000, and no specified business
In determining Blue Corporation’s current E & P for 2022, how should taxable income be adjusted as a result of the following transactions?a. A capital loss carryover from 2021, fully used in
On August 27 of the current year, Bailey Corporation exchanged $25,000 of 4% interest-bearing bonds for 100 shares of its common stock worth $300 per share.a. Does this transaction qualify as a
Addison Parker, single and age 32, lives at 3218 Columbia Drive, Spokane, WA 99210. She is employed as regional sales manager by VITA Corporation, a manufacturer and distributor of vitamins and food
Complete the following table by classifying each of the independent expenditures (assume that no reimbursement takes place).
Elijah is employed as a full-time high school teacher. The school district where he works recently instituted a policy requiring all of its teachers to start working on a master’s degree. Pursuant
Upon losing his job as a plant manager in Quincy, Massachusetts, Anthony incurs $6,200 in job search expenses. Having no success in finding new employment in the same type of work, Anthony moves to
Samantha was recently employed by an accounting firm. During the year, she spends $2,500 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were
In 2016, Christa purchased and placed into service five-year assets at a total cost of $2,250,000. If Christa elects both the § 179 deduction and additional first-year bonus depreciation, but does
Dolly purchased and placed into service qualifying depreciable property in 2016 at a total cost of $2,250,000. Dolly has elected to take the § 179 deduction. What is Dolly’s § 179 deduction for
Joe purchased a van on February 1, 2016, for use in his business, Crew Airport Transport. The van was purchased for $30,000, has an estimated useful life of 10 years, and has a salvage value of
Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the company’s only purchase of tangible personal property that took place during 2016. On
Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the company’s only purchase of tangible personal property that took place during 2016. On
On the night of October 14, 2016, a hurricane caused serious damage to Paige’s personal vehicle and to the roof of her personal residence, a townhome. Just prior to the hurricane, Paige had a
Hank’s home is burglarized on December 22, 2016. Personal property with a fair market value of $40,000 and an adjusted basis to Hank of $25,000 is stolen. Hank paid an independent appraiser $700 on
Glenn and Mary’s house was damaged by a hurricane in 2016. The fair value of their home before the hurricane was $150,000. After the hurricane, the fair value of their home was $125,000. They
During 2016, John was the chief executive officer and a shareholder of Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2013, John and Maze, as co-borrowers, obtained a $100,000 loan from
Sarah Ham, operating as a sole proprietor, manufactures printers in the United States. For 2016, the proprietorship has QPAI of $400,000. Sarah’s modified AGI was $350,000. The W–2 wages paid by
Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows:Because of the extensive damage caused by the tornado, the
Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows:Because of the extensive damage caused by the tornado, the
Monty loaned his friend Ned $20,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $11,000, Ned filed for bankruptcy and notified Monty
Newton, a business owner, signed a ten-year lease beginning in July of 2016 and immediately paid rent for the remainder of 2016, all of 2017, and all of 2018. How much of the rent paid at the lease
Sarah was contemplating making a contribution to her traditional IRA in 2015. She determined that she would contribute $5,000 in December 2015, but forgot about making the contribution until she was
In the determination of whether a business expense is deductible, the reasonableness requirement applies only to salaries. Evaluate this statement.
Pierce, a married individual, received the following in 2016:Considering only the above, what is Pierce’s 2016 gross income?a. $49,800b. $34,800c. $30,000d. $24,800 Workers' compensation award W-2
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2016. Mio’s salary for 2016 is $190,000. In your computation, round any division to four decimal places
Valentino is a patient in a nursing home for 45 days of 2016. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his
Describe how a partnership is terminated.
Which of the following are requirements to be an S corporation?a. Is limited to an absolute maximum of 100 shareholders.b. Has no resident alien shareholders.c. Has only one class of stock.d. Cannot
Andrea is an employee of Fern Corporation. She also has her own business working as a life coach. For 2022, Andrea’s wages from Fern were $210,000. Her self-employment income was $30,000.a. Compute
Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed payment
What will be the values of A Corporation, B Company, and C Company after three years? Assume that each business(a) Required a $5,000,000 initial investment, (b) Earns an annual 10% before-tax rate
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2019. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2021, he had the
Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does
Gary, who is single, sells his principal residence (owned and occupied by him for seven years) in November 2022 for a realized gain of $148,000. He had purchased a more expensive new residence eight
On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of
Anne sold her home for $290,000 in 2022. Selling expenses were $17,400. She purchased it in 2016 for $200,000. During the period of ownership, Anne had done the following:• Deducted $50,500
Kareem bought a rental house in March 2017 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2019, he had a tennis court built in the backyard at a cost
Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock:Assuming that Karen is unable to identify the specific lots that are sold with the original
Zoe purchases Tan, Inc. bonds for $108,000 on January 2, 2022. The face value of the bonds is $100,000; the maturity date is December 31, 2026; and the annual interest rate is 5%. Zoe will amortize
Rod Clooney purchases Kayla Mitchell’s sole proprietorship for $990,000 on August 15, 2022. The assets of the business are:a. Calculate Kayla’s realized and recognized gain.b. Determine Rod’s
Mahan purchases 1,000 shares of Bluebird Corporation stock on October 3, 2022, for $300,000. On December 12, 2022, Mahan purchases an additional 750 shares of Bluebird stock for $210,000. According
On September 18, 2022, Gerald received land and a building from Luna as a gift. No gift tax was paid on the transfer. Luna’s records show the following:a. Determine Gerald’s adjusted basis for
Roberto has received various gifts over the years and has decided to dispose of several of these assets. What is the recognized gain or loss from each of the following transactions, assuming that no
Tyler Meade is planning to make a charitable contribution to the Girl Scouts. He will contribute Crystal, Inc. stock worth $20,000. The stock has an adjusted basis of $15,000. A friend has suggested
Dan bought a hotel for $2,600,000 in January 2018. In May 2022, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2022
Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2021, they received Social Security benefits of $10,000. Both
Coline has the following capital gain and loss transactions for 2022.After the capital gain and loss netting process, what is the amount and character of Coline’s gain or loss? Short-term capital
Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly’s proprietorship paid $30,000 in W–2 wages and has $20,000 of qualified property. Shelly’s spouse earned
In 2022, your client, Clear Corporation, changed from the cash to the accrual method of accounting for its radio stations. The company had a positive § 481 adjustment of $2,400,000 as a result of
Joseph Thompson is president and sole shareholder of Jay Corporation (a cash method, calendar year C corporation). In December of the current year, Joe asks your advice regarding a charitable
Heron Company purchases commercial realty on November 13, 2004, for $650,000. Straight-line depreciation of $287,492 is claimed before the property is sold on February 22, 2022, for $850,000. What
Egret Corporation, a calendar year C corporation, was formed on March 6, 2022, and opened for business on July 1, 2022. After its formation but prior to opening for business, Egret incurred the
On April 23, 2022, Auk Corporation acquires 100% of the outstanding stock of Amazon Corporation (E & P of $750,000) for $1,200,000. Amazon Corporation has assets with a fair market value of
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2022. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR’s gross receipts were
Pedro and Anna plan to form the PA LLC by the end of 2022 to produce and sell specialty athletic apparel. Pedro and Anna will both serve as member-managers of the LLC and will be active in its
Technology has upended the way consumers purchase and receive goods and services. The digital age has resulted in increased opportunities for multinational companies (MNCs) to shift profits from
Rogers Co., a U.S. multinational corporation, owns 100% of Orange Co., a CFC. Orange Co. has net tested income of $200,000, qualified business asset investments of $400,000, and no specified business

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