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business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Kelly decided to invest in Lime, Inc. common stock after reviewing Lime's public disclosures, including recent financial statements and a number of press releases issued by Lime. On August 7, 2016,
In 2018, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. Evaluate the tax consequences of treating the
The value of Terrah’s personal residence has declined significantly because of a recent forest fire in the area where she lives. The fire was a Federally declared disaster. Terrah’s house
David is a CPA and enjoys playing the lottery. This year David won $10,000 in lottery scratch-off tickets. He spent $200 purchasing the tickets. Which statement is true regarding David’s
Which of the following is not a deduction for AGI?a. Alimony paidb. Business rent on a self-employed businessc. Property' taxes paid on your primary residenced. One half of self-employment tax
Which of the following is a deduction for AGI?a. Charitable contributionsb. Alimony paidc. Tax preparation feesd. Mortgage interest paid on your primary residence
A qualified expense is not deductible unless there is appropriate substantiation to document it. Find two websites and/or articles that provide (1) guidance on the types of substantiation required
The $1 million maximum compensation deduction does not seem to have deterred large corporations from remunerating their executives at very high levels. What techniques are being used to work around
Sarah was contemplating making a contribution to her traditional IRA in 2017. She determined that she would contribute $5,000 in December 2017, but forgot about making the contribution until she was
Rex and Agnes Harrell purchased a beach house at Duck, North Carolina, in early 2018. Although they intended to use the beach house occasionally for recreational purposes, to help pay the mortgage
Roberta Santos, age 41, is single and lives at 120 Sanbome Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for
For 2018, UNA Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. Ithas average annual gross receipts of more than $25
Robin Corporation is owned as follows:Isabelle ........................................................26%Peter, Isabelle's husband ..........................19%Sonya, Isabelle's mother
Chee, single, age 40, had the following income and expenses during 2018:IncomeSalary ....................................................................................$43,000Rental of vacation home
Piper owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $65,000. During the year, she rents the cabin for two weeks for $2,500 and uses it
Alex, who is single, conducts an activity in 2018 that is appropriately classified as a hobby. The activity produces the following revenues and
Jamari Peters (Social Security number 123-45-6789) conducts a business with the following results in 2018:Revenue.....................................................$20,000Depreciation on car
Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, accounting, and miscellaneous expenses. The total was $52,000. He
Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $35,000 of expenses associated
Amber, a publicly held corporation, currently pays its president an annual salary of $900,000. As a means of increasing company profitability, the board of directors increased the president's
Fynn incurred and paid the following expenses during 2018:$50 for a ticket for running a red light while he was commuting to work.$100 for a ticket for parking in a handicapped parking space.$200 to
Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2018. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:Because the coliseum was
Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid a total of $90,000 during 2018.Assume that the business has no significant
A list of the items that Faith sold and the losses she incurred during the current tax year is as follows:Yellow, Inc. stock...........................$ 1,600Faith's personal use
Janice, age 22, is a student who earns $10,000 working part-time at the college ice cream shop in 2018. She has no other income. Her medical expenses for the year total $3,000. During the year, she
Daniel, age 38, is single and has the following income and expenses in 2018.Salary income ......................................................................$60,000Net rent income
Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $20,000 during the year. Income generated through the brokerage account wras as follow’s:Municipal
Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to Newr York to discuss acquiring a bakery. Stanford
Maud, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2018, she leases an office building to use in her business for $120,000 for an 18-month
Shanna, a calendar year and cash basis taxpayer, rents property from Janice.As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2018, for the 12 months ending March 31, 2019.a. How
Lavinia incurs various legal fees in obtaining a divorce. Which types of expenses associated with the divorce are deductible by Lavinia, and which are not?
Blaze operates a restaurant in Cleveland. He travels to Columbus to investigate acquiring a business. He incurs expenses as follows: $1,500 for travel, $2,000 for legal advice, and $3,500 for a
Angelo, an agent for an airline manufacturer, is negotiating a sale with a representative of the U.S. government and with a representative of a developing country. Angelo's company lias sufficient
Aubry, a cash basis and calendar year taxpayer, decides to reduce his taxable income for 2018 by buying $65,000 worth of supplies for his business on December 27, 2018. The supplies will be used up
Nanette is a first-grade teacher. Potential deductions are charitable contributions of $800, personal property taxes on her car of $240, and various supplies purchased for use in her classroom of
Elizabeth received the following sources of income in the current year:U.S. Treasury bond certificates interest
Danny received the following interest and dividend payments this year. What amount should Danny include in his gross income?Source AmountCity of Atlanta bond interest
Kirn was seriously injured at her job. As a result of her injury; she received the following payments:$5,000 reimbursement from employer-provided health insurance for medical expenses paid by Kim.
Linda is an employee of JRH Corporation. Which of the following would lie included in Linda's gross income?a. Premiums paid by JRH Corporation for a group term life insurance policy for $50,000 of
Stephen is a graduate student at West University. He works part time at the campus coffee shop earning $5,000 this year. Stephen also receives a $25,000 scholarship that pays for his tuition, fees,
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfreds Social Security' number is 111-Illi 12. Beulah’s Social
Martin S. Albert (Social Security’ number 111-11-1111) is 39 years old and is married to Michele R. All^ert (Social Security' number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News,
How does the tax benefit rule apply in the following cases?a. In 2016, the Orange Furniture Store, an accrual method taxpayer, sold furniture on credit for $1,000 to Sammy. The cost of the furniture
Starting in 2007, Chuck and Luane have been purchasing Series EE bonds in their name to use for the higher education of their daughter Susie, who currently is age 18. During the year, they cash in
Tonya, who lives in California, inherited a $100,000 State of California bond in 2018. Her marginal Federal tax rate is 35%, and her marginal state tax rate is 5%. The California bond pays 3-3%
In January 2018, Ezra purchased 2,000 shares of Gold Utility Mutual Fund for $20,000. In June, Ezra received an additional 100 shares as a dividend, in lieu of receiving $1,000 in cash dividends. In
Rosa’s employer has instituted a flexible benefits program. Rosa will use the plan to pay for her daughter’s dental expenses and other medical expenses that are not covered by health insurance.
George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2018, George began working in London. He worked there until January 31, 2019, w hen he transferred
Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. How'ever, she would no longer be able to use the company’s
Bluebird, Inc., does not provide its employees with any tax-exempt fringe benefits. The company is considering adopting a hospital and medical benefits insurance plan that will cost approximately
Tim is the vice president of western operations for Maroon Oil Company and is stationed in San Francisco. He is required to live in an employer-owned home, which is three blocks from his company
The UVW Union and HON Corporation are negotiating contract terms.Assume that the union members are in the 24% marginal tax bracket and that all benefits are provided on a nondiscriminatory basis.
Rex, age 55, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2018:Hospitalization insurance premiums for Rex and his dependents. The cost of
Belinda spent the last 60 days of 2018 in a nursing home. The cost of the services provided to her wras $18,000 ($300 per day). Medicare paid $8,500 toward die cost of her stay. Belinda also received
Adrian was awarded an academic scholarship to State University for the 2018-2019 academic year. He received $6,500 in August and $7,200 in December 2018. Adrian had enough personal savings to pay all
Donald was killed in an accident while he was on the job in 2018. Darlene, Donald’s wife, received several payments as a result of Donald’s death. What is Darlene's gross income from the items
What is the taxpayer’s gross income in each of the following situations?a. Darrin received a salary of $50,000 in 2018 from his employer. Green Construction.b. In July 2018, Green gave Darrin an
Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma $12,000 of alimony each year until their child turns 18. At that time, the pay-ment will be reduced to $10,000 per
Which of the following statements is true regarding the taxation of Social Security benefits? a. 85% is the maximum amount of taxable Social Security benefits. b. 50% is the maximum amount
Cecil C. Seymour is a 64-year-old widower. He had income for 2018 as follows:Pension from former employer .....................................................................$39,850Interest income
Daniel B. Butler and Freida C. Butler, huslxand and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan’s Social Security' number is 111-11-1112, and Freida s Is
Linda and Don are married and file a joint return. In 2018, they received Decision Making $12,000 in Social Security benefits and $35,000 in taxable pension benefits and interest.a. Compute the
Herbert was employed for the first six months of 2018 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer's qualified pension fund. She elects to receive her retirement benefits as an
Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2018, Vito borrow’ed $8,000 from Vito, Inc., and on July 1, 2019, he borrowed an additional $10,000.
Ridge is a generous individual. During the year, he made interest-free loans to various family memlx?rs when the Federal rate was 3%- What are the lax consequences of the following loans by Ridge:a.
Alicia and Rafel are in the process of negotiating a divorce agreement to be finalized in 2018. They both worked during the marriage and contributed an equal amount to the marital assets. They own a
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2018. What should 1x? the tax consequences to Nell and Kirby if the following, considered individually,
Liz and Doug were divorced on December 31, 2018, after 10 years of marriage.Their current year’s income received 1>efore the divorce was as follows:Doug's salary
In 2018, Alva received dividends on her stocks as follows:Amur Corporation (a French corporation whose stock is traded on an established U.S. securities market)
Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy is a full-time employee of the corporation and receives a salary of $60,000 per year. He also receives
Freda is a cash basis taxpayer. In 2018, she negotiated her salary for 2019. Her employer offered to pay her $21,000 per month in 2019 for a total of $252,000. Freda countered that she would accept
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company’s 2018 gross income
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2018 gross income:a.
Determine the effects of the following on a cash basis taxpayer’s gross income for 2018 and 2019.a. On the morning of December 31, 2018, the taxpayer received a $1,500 check from a customer. The
Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2018, the company repaired Samuel Mosley’s car and charged him
Myrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions were $13,700, which included $4,000 in state income tax. In 2018, they received a $1,800 refund of
Mio w'as transferred from New York to Germany. He lived and worked in Germany for 340 days in 2018. Mio’s salary for 2018 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 2018. 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
Dolly is a cash basis taxpayer. In 2018, she filed her 2017 South Carolina income tax return and received a $2,200 refund. Dolly took the standard deduction on her 2017 Federal income tax return, but
Andrea entered into a § 529 qualified tuition program for the benefit of her daughter, Joanna. Andrea contributed $15,000 to the fund. The fund balance had accumulated to $25,000 by the time Joanna
Casey is in the 12% marginal tax bracket, and Jean is in the 35% marginal tax bracket. Their employer is experiencing financial difficulties and cannot continue to pay for the company’s health
Lime Finance Company requires its customers to purchase a credit life insurance policy associated with the loans it makes. Lime is the beneficiary of the policy to the extent of the remaining balance
Mary purchased an annuity that pays her $500 per month for the rest of her life. She paid $70,000 for the annuity. Based on IRS annuity tables, Mary's life expectancy is 16 years. How much of the
Jake pays the following amounts to his former spouse during the current year:Regular alimony payments.....................................................$ 12,000 Child support
Bill and Jane Jones were divorced on January 1, 2018. They have no children. In accordance with the divorce decree, Bill transferred the title of their house over to Jane. The home had a fair market
Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For
Al is a medical doctor who conducts his practice as a sole proprietor. During 2018, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in
Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2018,
On January 1, 2018, Kunto, a cash basis taxpayer, pays $46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No
Connor purchased an annuity that was to pay him a fixed amount each month for the remainder of his life. He began receiving payments in 2002, when he was 65 years old. In 2018, Connor was killed in
Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2018, the partnership generated $400,000 of taxable income, and Rex withdrew $100,000. In 2019, the
On December 29, 2018, 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,
In the current tax year, Blake Smith provided more than half of the support for his cousin Nico, niece Summer, and Marilyn, a close family friend. Blake lives alone and sends a monthly support check
Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total
Bob provides more than half of his mother's support. His mother earns $6,000 per year as a hairdresser. She lives in an apartment across town. Bob is unmarried and has no children. What is Bob’s
Kathy and Brett Ouray married in 2000. They began to experience marital difficulties in 2014 and, in the current year, although they are not legally separated, the couple considers themselves
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2016. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. For 2018, he reported die
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 die local Chamber of Commerce, while Wanda is employed part-time as a
Each year, Tom and Cindy Bates report itemized deductions of $20,000, including a $4,000 pledge payment to their church. Upon the advice of a friend, they do the following: in early January 2018,

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