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south western federal taxation

Questions and Answers of South Western Federal Taxation

Compute the taxable income for 2022 for Emily on the basis of the following information. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received
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, all of which was taxable when earned. She elects
Locate, read, and summarize Announcement 2020-1.
Locate, read, and summarize PLR 201450001.
Sonja and Evan are homeowners with an adjustable rate mortgage. In 2020, they claimed an itemized deduction for interest paid. In 2022, due to an error noted by their mortgage servicer, they receive
Leland and Amy are buying their first home. They are considering paying “points” to reduce the interest rate on a Veteran Affairs (VA) or Federal Housing Administration (FHA) loan. If they do
A client contacts you and asks if an exchange of different cryptocurrencies qualifies for like-kind exchange treatment (e.g., an exchange of bitcoin for ethereum). In addition, she mines
A client contacts you and indicates that she would like to obtain a private letter ruling from the IRS. You are not familiar with the process. How do you determine what is required to obtain a
Alejandra invites Zach, a business client, to a college football game. Alejandra purchases both tickets and buys Zach’s lunch in the alumni tent before the game. The lunch is purchased separately
Locate the court case Commissioner v. Glenshaw Glass Co., 348 U.S. 486. Read the case and answer the following questions:a. Which court heard this case?b. In what year was the case decided?c. What
Kathy and Brett Ouray married in 2004. They began to experience marital difficulties in 2018 and, in the current year, although they are not legally separated, consider themselves completely
Locate the court decision with the following citation: 144 T.C. 279.a. What is the name of the case?b. Which court heard this case?c. In what year was the case decided?d. What was the issue (or
In late 2022, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have?a. The age of the taxpayer(s).b. The health (i.e., physical
In 2022, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following?a. David’s own individual filing requirement.b. The standard
Magda maintains a household that includes a son (age 30) and a cousin (age 28). She can claim the cousin as a dependent but not her son. Explain.
Caden and Lily are divorced on March 3, 2021. For financial reasons, however, Lily continues to live in Caden’s apartment and receives her support from him. Caden does not claim Lily as a dependent
The Tiller family has an adjusted gross income of $200,000 in 2022. The Tillers have two children, ages 12 and 13, who qualify as dependents. All of the Tillers’ income is from wages. What is the
In 2022, Madison and Nick Koz have two children, ages 8 and 10. Both children meet the definition of qualifying child. The Koz family has adjusted gross income of $300,000. What is the amount of the
In 2022, Jack, age 12, has interest income of $4,900 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income
Mark and Lisa were divorced in 2021. In 2022, Mark has custody of their children, but Lisa provides nearly all of their support. Who is entitled to claim the children as dependents?
Comment on the availability of head-of-household filing status for 2022 in each of the following independent situations:a. Taxpayer lives alone but maintains the household of his parents. In July
Jayden calculates his 2022 income tax by using both the Tax Tables and the Tax Rate Schedules. Because the Tax Rate Schedules yield a slightly lower tax liability, he plans to pay this amount.a. Why
Compute the 2022 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividend income and $1,400 in wages from a part-time job.b.
Compute the 2022 tax liability and the marginal and average tax rates for the following taxpayers (use the 2022 Tax Rate Schedules in Appendix A for this purpose):a. Chandler, who files as a single
Compute the taxable income for 2022 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2020. Salary Interest on bonds issued by City
Compute the taxable income for 2022 in each of the following independent situations:a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four
Determine the amount of the standard deduction allowed for 2022 in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent.a. Curtis,
For tax year 2022, determine the number of dependents in each of the following independent situations:a. Ben and Molly (ages 48 and 46, respectively) are married and furnish more than 50% of the
Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facility and for 2021 and 2022 received their support from the following sources:a. Which persons are eligible to claim
During 2022, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as
Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents
Walter and Nancy provide 60% of the support of their daughter (age 18) and son-in-law (age 22). The son-in-law (John) is a full-time student at a local university, and the daughter (Stella) holds
Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold
Sarah and Brandi are engaged and plan to get married. During 2022, Sarah is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable
Which of the following individuals are required to file a tax return for 2022? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age 19, is a
Christopher died in 2020 and is survived by his wife, Chloe, and their 18- year-old son, Dylan. Chloe is the executor of Christopher’s estate and maintains the household in which she and Dylan
In each of the following independent situations, determine Winston’s filing status for 2022. Winston is not married.a. Winston lives alone, but he maintains a household in which his parents live.
Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2022, Paige earned $3,900 pet
Nadia died in 2021 and is survived by her husband, Jerold (age 44); her married son, Travis (age 22); and her daughter-in-law, Macy (age 18). Jerold is the executor of his wife’s estate. He
During 2022, Inez (a single taxpayer) had the following transactions involving capital assets:How much income tax results from these capital asset transactions if:a. Inez has taxable income of
Terri, age 16, is a dependent of her parents. During 2022, Terri earned $5,000 in interest income and $3,000 from part-time jobs.a. What is Terri’s taxable income?b. How much of Terri’s income is
During 2022, Chester (a married taxpayer filing a joint return) had the following transactions involving capital assets:How much income tax results from these capital asset transactions if:a. Chester
Each year, Tom and Cindy Bates normally have itemized deductions of $22,000 (which includes a $4,000 pledge payment to their church). On the advice of a friend, they do the following: in early
On December 29, 2022, 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,
Parents lend $2,000,000 to their child to start a business. The loan is interest-free and is payable on demand. The imputed interest is subject to:a. The gift tax only in the year the parents lend
Rex purchased a 30% interest in a partnership for $200,000. In 2022, the partnership generated $400,000 of taxable income and Rex withdrew $100,000. In 2023, the partnership earned $600,000 of
Patrick and Eva are planning to divorce in 2022. Patrick has offered to pay Eva $12,000 each year until their 11-year-old daughter reaches age 21. Alternatively, Patrick will transfer to Eva common
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 2005, when he was 65 years old. In 2022, Connor was killed in
In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022.a. Is Sonja subject to the FBAR reporting requirement?
Al is a medical doctor who conducts his practice as a sole proprietor. During 2022, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in
On January 1, 2022, Kunto, a cash basis taxpayer, pays $46,228 for a 24-month certificate of deposit. The certificate is priced to yield 4% (the effective interest rate) with interest compounded
Selma operates a contractor’s supply store. She maintains her books using the cash method. At the end of 2022, her accountant computes her accrual basis income that is used on her tax return. For
Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2022, the company repaired Samuel Mosley’s car and charged him
Determine the effects of the following on a cash basis taxpayer’s gross income for 2022 and 2023:a. On the morning of December 31, 2022, the taxpayer received a $1,500 check from a customer. The
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 2022 gross income:a.
Rusty has been experiencing serious financial problems. His annual salary was $100,000, but a creditor garnished his salary for $20,000 [i.e., the employer paid the creditor (rather than Rusty) the
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 2022 gross income
Faye, Gary, and Heidi each have a one-third interest in the FGH Partnership. The following information is available with respect to the partnership for the year and the amount allocable to each
Freda is a cash basis taxpayer. In 2022, she negotiated her salary for 2023. Her employer offered to pay her $21,000 per month in 2023 for a total of $252,000. Freda countered that she would accept
Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy receives a salary of $60,000 per year. He also receives a bonus equal to 10% of all collections from
During the year, Alva received dividends on her stocks as follows:a. Alva purchased the Grape stock three years ago, and she purchased the Amur stock two years ago. She purchased the Blaze stock 18
In 2022, Wright’s, Inc., signs a contract to design and deliver 100 laptop computers customized to perform certain functions required by a customer. Wright’s will be paid $300 per computer but
Cecil C. Seymour is a 64-year-old widower. He had income for 2022 as follows:The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil has
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2022. What should be the tax consequences to Nell and Kirby if the following, considered individually,
Roy decides to buy a personal residence and goes to the bank for a $150,000 loan. The bank tells him that he can borrow the funds at 4% if his father will guarantee the debt. Roy’s father, Hal,
Alicia and Rafel are in the process of negotiating a divorce agreement to be finalized in 2022. They both worked during the marriage and contributed an equal amount to the marital assets. They own a
Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to various family members when the Federal rate was 3%. What are the tax consequences of the following
Linda and Don are married and file a joint return. In 2022, they received $12,000 in Social Security benefits and $35,000 in taxable pension benefits and interest.a. Compute the couple’s adjusted
Herbert was employed for the first six months of 2022 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal
Your client, Simon Che, is an avid Texas Rangers fan. Last March at the Rangers’ home opener, as a result of a random drawing of those in attendance at the game, Simon won 300 Shipley Do-Nut
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
Anh suffered injuries when she fell out of her bed while hospitalized. She sued the hospital for $90,000 (for her physical injuries). She lost the case and brought a lawsuit against the lawyer who
Dolly is a cash basis taxpayer. In 2022, she filed her 2021 South Carolina income tax return and received a $2,200 refund. Dolly took the standard deduction on her 2021 Federal income tax return but
Valentino is a patient in a nursing home for 45 days of 2022. 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
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2022. Mio’s salary for 2022 is $190,000. In your computation, round any division to four decimal places
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2022.a. Myrna and Geoffrey filed a joint tax return in 2021. Their AGI was $85,000, and
Determine the gross income of the beneficiaries in the following cases:a. Justin’s employer was downsizing and offered employees an amount equal to one year’s salary if the employee would
Donald was killed in an accident while he was on the job. Darlene, Donald’s wife, received several payments as a result of Donald’s death. What is Darlene’s gross income from the items listed
As a result of a cancer diagnosis in early 2022, Laura has begun chemotherapy treatments. A cancer specialist has stated that Laura has less than one year to live. She has incurred many medical bills
Adrian was awarded an academic scholarship to State University for the 2022–2023 academic year. He received $6,500 in August and $7,200 in December 2022. Adrian had enough personal savings to pay
Ray and Carin are partners in an accounting firm. The partners have entered into an arm’s length agreement requiring Ray to purchase Carin’s partnership interest from Carin’s estate if she dies
Rex, age 55, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2022:• Hospitalization insurance premiums for Rex and his dependents. The cost
Belinda spent the last 60 days of 2022 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received
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
Vito is the sole shareholder of Vito, Inc. He also is employed by the corporation. On June 30, 2022, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2023, he borrowed an additional $10,000. Both
George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2022, George began working in London. He worked there until January 31, 2023, when he transferred
In January 2022, 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
Tonya, who lives in California, inherited a $100,000 State of California bond in 2022. Her marginal Federal tax rate is 35%, she itemizes deductions on her Federal tax return, and her marginal state
Starting in 2011 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
Isabelle was contemplating making a contribution to her traditional IRA in 2021. She determined that she would contribute $6,000 in December 2021, but forgot about making the contribution until she
Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA
Classify each of the following expenditures paid in 2022 as a deduction for AGI, a deduction from AGI, or not deductible:a. Roberto gives cash to his father as a birthday gift.b. Sandra gives cash to
Classify each of the following expenditures paid in 2022 as a deduction for AGI, a deduction from AGI, or not deductible:a. Barak contributes to his H.R. 10 plan (i.e., a retirement plan for a
Daniel, age 38, is single and has the following income and expenses in 2022:a. Calculate Daniel’s AGI.b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2022. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:Because the coliseum was
Trevor, a friend of yours from high school, works as a server at the ST Café. He asks you to help him prepare his Federal income tax return. When you inquire about why his bank deposits
Jamari Peters (Social Security number 123-45-6789) operates a business with the following results in 2022:Jamari estimates that due to a depressed real estate market, the value of land owned by the
Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2022, she leases an office building to use in her business for $120,000 for an

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