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Business Law
Grant, Arthur, and David formed a partnership for the purpose of betting on boxing matches. Grant and Arthur would become friendly with various boxers and offer them bribes to lose certain bouts.
Ben, Dan, and Lilli were partners sharing profits in proportions of one-fourth, one-third, and five-twelfths, respectively. Their business failed, and the firm was dissolved. At the time of
Simmons, Hoffman, and Murray were partners doing business under the firm name of Simmons & Co. The firm borrowed money from a bank and gave the bank the firm's note for the loan. In addition,
Patrick Dillon applied for a $100,000 loan from Carlton Savings & Loan. Carlton required him to obtain a surety. Patrick approached Sinclair Surety Co., which insisted that Patrick provide it with a
Bradley goes into bankruptcy under Chapter 7 owing $25,000 as wages to his four employees. There is enough in his estate to pay all costs of administration and enough to pay his employees, but
The Giant Development Company undertakes a massive real estate venture to sell 9,000 one-acre unimproved lots in Utah. The company advertises the project nationally. Arrington, a resident of New
Robert applies to Northern National Bank for a loan. Before granting the loan, Northern requests that Callis Credit Agency provide it with a credit report on Robert. Callis reports those three years
What is the primary service function provided by the National Office of the IRS?
If a taxpayer files his or her tax return and receives a tax refund from the IRS, does this mean that the IRS feels that the return is correct and will not be subject to a future audit.
In the reference to tax research, what is meant by the best possible defensibly correct solution?
Carlos inherits 100 shares of Allied corporation stock from his father. The stock cost his father $8,000 and had a $25,000 FMV on the date of his father's date of death in 2015. The alternative
Sometimes taxpayers may not be able to file their tax returns by the normal due date. Are extensions available? How long are the extensions? How long are the extensions? Do extensions enable
Can a scholarship qualify as support?
Explain the distinction between income and gross income.
Can couples change from joint returns to separate returns? Separate to joint?
Joe and joan divorce during the current year. Joan receives custody of their three children. Joe agrees to pay $5,000 of child support for each child.Assuming no written agreement, who will receive
In 2015, Lana, a single taxpayer with AGI of 585.400 claims exemptions for three dependent children all under age 17. What is the amount of her child credit?
Under what circumstances must a tax payer use a rate schedule instead of a tax table?
What phrase is found in both the sixteenth amendment to the Constitution and Sec.61(a)? Why does the phrase appear in both locations?
Define the term constructive receipt. Explain its importance.
When is income considered to be earned by an accrual basis taxpayer?
Under what conditions is an accrual basis taxpayer allowed to defer reporting advance payment received for services?
Explain the importance of the distinction between alimony and a property settlement.
Do you agree or disagree with the following statement: a taxpayer should not have to report income when debt is forgiven because the taxpayer receives nothing. Explain
Why does the tax concept of income more closely resemble the accounting concept of income than the economic concept?
Which of the following constitutes constructive receipt in the current year ended December 31? A salary check received at 6.00 p.mjon December 31, after all the banks have closed. A rent check
Which of the following would likely be a constructive dividend? a. An unreasonable salary paid to a shareholder. b. An unreasonable salary paid to the daughter of a shareholder. c. A sale of a
Does the fact that an item of income is paid in a form other than cash mean it is non taxable? Explain.
What specific rules are applicable to Non-degree candidates who receive scholarships?
Is the personal injury exclusion found in Section 104 limited to physical injury? Explain
There is no specific statutory exclusion for welfare benefits. Nevertheless, the IRS has ruled that such benefits are not taxable. Is this within the authority of the IRS?
Are the income distributions from a qualified state tuition program taxable?
Are the taxpayers who claim the foreign-earned exclusion entitled to deduct expenses incurred in producing that income? Explain.
What was the issue in the tax case Eisner v. Macomber? Why is the case important?
For each of the following, indicate whether the amount is taxable:Peggy won $40,000 in the state lottery.Jane won a $500 prize for her entry in a poetry contest.Linda was awarded $2,000 when she was
During bankruptcy, USA corporation debt from $780,000 to $400,000. USA corporation's assets are valued at $500,000. USA's NOL carryover was $400,000.Is USA corporation requires to report any income
Andy owns an appliance store where he has merchandise such as a refrigerator for sale. Roger, a bachelor, owns a refrigerator, which he uses in his apartment for personal use. For which individual is
Why did the Supreme Court rule in the Corn Products case that a gain due to the sale of futures contracts is ordinary income instead of capital gain?
Four years ago. Susan loaned $7900 to her friend Joe. During the current year the $7600 loan is considered worthless. Explain how Susan should treat the worthless debt for tax purposes.
Why did the Supreme Court rule in Arkansas Best that the stock of a corporation purchased by the taxpayer to protect the taxpayer's business reputation was a capital asset?
On January 1 of the current year. the Orange Corporation issues $500.000 of 11%. 20-year bonds for $480.000. Determine the amount of original issue discount. if any.
Judy just obtained a patent on a new product she has developed. Bell Corporation wishes to market the product and will pay 12% of all future sales of the product to Judy. How can she be sure that the
How does a lessor treat payments received for canceling a lease?
What is the first day that an individual could sell a capital asset purchased on March 31, 2015 and have a holding period of more than one year?
If Pam transfers an asset to Fred and the asset is subject to a liability that is assumed by Fred. How does Fred's assumption of the liability affect the amount realized by Pam? How does Fred's
Vincent pays $20,000 for equipment to use in his trade or business. He pays sales tax $800 as result of purchase. Must the $800 sales tax be capitalized as part of the purchase price?
Irene owns a truck costing $15.000 and used for personal activities. The truck has a $9.600 FMV when it is transferred to her business, which is operated as a sole proprietorship. a. What is the
Determine the taxable income for the Columbia Corporation for the following independent cases:
Martha owns 500 shares of Columbus corporation common stock at the beginning of the year with a basis of $82,500. During the year, Columbus declares and pays a 10% no taxable stock dividend. What is
A corporate taxpayer plans to build a $6 million office building during the next 18 months. How must the corporation treat the interest on debt paid or incurred during the production period?
Under what circumstances may a taxpayer deduction an illegal bribe or kickback?
Sam owns a small house that he rents out to students attending the local university. Are the expenses associated with the rental unit deductions for or from AGI?
During the year. Sara sold a capital asset at a loss of $2.000. She had held the asset as an investment. This is the only capital asset she sold during the year. Is her deduction for this capital
Elaine is a physician who uses the cash method of accounting for tax purposes. During the current year, Elaine bills Ralph 51.200 for office visits and outpatient surgery. Unfortunately, unknown to
Becky loans her brother Ken 55.000, which he intends to use to establish a small business. Because Ken has no other assets and needs cash to establish the business, the agreement provides that Ken
Assume the same facts as in Problem 8-54, except that Becky and Ken are not related and that under the terms of the loan Ken agrees to repay Becky the $5,000 plus interest (at a reasonable stated
What are the basic requirements that must be met to permit a deduction for moving expenses?
Atlantic Corporation provides a cafeteria for its employees. The meal charges are set at a sufficiently high level that the employees are not taxed on the subsidized eating facilities. Are Atlantic's
Babson Corporation is proposing the creation of a qualified profit-sharing plan for its employees. The proposed plan provides for vesting of employer contributions after 20 years because the company
Why are nonqualified deferred compensation plans particularly well-suited for use in executive compensation arrangements?
Is a self-employed individual, who is also employed and covered by an employer's qualified pension plan, eligible to establish an H.R. 10 or an SEP plan on his or her self-employment income?
When is a cash method taxpayer allowed to deduct deposits? Discuss.
What is the impact of having the entire gain on an installment sale consist of ordinary income from depreciation recapture?
What impact does the gifting of an installment obligation have on the donor?
What changes in accounting method can be made without IRS approval?
Change In Accounting Period. In which of the following instances is a taxpayer permitted to change accounting periods without IRS approval? a. A calendar-year taxpayer who wishes to change to a year
Is there any instance in which a change in tax years is required? Explain.
Evaluate the following statement: The underlying rationale for the nonrecognition of a gain or loss resulting from a like-kind exchange is that the exchange constitutes a liquidation of the
Does the receipt of boot in a transaction that otherwise qualifies as a like-kind exchange always cause the exchange to be at least partially taxable?
Must property be actually condemned for the conversion of property to be classified as an involuntary conversion? Explain.
The functional use test is often used to determine whether the replacement property is similar or related in service or use to the property converted. Explain the functional use test.
In what situations may a gain due to an involuntary conversion of real property be deferred if like-kind property is purchased to replace the converted property?
The Nelsons purchased a new residence in 1992 for $300600 from David who owned and used the residence as rental property. When the Nelsons wanted to purchase the property it was being rented to
Which of the following exchanges qualify as like-kind exchanges under Sec. 1031? a. Acme Corporation stock held for investment purposes for Mesa Corporation stock also held for investment purposes
Which of the following exchanges qualify as like-kind exchanges under Sec. 1031? a. A motel in Texas for a motel in Italy b. An office building held for investment for an airplane to be used in the
On January 10, 2015 Kirsten married Joe. Joe sold his personal residence on October 25. 2014 and excluded the entire gain of $175.000. Although they had originally planned to live in the house that
When determining whether property qualifies as like-kind property, is the quality or grade of the property considered?
What is personal property of a like class that meets the definition of like-kind?
Burke is anxious to purchase land owned by Kim for use in his trade or business. Kim's basis for the land is $150,000, and Burke has offered to pay $800,000 if she will sell within the next 10 days.
Karen purchased a computer three years ago for $15,300 to use exclusively in her business. She expensed the entire cost of the computer under Sec. 179. If she sells the computer during the current
Sheila owns a motel that is used in a trade or business. If she sells the motel, the gain will be Sec. 1245 ordinary income. During what period of time was the motel placed into service.
Marty sells his fully depreciated building at a gain to an unrelated party. The building is purchased before 1981. Is any of the gain taxed as ordinary income?
Which of the following assets (assume all assets have a holding period of more than one year) do not qualify as Sec. 1231 property: inventory, a pig held for breeding, land used as a parking lot for
Roger owns an apartment complex with a FMV of $2 million. If he sells the apartment complex. $700.000 of the gain is Sec. 1231 gain with $600.000 taxed at 25% because it is unrecaptured Sec. 1250
Rashad owns a duplex used 100% as residential rental property. Under what conditions, if any, will any gain that he recognizes be Sec. 1245 ordinary income?
What is a net Sec.1231 gain treated as ordinary income?
Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. Using the tax rate schedules
A taxpayer has $95,000 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is aa. Single individualb. Married couplec.
Based on the following information, what are the taxable income and tax liability for a single individual?Total income......................................$118,000Excludable
Based on the facts in problem 57, calculate the taxable income and the tax liability for a married couple.
Shawna earns $95,000 as a biologist for Berto Corporation. She also consults with other businesses on compliance with environmental regulations. During the current year, she earns $25,000 in
Which of the following are based on an ability to pay? Explain. a. State Y collects a sales tax of 5% on all purchases of goods and services. b. State X collects a sales tax of 5% on all purchases of
Which of the following are based on an ability to pay? Explain. a. Local County assesses property taxes at the rate of 1% of assessed value. b. The university library lets all students, faculty, and
Explain why the loss resulting from the sale of a computer in the following three situations is treated differently for income tax purposes: a. Monica sells her personal computer at a loss of $1,300.
Yung is the sole owner of Southern Hills Insurance Agency. His primary business is the sale of fire and casualty policies. He has recently expanded his business by selling life insurance policies.
Kerry is employed as a ticket vendor at an oft-track betting parlor in New York. No credit is extended to customers, and employees are not allowed to bet on races. Kerry is a compulsive gambler and
What is a bargain purchaser?
Ratliff Development Corporation purchases a tract of land in 2014 at a cost of $120,000 and subdivides the land into 30 building lots. The cost of subdividing is $6,000. In 2014, Ratliff installs
This is the second part of a six part problem that will allow you to prepare the 2014 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to
Mark Pari is a self-employed electrician who exclusively uses a room in his home to perform the administrative functions related to his business. The room is 250 square feet of the 2,500 total square
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