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Questions and Answers of
Business Law
Early in 2014, Keith meets Dan through a business associate. Dan tells Keith that he is directing a business venture that purchases poorly managed restaurants in order to turn them around and make
In the current year, Mary incurs $3,600 of unreimbursed employment-related travel and entertainment expenses. These business expenses include the following: Airfare
In 2014, Bear Corporation transfers 100 shares of its stock to its employee Patrick. The stock is valued at $10 per share on the issue date. The stock is subject to the following restrictions: •
On February 15, 2015, Jamal, who is single and age 30, establishes a traditional IRA and contributes $5,500 to the account. Jamal's adjusted gross income is $66,000 in 2014 and $57,000 in 2015. Jamal
On March 1, 2014, Sarah entered into a three year lease of an automobile used exclusively in her business. The automobile's FMV was $58,500 at the inception of the lease. Sarah made ten monthly lease
In July 2014, Tish acquires and places in service a business machine costing $40,000 with a 7-year MACRS recovery period. Tish elects the maximum allowable Sec. 179 expense on the machine. In August
Tampa Corporation sold the following assets in 2014:* The half-year convention was used in the year of acquisition. Tampa did not elect Sec. 179 expense or bonus depreciation during the acquistion
During 2014, Rita acquired and placed in service two assets for use in her business, as follows:• Asset A: Placed in service in February at a cost of $65,000 with a 7-year MACRS recovery period.•
In 2014, Trish, a self-employed CPA and calendar year taxpayer, acquires and places in service an automobile and a personal computer. Pertinent data include the following:Or each asset, calculate the
In 2014, Phoenix Corporation acquires a new research facility and hires several scientists to develop new products. No new products are developed until 2015, although the following expenditures were
In 2012, the Margate Corporation acquired an automobile with a cost of $30,000 for use in its business. Shortly thereafter, Margate Corporation experienced a decline in sales. Several employees were
Would the straight-line MACRS method (using the ADS) be preferable to the regular MACRS method in the following cases? Explain. a. Ray incurs NOLs in his business for a number of years and has NOL
Prime Corporation begins operations in late 2014. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:2014 ..................... $110,0002015
On January 30, 2014, Amy sells land to Bob for a stated price of $200,000. The full $200,000 is payable on January 30, 2016. No interest is stated. Amy, a cash-method taxpayer, purchased the land in
In 2005, Frank made an installment sale of real property to Stu, his son, for $1 million. Payments are due over a 10-year period. Frank did not file a gift tax return. For 2012, Frank reported
Janet is considering transferring assets valued at $9 million to an irrevocable trust (yet to be created) for the benefit of her son, Gordon, age 15, with Farmers Bank as trustee. Her attorney has
In the current year, Beth, who is single, sells stock valued at $40,000 to Linda for $18,000. Later that year, Beth gives Linda $12,000 in cash.a. What is the amount of Beth's taxable gifts?b. How
In the current year, Clay gives $32,000 cash to each of his eight grandchildren. His wife makes no gifts during the current year. a. What are Clay's taxable gifts, assuming Clay and his wife do not
On April 27, 2014, an office building owned by Newark Corporation, an offshore drilling company that is a calendar-year taxpayer, is destroyed by a hurricane. The basis of the office building is
On September 3, 2014, Federal Corporation's warehouse is totally destroyed by fire. $800,000 of insurance proceeds are received, and the realized gain is $300,000. Whenever possible, Federal elects
During 2014, Will gives $40,000 cash to Will, Jr. and a remainder interest in a few acres of land to his friend Suzy. The remainder interest is valued at $32,000. Will and his wife, Helen, elect gift
Before last year, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2013, Hugo gave $14,000 cash to each of his 30 nieces, nephews, and grandchildren. In 2014, Wanda gives $34,000 of stock
In 2014, Homer and his wife, Wilma (residents of a non - community property state) make the gifts listed below. Homer's previous taxable gifts consist of $100,000 made in 1975 and $1.4 million made
In 2014, Henry and his wife, Wendy, made the gifts shown below. All gifts are of present interests. What is Wendy's gift tax payable for 2014 if the couple elects gift splitting and Wendy's previous
In June 2013, Karen transferred property with a $75,000 FMV and a $20,000 adjusted basis to Hal, her husband. Hal dies in March 2014; the property has appreciated to $85,000 in value by then. His
In 2014, Ginger Graham, age 46 and wife of Greg Graham, engaged in the transactions described below. Determine Ginger's gift tax liability for 2014 if she and Greg elect gift splitting and Greg gave
The Electric Corporation, a publicly held corporation, owns land with a $1,600,000 basis that is being held for investment. The company is considering exchanging the land for two assets owned by the
Steve is considering the following actions. Explain to him which actions will constitute gifts for gift tax purposes. a. Transferring all his ownership rights in a life insurance policy to another
Janet Mason filed a 2011 gift tax return to report the gift on June 3, 2011, of closely held stock in Mason Meat Co., Inc. The tax return, which your firm prepared, reflected a value of $1,500 per
Annie James died early in 2014. All her property passed subject to her will, which provides that her surviving husband, Dave James, is to receive all the property outright. Her will further states
Jeung Hong, a widower, died in March 2014. His gross estate was $6.5 million and, at the time of his death, he owed debts of $60,000. His will made a bequest of $200,000 to his undergraduate alma
Beth died on May 8, 2014. Her executor elected date-of-death valuation. Beth's gross estate included, among other properties, the items listed below. What is the estate tax value of each item?a.
Mary died on April 3, 2014. As of this date, Mary's gross estate was valued at $6.5 million. On October 3, Mary's gross estate was valued at $5.8 million. The estate neither distributed nor sold any
Sue died on May 3, 2014. On October 1, 2011, Sue gave Tom land valued at $7,013,000. Sue applied a unified credit of $1,730,800 against the gift tax due on this transfer. On Sue's date of death the
Val died on May 13, 2014. On July 3, 2011, she gave a $400,000 life insurance policy on her own life to son Ray. Because the value of the policy was relatively low, the transfer did not cause any
In December 2011, Jody transferred stock having an $8,113,000 FMV to her daughter Joan. Jody paid $1,085,000 ($2,815,800 2 $1,730,800) of gift taxes on this transfer. When Jody died in January 2014,
In December 2011, Curt and Kate elected gift splitting to report $16,226,000 of gifts of stocks Curt made. Each paid gift taxes of $1,085,000 by spending his or her own funds. Kate died in January
John died in 2014. What amount, if any, was included in his gross estate in each of the following situations: a. In 1997, John created a revocable trust, funded it with $400,000 of assets, and named
At the beginning of 2014, Silver Corporation has a $95,000 capital loss carry forward from 2013. During 2014, the corporation sells land, held for four years, and realizes an $80,000 gain. Silver has
In 2004, Art purchased land for $60,000 and immediately titled it in the names of Art and Bart, joint tenants with right of survivorship. Bart paid no consideration.In 2014, Art died and was survived
Arnie, a college student, purchased a truck in 2012 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a
Joy died on November 5, 2014. Soon after Joy's death, the executor discovered the following insurance policies on Joy's life. Indicate the amount includible in Joy's gross estate for each policy.Joy
When Yuji died in March 2014, his gross estate was valued at $8 million. He owed debts totaling $300,000. Funeral and administration expenses were $12,000 and $120,000, respectively. The marginal
Sam Snider died February 14, 2013, survived by his spouse Janet and several children. Sam had not made any taxable gifts. Sam's gross estate was $7 million. In each of the following independent
Will, a bachelor, died in 2014. At that time, his sole asset was cash of $6 million. Assume no debts or funeral and administration expenses and no charitable bequests. His gift history was as
Bess died in October 2014. Her gross estate, which totaled $7 million, included a $100,000 life insurance policy on her life that she gave away in 2012. The taxable gift that arose from giving away
Maria Martinez died in 2014, survived by her spouse, Sergio, and two adult children. Her gross estate, all of which passed under her will, was valued at $7.2 million. She had Sec. 2053 deductions of
Joseph Jernigan died in 2014 with a taxable estate of $4.1 million. He was survived by his spouse Josephine and several children. He made taxable gifts of $100,000 in 1974 and $650,000 in 2000. The
Mr. Briggs purchased an apartment complex onJanuary 10, 2012, for $2 million with 10% of the price allocated to land. He sells the complex on October 22, 2014, for $2.5 million. Assume that 10% of
Bonnie died on June 1, 2014, survived by her husband, Abner, and two sons, Carl and Doug. Bonnie's only lifetime taxable gift was made in October 2013 in the taxable amount of $6.25 million. She did
Gaylord Gunnison (GG) died January 13, 2014, and his gross estate consisted of three properties-cash, land, and stock in a public company. The amount of cash on the date of his death was $2.9
Matt Patterson died in early 2014 with a $4.5 million gross estate and no deductions other than a potential marital deduction. He bequeathed all his property to his spouse, Nancy, with the provision
In 2008, Jack purchased undeveloped oil and gas property for $900,000 and paid $170,000 for intangible drilling and development costs. He elected to expense the intangible drilling and development
In May 2007, Jasper Mason died, survived by his spouse Amber Mason and four adult children. His gross estate was valued at $3 million, and he had Sec. 2053 deductions of $120,000. His will left the
Zan Zwang, a widower, died September 4, 2014, and was survived by his three adult children. On September 4, 2011, he gave each child stock valued at $2 million and paid gift tax with the return he
What are the underlying reason for enactment of many of the personal tax credits?
A client is under the impression that, if the grantor trust rules apply to a trust, the grantor is always taxed on the trust's ordinary income (including dividends) and capital gains. Is the client
Art Rutter sold an apartment building in May 2014 for a small amount of cash and a note payable with payments beginning in 2015. Principal and interest payments are due annually on the note in April
Why are most elderly people unable to qualify for the tax credit for the elderly?
A complex trust has taxable income of $29,900 in 2014. The $29,900 includes $5,000 of rental income and $25,000 of taxable interest income, reduced by the $100 personal exemption. The trust makes no
Suellen Symmes died on January 15, 2014. Her estate elected a November 30 year end. The executor projects that the estate will receive interest income of $50,000 by November 30, 2014, and will have
In March 2015, Vincent anticipates that his actual tax liability for the tax year 2014 will be$12,000 and that federal income taxes withheld from his salary will be $9,000. Thus, when he files his
Holly funded the Holly Marx Trust in January 2014. The entire trust income is payable to her adult son, Jack for 20 years. At the end of the twentieth year, the trust assets are to pass to Holly's
Anita, a single taxpayer, reports the following items for 2014:Salary (subject to withholding) ...................................................... $20,000Income for serving on the Board of
Joan died April 17, 2013. Joan's executor chose March 31 as the tax year end for the estate. The estate's only beneficiary, Kathy, reports on a calendar year. The executor of Joan's estate makes the
Dana Dodson died October 31, 2013, with a gross estate of $6.7 million, debts of $200,000, and a taxable estate of $6.5 million. Dana made no adjusted taxable gifts. All of her property passed under
Cate Cole died in 2012, and her will left her entire estate in equal shares to her two adult children, Calvin and Corrine. Both children anticipate being in the top income tax bracket for at least
The Latimer Trust instrument directs that all income be paid annually to Laura Lee Latimer for life with remainder to Laura Lee's son Lance Latimer or his estate. The trust instrument does not
Barbara was divorced in 2010. However, the final property settlement and determination of alimony payments was not made until February 2014 because of extended litigation. Barbara received a $20,000
Refer to the preceding problem.a. Will Carl owe interest? If so, on what amount and for how many days?b. Assume the applicable interest rate is 6%. Compute Carl's interest payable if his current year
Distinguish between taxes that are proportional and those that are progressive.
Jim, a resident of Washington (which imposes a general sales tax), goes to Oregon (which does not impose a general sales tax) to purchase his automobile. Will Jim successfully avoid the Washington
Locate the following items, and e-mail to your professor a brief summary of the results. a. Charles Y. Choi, T.C.Memo. 2002-183. b. Ltr.Rul. 200231003. c. Action on Decision, 2000-004, May 10, 2000.
Locate the following Code citations, and give a brief topical description of each. a. § 708(a). b. § 1371(a). c. § 2503(a)
Locate the following Regulations, and give a brief topical description of each. Summarize your comments in an e-mail to your instructor. a. Reg. § 1.170A-4A(b)(2)(ii)(C). b. Reg. § 1.672(b)-1. c.
Determine the missing data in these court decisions and rulings. a. Higgins v. Comm., 312 U.S.______ (1941). b. Talen v. U.S., 355 F.Supp.2d 22 (D.Ct. D.C., ______). c. Rev.Rul. 2008-18, 2008-13
Locate the following Tax Court case: Thomas J. Green, Jr., 59 T.C. 456 (1972). Briefly describe the issue in the case, and explain what the Tax Court said about using IRS publications to support a
Can a Tax Court Small Cases decision be treated as a precedent by other taxpayers? Explain. Partial list of research aids: § 7463(b). Maria Antionette Walton Mitchell, T.C. Summary Opinion 2004-160.
Find Kathryn Bernal, 120 T.C. 102 (2003), and answer the following questions. a. What was the docket number? b. When was the dispute filed? c. Who is the respondent? d. Who was the attorney for the
This year, Frank lived with and supported Daisy, an unrelated 20-year-old woman to whom he was not married. Frank lives in a state that has a statute that makes cohabitation a misdemeanor for a man
Using the facts of Problem 15, determine the 2017 end-of-year balance in Mini's deferred tax asset and deferred tax liability balance sheet accounts.
Based on the facts and results of Problems 41-47, provide the income tax footnote rate reconciliation for Kantner.
1. Identify the correct answer about the purposes of Schedules M-1 and M-3.2. Kelsey Corp. is an accrual-basis, calendar-year domestic corporation which is not part of a consolidated group. In the
Champ received a $10,000 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $6,000. How much dividend income does Champ recognize? What Federal income
Al is a physician who conducts his practice as a sole proprietor. During 2016, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2015.
Lefty completes the following capital asset transactions. By how much does Lefty's AGI increase as a result of these gains/losses? Long-term gain $10,000 Short-term gain 4,000 Short-term loss
Before any debt cancellation, KuhnCo holds business equipment with a fair market value of $1 million and related liabilities of $1.25 million. The lender agrees to cancel $400,000 of the
Leilei operates a sole proprietorship, using the accrual basis of tax accounting. Last year, she claimed a $10,000 bad debt deduction for a receivable from Jackie. But this year, Jackie sent her a
Lisbeth makes the following interest-free loans during the year. The relevant Federal interest rate is 5%, and none of the loans are motivated by tax avoidance. All of the loans were outstanding for
Tranquility Funeral Home, Inc., your client, is an accrual basis taxpayer that sells "pre-need" funeral contracts. Under these contracts, the customer pays in advance for goods and services to be
Clint, your client, owns a life insurance policy on his own life. He has paid $6,800 in premiums, and the cash surrender value of the policy is $30,000. Clint borrowed $30,000 from the insurance
Your client, New Shoes Ltd., is a retailer that often issues store gift (debit) cards to customers in lieu of a cash refund. You recall that the IRS issued a revenue procedure that provided that the
Your friend Hui is an investor in bitcoin. Indicate whether and how she is subject to Federal income taxation in the following circumstances a. Earns $1,000 in bitcoin from mining. b. Purchases
1. Stephen purchased a video game console five years ago for $500. To raise money for the "latest and greatest" console, Stephen sold his original console for $100. Because of advances in technology,
Glenda, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Glenda pays $8,400 rent on April 1, 2016, for the 12 months ending March 31, 2017. a. How
Jebali Company reports gross income of $340,000 and other property-related expenses of $229,000 and uses a depletion rate of 14%. Calculate Jebali's depletion allowance for the current year.
Which of the following are related parties under § 267? Father Brother Niece Uncle Cousin Grandson Corporation and a 45% shareholder Corporation and a 55% shareholder
The Robin Corporation is owned as follows: Isabelle 26% Peter, Isabelle's husband................................... 19% Sonya, Isabelle's mother................................... 15% Reggie,
Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent
In 2016, Rose, Inc., has QPAI of $4 million and taxable income of $3 million. Rose pays independent contractors $500,000. Rose's W-2 wages are $600,000, but only $400,000 of the wages are paid to
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