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Questions and Answers of
Business Law
Reba, who is single and age 45, does a lot of business entertaining at home. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing
In 2016, Kathleen Tweardy incurs $30,000 of interest expense related to her investments. Her investment income includes $7,500 of interest, $6,000 of qualified dividends, and a $12,000 net capital
Ten years ago, Liam, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market
Ramon had AGI of $180,000 in 2016. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable
Jarrod receives a scholarship of $18,500 from Riggers University to be used to pursue a bachelor's degree. He spends $12,000 on tuition, $1,500 on books and supplies, $4,000 for room and board, and
Mark and Lisa are approaching an exciting time in their lives as their oldest son, Austin, graduates from high school and moves on to college. What are some of the tax issues Mark and Lisa should
Pierre, a cash basis, unmarried taxpayer, had $1,400 of state income tax withheld during 2016. Also in 2016, Pierre paid $455 that was due when he filed his 2015 state income tax return and made
Troy's financial records for the year reflect the following: Interest income from bank savings account ........................... $ 900 Taxable annuity receipts
Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500. Miller gets a second mortgage on the residence and in return borrows $10,000 to
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2016. She purchased the stock for $18,100 on December 28, 2015, and it had a fair market value of $27,000 when
Issac has AGI of $73,400 and incurred the following expenses. How much of the business and personal expenditures are deductible (after any limitation) either as miscellaneous itemized deductions or
Pedro, who is a single taxpayer, had AGI of $328,000 for 2016. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation .................... $12,000 State and
Jane suffers from a degenerative spinal disorder. Her physician said that swimming could help prevent the onset of permanent paralysis and recommended the installation of a swimming pool at her
Ken and Mary Jane Blough, your neighbors, have asked you for advice after receiving correspondence in the mail from the IRS. You learn that the IRS is asking for documentation in support of the
Ashby and Curtis, a professional couple, 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
The cutback adjustment that limits the amount of itemized deductions for some taxpayers is otherwise known as the Pease limitation. This limitation is named after former Congressman Donald Pease and
Taxpayers who purchase health insurance coverage through the Health Insurance Marketplace may be eligible for the premium tax credit under § 36B. Use the IRS's website (www.irs.gov) to read about
Multiple Choice Questions1. Walters, an individual, received the following in 2016:W-2 income .........................................................................$10,000Federal tax refund for
Multiple Choice Questions1. Zunilda is a 77-year-old individual with an AGI of $25,000 in 2016. She began living in a nursing home in 2016 upon the recommendation of her primary care physician in
Valentino is a patient in a nursing home for 45 days in 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
Myers, who is single, reports compensation income of $68,000 in 2016. He is an active participant in his employer's qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of the
Meredith, who is single, would like to contribute $5,500 to her Roth IRA. What is the maximum amount that Meredith can contribute if her AGI is $118,000?
Casey is in the 15% 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
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. What is Mio's foreign earned income exclusion? (In your
Kristen, the regional manager for a national hardware chain, is based in Atlanta. During March and April of the current year, she replaces the district manager in Jackson (Mississippi) temporarily.
During the year, Brenda has the following expenses related to her employment. Airfare ............................................................................... $8,500 Meals
Alex, who is single, conducts an activity this year that is classified as a hobby. The activity produces the following revenues and expenses. Revenue
Brenda travels from Chicago to Barcelona (Spain) on business. She is gone for 10 days (including 2 days of travel), during which time she spends 5 days conducting business and 3 days sightseeing. Her
Samantha recently was hired 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, Miranda records net earnings from self-employment as an interior decorator of $146,000. She also earned a $50,000 salary from her work at a design studio. Determine the amount of Miranda's
The employees of the city of Greenville must make mandatory contributions to the city's postretirement health benefit plan. The employees' contributions are placed in a trust and are used exclusively
Rick Beam has been an independent sales representative for various textile manufacturers for many years. His products consist of soft goods such as tablecloths, curtains, and drapes. Rick's customers
Aaron, a resident of Minnesota, has been a driver for Green Delivery Service for the past six years. For this purpose, he leases a truck from Green, and his compensation is based on a percentage of
Taxpayers who purchase health insurance coverage through the Health Insurance Marketplace may be eligible for the premium tax credit under § 36B. Use the IRS's website (www.irs.gov) to read about
Multiple Choice Questions Betty, a salesperson, is an employee with $52,000 AGI who maintains a home office for the convenience of her employer, Smart Systems. The office takes up 5% of Betty's home
The following information for 2016 relates to Sparrow Corporation, a calendar year, accrual method taxpayer. Net income per books (after-tax)
In January 2016, Pelican, Inc., established an allowance for uncollectible accounts (bad debt reserve) of $70,000 on its books and increased the allowance by $120,000 during the year. As a result of
On November 1, 2006, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:• Pet Kingdom's
Multiple Choice Questions 1. In general, what is the filing deadline for a C corporation in 2016? a. March 15 b. April 15 c. The 15th day of the 3rd month after year-end d. The 15th day of the 4th
Chang Corporation is a calendar year taxpayer. At the beginning of the current year, Chang holds accumulated E & P of $33,000. The corporation incurs a deficit in current E & P of $46,000 that
Fargo Corporation holds $5 million in accumulated E & P. It distributes to Leilei, one of its shareholders, land worth $310,000; basis of the land to Fargo is $260,000. Determine the Federal income
Multiple Choice Questions 1. Candy Corp. is a C corporation that began operations in year 1. Candy Corp.'s year 1 through year 3 taxable earnings and profits (E & P) are computed as follows. Year
Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year, ABC generates $80,000 of ordinary taxable income. Enerico withdraws $10,000 cash from the
Ryan Ross (111-11-1112), Oscar Omega (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for
Multiple Choice Questions1. Which of the following is (are) correct about the holding period of the property acquired by a partnership as a contribution to the contributing partner's capital
Sweetie, a calendar year S corporation, reports an ordinary loss of $80,000 and a capital loss of $20,000. Mei Freiberg owns 30% of the corporate stock and holds a $24,000 basis in the stock.
Ten years ago, Vogel, Inc., an S corporation, purchased a plot of investment land for $45,000. This year, Vogel distributed the land, now worth $120,000, to Jamari, its majority shareholder. a.
John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303.
Alice owns 100% of Medical Data, a C corporation, and 100% of Your Realtors, an S corporation. She worked full time for Medical Data (i.e., she materially participated in the entity), but Alice did
Multiple Choice Questions 1. Mindy, an individual, owns 100% of Markee, an S corporation, and she has an initial stock basis of $10,000. This is the first year of Markee's operations. Additional
Enders, Inc., a domestic corporation, reports $290,000 total taxable income for the year, consisting of $208,800 in U.S.-source business profits and $81,200 of income from foreign investment
Give a simple answer to Andre's question: "If I move to the United States, how will the Federal government tax my widget sales and capital gains?" Andre will be living in New York City, where state
Evaluate the following statement: Non-U.S. persons never are subject to U.S. taxation on U.S.-source investment income, so long as they are not engaged in a U.S. trade or business.
Fillon operates manufacturing facilities in States A and B. Fillon has nexus with both states; apportionment factors are .70 for A and .30 for B. Taxable income for the year totaled $150,000, with a
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $800,000. Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable
Supervise and Wager Company produces consumer goods that are distributed and sold primarily in North America, Europe, and Asia. The business includes a U.S. parent company, S&W, Inc., and separate
Carlson's general business credit for the current year is $84,000 His net income tax is $190,000, tentative minimum tax is $175,000, and net regular tax liability is $185,000. He has no other tax
In January 2015, Iris Corporation purchased and placed in service a 1933 building that houses retail businesses. The cost was $300,000, of which $25,000 applied to the land. In modernizing the
Green Corporation hires six individuals on January 4, 2016, all of whom qualify for the work opportunity credit. Three of these individuals receive wages of $8,500 during 2016, and each individual
In March 2016, Sparrow Corporation hired three individuals-Austin, Adam, and Angela-all of whom are certified as long-term family assistance recipients. Each of these individuals earned $11,000
Emily spent $135,000 to rehabilitate a building (adjusted basis of $90,000) that originally had been placed in service in 1935. a. What is Emily's rehabilitation expenditures tax credit? b. What
In March 2016, Grackle, Inc., acquired used equipment for its business at a cost of $300,000. The equipment is five-year class property for regular income tax purposes and for AMT purposes. Grackle
Purple Corporation, a calendar year taxpayer, began operations in 2014. It reported the following amounts for its first four tax years. Calculate Purple's positive and negative ACE adjustments for
During 2016, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $7,500 during the
In the current year, Redland Corporation's regular tax liability was $28,000, and its AMTI was $232,000. Redland is not a small corporation, and this is not its first year of operations. a. Compute
In the current year, DYL Corporation earned taxable and tax-exempt interest from the following investments. Investment Interest Income 10-year municipal bond (issued in 2009)
Jane and Robert Brown are married and have eight children, all of whom are eligible to be claimed as the couple's dependents. Robert earns $94,000 working as an accountant, and Jane earns $35,000 as
Pat, who is age 66 and single with no dependents, received a salary of $90,000 in 2016. She earned interest income of $1,000, dividend income of $5,000, gambling winnings of $4,000, and interest
Renee and Sanjeev Patel, who are married, reported taxable income of $273,000 for 2016. They incurred positive AMT adjustments of $38,000, negative AMT adjustments of $14,000, and tax preference
Dorcas incurs the following research expenditures. In-house wages ....................... $60,000 In-house supplies .................... 5,000 Payment to ABC, Inc., for research 80,000 a.
Siga, Inc., a calendar year Corporation, records the following gross receipts and taxable income for 2014 through 2016.Siga's first year of operations was 2014. Is Siga exempt from AMT in 2014, 2015,
Brennen sold a machine used in his business for $180,000. The machine was purchased eight years ago for $340,000. Depreciation up to the date of the sale for regular income tax purposes was $210,000
Balm, Inc., has a general business credit for 2016 of $90,000. Balm's regular income tax liability before credits is $140,000, and its tentative AMT is $132,000. a. Calculate the amount of general
During a recent Sunday afternoon excursion, Miriam, an admirer of early twentieth-century architecture, discovers a 1920s-era house in the countryside outside Mobile, Alabama. She wants not only to
Your ophthalmologist, Dr. Hunter Francis (55 Wheatland Drive, Hampton, CT 06247), has been very pleased with the growth of his practice in the 15 years he has been in business. This growth has
Teal, Inc., owns two warehouses that were placed in service before 1987. This year, accelerated depreciation on Warehouse A is $36,000 (straight-line depreciation would have been $30,000). On
Multiple Choice Questions1. When an entity is responsible for paying the alternative minimum tax (AMT) due to adjustments related to the timing of income, how might that excess tax be recovered?a.
Castle and Dorabella formed an S corporation; Castle owns 75% of the outstanding shares, and Dorabella owns the rest. When the entity's AAA balance is $1 million, it distributes an asset to each
With which of the two perspectives to business forms, conduit or entity, is each of the following most consistent? a. Limited liability for the entity's owners. b. Unlimited life for the entity. c.
Duke and Jacquie Coleman, married filing jointly, will establish a manufacturing business. The couple anticipates that the business will be profitable immediately due to a patent that Jacquie holds;
In the following independent situations, is the tax position of the taxpayer likely to change? Explain why or why not. a. John used to make casual purchases and sales of real estate as an investor.
The commissioners for Walker County are actively negotiating with Falcon Industries regarding the location of a new manufacturing plant in the area. As Falcon is considering several other sites, a
The Morgan family lives in Massachusetts. They moor their sailboat in Rhode Island. What might be a plausible reason for the possible inconvenience?
Is the breadth and number of Federal excise taxes increasing or decreasing? Explain.
After his first business trip to a major city, Herman is alarmed when he reviews his credit card receipts. Both the hotel bill and the car rental charge are in excess of the price he was quoted. Was
Distinguish between an estate tax and an inheritance tax. a. Do some states impose both? Neither? b. Which, if either, does the Federal government impose?
Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the
Marvin is the executor and sole heir of his aunt's estate. The estate includes her furnished home, which Marvin is considering converting to rental property to generate additional cash flow. What are
Address the following issues: a. What is the purpose of the unified transfer tax credit? b. Is the same amount available for both the Federal gift tax and the estate tax? Explain. c. Does the use of
Elijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2014, what is the maximum amount they can give to their family (including the sons- and
What is the difference between the Federal income tax on individuals and that imposed on corporations?
As to those states that impose an income tax, comment on the following: a. "Piggyback" approach and possible "decoupling" from this approach. b. Deductibility of Federal income taxes. c. Credit for
Mike Barr was an outstanding football player in college and expects to be drafted by the NFL in the first few rounds. Mike has let it be known that he would prefer to sign with a club located in
A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if
Many states have occasionally adopted amnesty programs that allow taxpayers to pay back taxes with reduced penalties. a. Besides the revenue generated, how are these programs advantageous? b. Could
Contrast FICA and FUTA as to the following: a. Purpose of the tax. b. Upon whom imposed. c. Governmental administration of the tax. d. Reduction of tax based on a merit rating system?
The Sixteenth Amendment to the U.S. Constitution was passed to overturn a Supreme Court decision that had invalidated the Federal income tax. Do you agree? Why or why not?
In connection with the Medicare component of FICA, comment on the following: a. Any dollar limitation imposed. b. The applicability of the .9 % increase in the 1.45% regular tax rate?
Describe the nature and purpose of the following taxes: a. Severance taxes. b. Franchise taxes. c. Occupational fees. d. Customs duties. e. Export duties?
Regarding the value added tax (VAT), comment on the following: a. Popularity of this type of tax. b. Nature of the tax. c. Effect on government spending?
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