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Questions and Answers of
Business Law
Determine whether the sourcing of income for the following sales is U.S. or foreign. a. Suarez, an NRA, sells stock in Home Depot, a U.S. corporation, through a broker in San Antonio. b. Chris sells
USCo incorporated its foreign branch operations in Italy by transferring the branch's assets to a foreign corporation in return solely for stock in the new corporation. All of the branch's assets are
Carter, Ltd., a Bohemia corporation, operates a sales branch in the United States that constitutes a U.S. trade or business. Rather than return the profits from the sales branch to the Bohemia home
Trace, Ltd., an Allegro corporation, operates a trade or business in the United States. Trace's U.S.-source income effectively connected with this trade or business is $800,000 for the current year.
Let's look at both the facts and the spreadsheet from Problem 48. Consider the results if the partnership's revenues were $100,000 instead of $150,000. a. What happens if you update the revenues line
Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed payment
Assume the same facts as in Problem 53. Assume that Burgundy, Inc.'s, annual guaranteed payment is increased to $120,000 starting on January 1, 2018, and the LLC's taxable income for 2017 and 2018
This year, Callie and Neil formed the equally owned CN LLC. Callie contributed $300,000 of cash and Neil contributed real estate valued at $450,000 (basis of $100,000). The property was subject to a
On December 31, 2017, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a calendar year taxpayer. Catawissa owns no hot assets, and its tax year ends on September 30. On
Cari Hawkins is a 50% partner in the calendar year Hawkins-Henry Partnership. On January 1, 2017, her basis in her partnership interest is $160,000. The partnership has no taxable income or loss for
In 2014, Adrianna contributed land with a basis of $16,000 and a fair market value of $25,000 to the A&I Partnership in exchange for a 25% interest in capital and profits. In 2017, the
For each of the following independent fact patterns, indicate whether a termination of the partnership has occurred for tax purposes. Assume that no other partnership interests are sold either one
Your client, Paul, owns a one-third interest as a managing (general) partner in the service-oriented PRE LLP. He would like to retire from the limited liability partnership at the end of 2018 and
The accrual basis Four Winds Partnership owned and operated three storage facilities in Milwaukee, Wisconsin. The partnership did not have a § 754 election in effect on March 1, 2017, when
Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis holds a positive E & P balance. It elects S corporation status
Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2017. During 2018, Lonergan, Inc., distributes $140,000 to its
Based upon the following facts about Aqua, Inc., a calendar year S corporation, prepare the entity's Schedule M-2. AAA, beginning of the year.............................................$
Andrea is an employee of Fern Corporation. She also has her own business working as a life coach. For 2017, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. a. Compute
Parrott, Inc., a C corporation, is owned by Abner (60%) and Deanna (40%). Abner is the president, and Deanna is the vice president for sales. All three are cash basis taxpayers. Late in 2016, Parrott
Does the taxpayer's effective tax rate increase or decrease when: a. It creates a valuation allowance against the deferred tax asset for a net operating loss? b. It releases a valuation allowance
Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $160,000 at the end of its 2015 tax year. Of this amount, $90,000 was distributed in 2016, and
Forward, Inc., is an exempt organization that assists disabled individuals by training them in digital TV repair. Used digital TVs are donated to Forward, Inc., by both organizations and individuals.
Wong, Inc., a § 501(c)(3) organization, is a private foundation with a tax year that ends on May 31. Gross receipts for the fiscal year are $180,000, and the related expenses are $160,000. a. Is the
An exempt municipal hospital operates a pharmacy that is staffed by a pharmacist 24 hours per day. The pharmacy serves only hospital patients. Is the pharmacy likely an unrelated trade or business?
1. Happy House, Inc., an exempt organization, records $340,000 of gross unrelated business income (UBI) in its first year of operations. The following expenses were incurred in producing the
Compute the failure to pay and failure to file penalties for John, who filed his 2017 income tax return on December 20, 2018, paying the $10,000 amount due at that time. On April 1, 2018, John
Olivia, a calendar year taxpayer, does not file her 2017 Form 1040 until December 12, 2018. At this point, she pays the $40,000 balance due on her 2017 tax liability of $70,000. Olivia did not apply
Maureen, a calendar year individual taxpayer, files her 2016 return on November 4, 2018. She did not obtain an extension for filing her return, and the return reflects additional income tax due of
Troy predeceases his wife, Nell. Under his will, his estate is placed in trust, income for her life to Nell, remainder to his children. Regarding any marital deduction allowed to Troy's estate,
Elizabeth, a widow since 2000, made taxable gifts of $3 million in 2016 and $4 million in 2017. She paid no gift tax on the 2016 transfer. On what amount is the Federal gift tax computed for the 2017
In 2013 and with $200,000, Alice purchases a CD at State Bank listing title as follows: "Alice, payable on proof of death to Clark." Alice dies in 2018 and Clark (Alice's nephew) redeems the CD (now
In 2017, Christian wants to transfer as much as possible to his four adult married children (including spouses) and eight minor grandchildren without using any unified transfer tax credit. a. How
Felipe will incur a $1 million Federal transfer tax when he passes a plot of land to Barbara, an unrelated friend. Felipe's after-tax rate of return on his real estate investments is 3%. Compute the
With $5 million, Paul's will creates a trust with the following provisions: life estate to Jacob (Paul's son) and remainder to Anastasia (Paul's granddaughter and Jacob's daughter). Jacob dies when
Carl made the following transfers during the current year. What are Carl's taxable gifts for the current year? • Transferred $900,000 in cash and securities to a revocable trust, life estate to
In May 2017, Dudley and Eva enter into a property settlement preparatory to the dissolution of their marriage. Under the agreement, Dudley is to pay Eva $6 million in satisfaction of her marital
Jesse dies intestate (i.e., without a will) in May 2017. Jesse's major asset is a tract of land. Under applicable state law, Jesse's property will pass to Lorena, who is his only child. In December
Using property she inherited, Myrna makes a 2017 gift of $6.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax
In no more than three PowerPoint slides, indicate how the time value of money affects the application of the Federal unified transfer taxes. Prepare your slides for a 45-minute presentation at your
In 2012, Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn, joint tenants with right of survivorship." Gordon predeceases Fawn in 2018 when the real
Assume the same facts as in Problem 44, except that Gordon and Fawn are husband and wife (not brother and sister). a. What are the gift tax consequences in 2012? b. What are the estate tax
In 2015, Jessica placed $250,000 in a savings account listing ownership as follows: "Jessica, Keri, and Jason, joint tenancy with the right of survivorship." Keri and Jason are Jessica's adult
James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia
Natalie Bryan, a widow who lives at 425 Flathead Way, Kalispell, Montana 59901, has three adult children (Daniel Bryan, Amanda Green, and Samantha Cruz). During the year, Natalie makes the following
At the time of his death in 2017, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $5 million and a current use value of $3.5 million. a. If the special-use
During 2017, Vasu wants to take advantage of the annual exclusion and make gifts to his six married children (including their spouses) and his twelve minor grandchildren. a. How much property can
In each of the following independent situations, determine the valuation to be used for estate tax purposes if § 2032A is elected. All deaths occurred in 2017.
Bill and Ellen are husband and wife with five married children and eight grandchildren. Commencing in December 2017, they would like to transfer a tract of land (worth $1,008,000) equally to their
At the time of her death in 2017, Wanda has an adjusted gross estate of $6.5 million. Her estate includes the family farm, with a most suitable use value of $3.3 million and a current use value of
In terms of the Federal income and transfer taxes, comment on what is accomplished in the following disclaimer situations occurring in 2017. a. Lester dies without a will and is survived by a
In each of the following independent situations, what bypass (exclusion) amount is available to Ava's estate when she dies in 2017? Assume that any appropriate procedures are followed, and that
Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2017 tax year. The trustee accumulates all accounting income for the
Prepare the 2016 fiduciary income tax return (Form 1041) for the Blue Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the
Prepare the 2016 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the
Describe the American experience with crime during the last half century. What noteworthy criminal incidents or activities can you identify during that time, and what social and economic conditions
What is the theme of this book? According to that theme, what are the differences between the individual-rights perspective and the public-order perspective?
This chapter also says that the drama of individual rights versus public order plays out in an economic environment constrained by today's financial considerations. How can evidence-based strategies
What is justice? What aspects of justice does this chapter discuss? How does criminal justice relate to wider notions of equity and fairness?
What are the main components of the criminal justice system? How do they interrelate? How might they conflict?
List the stages of case processing that characterize the American system of criminal justice?
What is meant by the term due process of law? Where in the American legal system are guarantees of due process found?
What is meant by the term evidence-based practice, and what is the role of research in criminal justice? How can research influence crime control policy?
What is multiculturalism? What is social diversity? What impact do multiculturalism and diversity have on the practice of criminal justice in contemporary American society?
Describe the historical development of the FBI's Uniform Crime Reporting Program, and list the crimes on which it reports. How is the ongoing implementation of the National Incident-Based Reporting
Describe the history of the National Crime Victimization Survey Program. What do data from the NCVS tell us about crime in the United States today?
How does the NCVS differ from the UCR/NIBRS? Which program would you regard as more reliable? Why?
What are the special categories of crime discussed in this chapter? Why are they important?
What is the purpose of law? What would a society without laws be like?
What is the rule of law? What is its purpose in Western democracies? What does it mean to say that "nobody is above the law"?
What types of law does this chapter discuss? What purpose does each serve?
What are the six categories of criminal law violations? Describe each, and rank the categories in terms of seriousness.
List and describe the eight general features of crime. What are the "three conjoined elements" that comprise the legal essence of the concept of crime?
What is meant by the corpus delicti of a crime? How does the corpus delicti of a crime differ from the statutory elements that must be proved to convict a particular defendant of committing that
What four broad categories of criminal defenses does our legal system recognize? Under what circumstances might each be employed?
What are the basic purposes of policing in democratic societies? How are they consistent with one another? In what ways might they be inconsistent?
What are the three major levels of law enforcement described in this chapter? Why do we have so many different types of enforcement agencies in the United States? What problems, if any, do you think
What are the nature and extent of private protective services in the United States today? What role do you think they will play in the future? How can the quality of these services be ensured?
What are the various features of police administration described in this chapter? What is a chain of command?
What were the stages of historical development in American policing? How did policing styles differ by historical era?
What is community policing? How does it differ from traditional policing? Does community policing offer a real opportunity to improve policing services in the United States? Why or why not?
What is evidence-based policing? What potential does it hold for managing police organizations in the future?
What is police discretion? How does the practice of discretion by today's officers affect their departments and the policing profession as a whole?
Name some of the legal restraints on police action, and list some types of behaviors that might be considered abuse of police authority?
How do the Bill of Rights and democratically inspired legal restraints on the police help ensure personal freedoms in our society?
Describe the legal standards for assessing searches and seizures conducted by law enforcement agents?
What is arrest, and when does it occur? How do legal understandings of the term differ from popular depictions of the arrest process?
What is the role of interrogation in intelligence gathering? List each of the Miranda warnings. Which recent U.S. Supreme Court cases have affected Miranda warning requirements?
What is the police working personality? What are its central features? How does it develop? How does it relate to police subculture?
What are the different types of police corruption? What themes run through the finding of the Knapp Commission and the Wickersham Commission? What innovative steps might police departments take to
What are the dangers of police work? What can be done to reduce those dangers?
How has the threat of terrorist attack affected American policing today? Are American police agencies prepared to prevent and respond to terrorism? Explain.
What are some of the civil liability issues associated with policing? How can civil liability be reduced?
What is racial profiling? Why has it become a significant issue in policing today?
In what kinds of situations are police officers most likely to use force? When has too much force been used?
Is police work a profession? Explain. What are the advantages of viewing policing as a profession? How can police professionalism be enhanced?
What ethnic and gender differences characterize policing today? What is the social significance of this diversity?
How did the American court system develop? What are some of the unique features of American court history? What is the dual-court system? Why do we have a dual-court system in America?
How is a typical state court system structured? What different types of courts might exist at the state level, and what kinds of jurisdiction might they have?
What are the three levels characteristic of the federal judiciary? What are some of the differences between the state and federal court systems in America?
What steps are typically taken before the start of a criminal trial?
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