Roy dies and is survived by his wife, Marge. Under Roy's will, all of his otherwise uncommitted assets pass to Marge. Based on the property interests listed below, determine the marital deduction...

In 2000, Ms. Ennis, a head of household, contributed $50,000 in exchange for 500 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 500 shares for $117,400. Her...

Piedmont Electric Co. gave a list of delinquent accounts to Alexander, an employee, with instructions to discontinue electric service to delinquent customers. Among those listed was Todd Hatchery,...

What is meant by the terms administrative exclusion and judicial exclusion?

LaceCo has adopted certain aggressive policies for deducting, rather than capitalizing, its repair costs. The entity estimates that it will reduce its Federal income tax liability by $400,000 as a...

Jason works at a new software development company. The company has been in existence for only two years. Since the company is new, everybody is working extra hours and spending all of their time...

Michael and Nora Hoth married, divorced, remarried, divorced again, then cohabited from 1998 to 2008 without further remarriage. In 2006, Michael bought a house and five acres with his own money....

Compute the taxable income for 2014 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2012. Salary ............................. $...

Juan and Maria, who have two young children, are in the process of obtaining a divorce. Juan expects to have $200,000 of income each year while Maria expects to have $60,000 of income each year....

This year, Fig Corporation made a $100,000 contribution to charity. In each of the following situations, compute the after-tax cost of this contribution assuming that Fig uses a 6 percent discount...

Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2014, the IRS disallowed several business deductions he took in 2012 and 2013. In...

Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $28,000 and incurred $9,100 of child care...

If the paperwork provided to Kolchek after her purchase indicated that the spa had no warranty, would this be an effective disclaimer under the Uniform Commercial Code? Explain. Shalene Kolchek...

Bento Cuisine is a lunch-cart business. It occupies a street corner in Texarkana, a city that straddles the border of Arkansas and Texas. Across the street and across the state line, which runs down...

Eric is a tax manager for a national CPA firm that audits Penny- Pinching Bank (PPB). Eric and his staff prepare and review the tax return for PPB. One day, at an alumni football tailgate party, he...

In 2002, Florence purchased 30 acres of land. She has not used the land for business purposes or made any substantial improvements to the property. During the current year, she subdivides the land...

In March 1996, Harun Fountain, a minor, was shot in the back of the head at point-blank range by a playmate. As a result of his injuries, including the loss of his right eye, Fountain required...

In the famous case of Taylor v. Caldwell, 3 B. & S. 826, 122 Eng. Rep. 309 (K.B. 1863), the plaintiff, Taylor, leased the defendants concert hall for four nights at 100 pounds sterling to be paid to...

Bonnie Weisgram died from smoke inhalation during a fire in her home. Her son, Chad Weisgram, sued Marley, the maker of a heater, claiming it was defective and caused the fire. At trial, Weisgram...

Brothers Don and Harley Shoemaker formed a partnership, D & H Real Estate. After 18 years, Harley withdrew from the partnership and asked for payment of the value of his partnership interest in...

Susans salary is $44,000 and she received dividends of $600. She received a statement from SJ partnership indicating that her share of the partnerships income was $4,000. The partnership distributed...

The Pear Corporation owns equipment with a $300,000 adjusted basis. The equipment was purchased six years ago for $650,000. If Pear sells the equipment for the selling prices given in the three...

Hamlet acquires a 7-year class asset on November 23, 2016, for $100,000. Hamlet does not elect immediate expensing under 179. He does not claim any available additional first-year depreciation....

John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In 2017, John worked as a computer technician at a local university earning a salary of $52,000, and...

Greif Brothers Corp., a steel drum manufacturer, owned and operated a manufacturing plant in Youngstown, Ohio. In 1987, Lowell Wilson, the plant superintendent, hired Youngstown Security Patrol, Inc....

Millie contracted to sell Frank 1,000 bushels of corn to be grown on her farm. Owing to a drought during the growing season, Millies yield was much less than anticipated, and she could deliver only...

Stanka Woods is the sole member of Hair Ventures, LLC. Hair Ventures owns 3 million shares of stock in Biolustr Inc. For several years, Woods and other Biolustr shareholders did not receive notice of...

The plaintiff , Betty Epstein, visited a beauty parlor to get her hair dyed. In the dying process, the beautician used a prebleach solution manufactured by Clairol, Inc., and then a commercial dye...

Kara owns 35% of the KLM Partnership and 45% of the KTV Partnership. Lynn owns 20% of KLM and 3% of KTV. Maura, Karas daughter, owns 15% of KTV. No other partners own an interest in both partnerships...

Suppose that the club extended credit to its regular patrons in an effort to maintain a loyal clientele, although neither the articles of incorporation nor the corporate bylaws authorized this...

In Post v. Jones, 60 U.S. (19 How.) 150 (1857), the whaling ship Richmond ran aground on a barren coast in the Arctic Ocean and began to sink with a full cargo of whale oil. A few days later three...

Gail and Harry own the GH Partnership, which has conducted business for 10 years. The bases for their partnership interests are $100,000 for Gail and $150,000 for Harry. GH Partnership has the...

The Metropolitan Park District of Tacoma gave Griffith a concession to run the districts parks. The agreement gave the right to occupy the parks and use any improvements found therein. The district...

While the client was walking her dog in a city park, the client's dog was attacked by another dog. Before the dogs could be separated, the client's dog was severely injured, and it died later that...

Tex is a rancher. This year her herd of cattle was infested with hoof-and-mouth disease and had to be destroyed. Texs insurance policy reimburses her for an amount in excess of the tax basis in the...

Menifee Corporation has conducted business for several years, and its annual gross receipts never have been more than $4 million. Jackie, who has owned all of Menifees stock since she incorporated...

Brown, the president and director of a corporation engaged in owning and operating a chain of motels, was advised, upon what seemed to be good authority, that a superhighway was to be constructed...

Ernest A. Kotsch executed a durable power of attorney when he was 85 years old, giving his son, Ernie, the power to manage and sell his real estate and personal property and to do all acts necessary...

Arrowhead School District No. 75 is located in Park County, south of Livingston, Montana, and consists of one school, Arrowhead School (School). For the 199798 school year, the School employed about...

THE ETHICAL DIMENSION At what point do the misrepresentations about the size of the leased space become unethicalat 1 percent, 2 percent, or more? THE LEGAL ENVIRONMENT DIMENSION What defense could...

In the following problems: Draft a shorthand or broad statement of the issue. Draft a comprehensive or narrow statement of the issue in the relevant law + legal question + key facts format. Part A...

Ms. Prince wants to create a scholarship in honor of her parents at the law school from which she received her degree. She could endow the scholarship with $500,000 cash or with $500,000 worth of...

U.P.I. Industries Ltd., a Canadian corporation, has recently been designated a public corporation. Its shares are traded on the Winnipeg Stock Exchange. Over the past year, the company has pursued an...

After submitting the high bid at a foreclosure sale, David Simard entered into a contract to purchase real property in Maryland for $ 192,000. Simard defaulted (failed to pay) on the contract. A...

Tom and Donna were divorced three years ago. At the time of their divorce, they owned a residence whose value had significantly increased during the marriage. Tom remained half-owner of the house,...

Jim inherits stock (a capital asset) from his brother, who died in March of 2015, when the property had a $6.9 million FMV. This property is the only property included in his brothers gross estate...

Did Crosstown have a valid contract with Borman concerning the use of the crane? If so, was it a bilateral or a unilateral contract? Explain. Grant Borman, who was engaged in a construction project,...

Brown Sales ordered goods from Eberhard Manufacturing Co. The contract contained no agreement about who would bear the risk of loss. There were no shipping terms. The seller placed the goods on board...

An accounts receivable supervisor was laid off by her employer after taking an extended disability leave for pregnancy. She claimed that the employer discriminated against her on the basis of gender...

Go to Case Analysis Case 8.2, Winstead v. Jack-son, on pages 165 and 166. Read the excerpt and answer the following questions. (a) Issue: This case focused on an allegation of copyright infringement...

Anh Nguyen, a single 24 year old, recently completed her undergraduate degree in accounting at Vietnamese National University in Hanoi. She applied to and was accepted into Southern California...

Red Owl Stores told the Hoffman family that, upon the payment of approximately $518,000, a grocery store franchise would be built for them in a new location. Upon the advice of Red Owl, the Hoffmans...

Vickie Lynn Smith, an actress and model also known as Anna Nicole Smith, met J. Howard Marshall II in 1991. During their courtship, J. Howard lavished gifts and large sums of money on Anna Nicole,...

Mr. and Mrs. Coleman are going to establish a manufacturing business. They anticipate that the business will be profitable immediately due to a patent Mrs. Coleman holds. They predict that profits...

Hertz Corporation is incorporated in the state of Delaware and has its headquarters in the state of New Jersey. Melinda Friend, a California citizen, sued the Hertz Corporation in California state...

Your client, Barney Green, and his wife, Edith, attended a three-day program in Maui entitled Financial, Tax, and Investment Planning for Investors. The Greens went to Hawaii several days early so...

When Thomas and Susan Tamplin were shopping at Star Lumber with their six-year-old daughter Ann Marie, a 150-pound roll of vinyl flooring fell on the girl, seriously injuring her head and pituitary...

Gail and Harry own the GH Partnership. They have conducted the business as a partnership for 10 years. The bases for their partnership interests are as follows. Gail Harry $100,000 ....... $150,000...

A wealthy taxpayer is planning to start an Internet based business. The taxpayer expects to generate tax losses for at least the first 5 years of the business. The taxpayer also hopes to cash out of...

David M. Fox was a distributor of tools manufactured and sold by Matco Tools Corporation (Matco). Cox purchased tools from Matco, using a credit line that he repaid as the tools were sold. The credit...

What are the requirements of an implied-in-fact contract? Can Allied Equipment obtain damages from Crosstown based on an implied-in-fact contract? Why or why not? Grant Borman, who was engaged in a...

Ames contracts to ship to Curley one hundred model Z television sets. The terms of delivery are F.O.B. Amess city, by Green Truck Lines, with delivery on or before April 30.On April 15, Ames...

Employee, a 33-year-old unmarried male, is frequently teased by the other males in his plant about being unmarried and still living at home with his mother. Is this sexual harassment? [Goluszek v....

First Interstate Bank issued a letter of credit in favor of Comdata Network. Comdata is engaged in money transfer services. It provides money to truckers on the road by way of cash advances through...

Suppose that you are a collector of antique cars and you need to purchase spare parts for a 1938 engine. These parts are not made anymore and are scarce. You discover that Beem has the spare parts...

In the Clean Air Act, Congress allowed California, which has particular problems with clean air, to adopt its own standard for emissions from cars and trucks, subject to the approval of the...

In 2005, Jeffrey Johnson was taken to the emergency room for an episode of atrial fibrillation, a heart rhythm disorder. Dr. David Hahn used a defibrillator manufactured by Medtronic, Inc., to...

Each time employees at BizCorp enter their work computers, the following alert appears: "You are attempting to access the BizCorp network. By logging in, you agree to BizCorp's Computer Usage Policy...

Benny and Sheree entered into a contract for the sale of one hundred barrels of flour. No mention was made of any place of delivery. Thereafter, Sheree demanded that Benny deliver the flour at her...

1. Milton Friedman was a strong believer in the _____________ model. He _______________ argue that a corporate leaders sole obligation is to make money for the companys owners. (a) Shareholder; did...

On or about May 12, 2009, plaintiff Colleen M. Holmes signed and dated an Entry Form for the 2009 Susan G. Komen Race for the Cure (the Event) to be held on Saturday, June 13, 2009 [in St. Louis,...

Kim is an employee of Azure Corporation. In the current year, she receives a cash salary of $30,000 and also is given 10 shares of Azure stock for services she renders to the corporation. The shares...

Helen Hanks, who lives in San Francisco, California, has just been promoted to manager of a divisional office. However, the divisional office is located in Portland, Oregon. Helens significant other,...

Tina acquires an oil and gas property interest for $200,000 in the current year. The following information about current year operations is supplied for purposes of computing the amount of Tinas...

Eutsler forged his brother Richards indorsement on certified checks and cashed them at First National Bank. When Richard sought to recover the funds from the bank, the bank stated that it would press...

Office Supply Outlet, Inc., a single-store office equipment and supply retailer, ordered 100 model RVX-414 computers from Compuserve, Inc. A new staff member made a clerical error on the order form...

Discuss why the First Amendment has not been applied in a literal fashion to bar all forms of governmental interference with self- expression, regardless of the circumstances.

Pineview Corporation placed an asset (three-year MACRS class life) costing $5,000 in service on June 1, 2015. Complete the table below by providing the AMT adjustment and indicate whether the...

Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1968, and...

Beverly Tull had worked for Atchison Leather Products, Inc., in Kansas for ten years when, in 1999, she began to complain of hand, wrist, and shoulder pain. Atchison recommended that she contact a...

As lawyers assembled closing documents for a refinancing of some of the outstanding debt of United States Lines (USL), a secretary working on Amendment No. 1 to the First Preferred Ship Mortgage...

Randal Schweiger bought a 2008 Kia Spectra EX from Kia Motors America, Inc., for his stepdaughter, April Kirichkow. The cost was $ 17,231, plus sales tax, fees, and other items. April had trouble...

The ABC Corporation is a large multinational company that has facilities (both manufacturing and distribution) located in many U.S. states and in overseas countries. The firms long serving chief...

Ms. Xie, who is in the 39.6 percent tax bracket, is the sole shareholder and president of Xenon. The corporations financial records show the following: Gross income from sales of goods $1,590,000...

Graham is the sole shareholder of Logan Corporation. For the past five years, Logan has reported little or no taxable income, as a result of paying Graham a salary of $500,000 per year. During a...

Marybeth is employed as an accountant for a large firm in San Diego. During 2016, she paid the following miscellaneous expenses: Unreimbursed employee business expenses ..................$520 AICPA...

Davidson Industries, a sole proprietorship, sold the following assets in 2016: a. The following questions relate to the sale of the warehouse: (1). What is the adjusted basis of the warehouse? (2)....

Maria Gonzalez lived in a rental unit with her sons in Queens, New York. The hot water supplied to their apartment was heated by a Morflo water heater, which had a temperature control device on its...

Suppose that Holcomb and TCG meet in October in an attempt to resolve their problems. At that time, the parties reach an oral agreement that TCG will continue to work without demanding full payment...

Scotwood Industries, Inc., sells calcium chloride flake for use in ice melt products. Between July and September 2004, Scotwood delivered thirty-seven shipments of flake to Frank Miller & Sons, Inc....

In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under 222 (qualified tuition and related expenses). a. Lily is single and is employed as...

Criminal Code Section 18-760, Robbery. A person who knowingly takes anything of value from the person or presence of another by use of force, threats, or intimidation commits robbery. Criminal Code...

Marjorie works for a large firm whose business is to find suitable real estate, establish a limited partnership to purchase the property, and then sell the limited partnership interests. In the...

Stephen Glass made himself infamous as a dishonest journalist by fabricating material for more than forty articles for The New Republic magazine and other publications. He also fabricated supporting...

The Lillie Rubin boutique in Phoenix would not permit Dick Kovacic to apply for a job as a salesperson. It only hired women to work in sales because fittings and alterations took place in the...

Barnes accepted Clarks offer to sell to him a portion of Clarks coin collection. Clark forgot that his prized $20 gold piece at the time of the offer and acceptance was included in the portion which...

What is the precedent-setting value of each of the following cases? a. Lowell Bar Association v. Loeb b. Bercu c. Sperry v. Florida

Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2015, the partnership reported the total items below (100%) on its Form 1065: Ordinary income .. $180,000 Qualified...

A black female employee is told that she cannot come to work with her hair in decorative braids traditionally worn in Africa, and if she continues to do so, she will be terminated. Does the employee...

Peters fraudulently told an undocumented immigrant that Peters could help him obtain lawful status. Peters said that he knew immigration officials and asked for money to aid in the process. The...