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business
federal taxation

Questions and Answers of Federal Taxation

Lavanya, a single taxpayer, is a practicing accountant. She obtains permission to change her tax year from the calendar year to a year ending July 31. Her practice income for the seven months ending
Chauvin Housing Corporation operates primarily in the United States and owns a large houseboat that can provide sleeping accommodations for as many as ninety individuals. Chauvin is considering a
John and Karen are unrelated individuals. John sold land that is Sec. 1231 property held for three years and recognized a $50,000 gain. Karen sold a building that is Sec. 1231 property held for three
General Corporation owns equipment which cost $70,000 and has a $44,000 adjusted basis. General exchanges the equipment in June of 2022 for other equipment ($52,000 FMV) and marketable securities
If Congress is considering a tax credit or deduction as an incentive to encourage certain activities, is a $40 tax credit more valuable than a $200 tax deduction for a taxpayer with a 12% marginal
Caroline, age 66 and filing single as a dependent of another, received the following income items for the current year:Caroline’s tax liability (before credits) is $540.a. What is Caroline’s
Sarah, a married taxpayer who files a joint return, is considering a foreign assignment for two years. In 2022, she will earn $120,000 in the foreign country. Sarah has no other income. She will be
Laser Corporation, a U.S. corporation, has a foreign office that conducts business in France. Laser pays foreign taxes of $74,000 on foreign-source taxable income of $185,000. Its U.S.-source taxable
Randall and Dianne Wall live in St. Louis, Missouri. Randall and Dianne are each 30 years old, neither smokes, and they have no children or other dependents Randall is attending law school full time
Federal Corporation realizes the following net capital losses in 2022:NLTCGs were incurred in the three preceding years as follows:a. What are the amount and character of any capital loss carryback
Why are controlled groups of corporations required to apportion among group members tax attributes such as the Sec. 179 expense limitation and accumulated earnings credit?
During the current year, Florida Corporation reports the following results:a. What is the amount of Florida’s dividends-received deduction?b. How would your answer to Part a change if Florida
North Corporation has $200,000 of accumulated E&P at the beginning of the current year. North distributed $300,000 cash during the current year to its shareholders. The company’s operating results
Gertrude, age 67 and widowed, owns 50 acres of land on the Chattahoochee River that she and her husband purchased for $10,000 when they were newlyweds in 1980. The land is near Atlanta and is now
In 2019, Peter purchased 150 shares of Able Manufacturing Corporation stock for $75,000. Able is a C corporation that has 40 shareholders. None of the other 39 shareholders own more than 5% of the
Erin Brinson founded BCD Corporation in 1992 with a contribution of $50,000 cash. The entity has always been a C corporation and Erin has not made any other capital contributions nor has BCD made any
Anne has a $10,000 basis in her S corporation stock on January 1 of the current year. On March 1 of the current year, Anne lends the corporation $8,000. Her share of the S corporation’s ordinary
Charlene is an equal partner in the CD Partnership. The partnership does not qualify as a small business under the $27 million gross receipts test. The partnership incurred the following items for
Rita, a calendar year taxpayer, is an employee of the RST Partnership, which has a June 30 year-end. The partnership pays Rita a salary of $2,500 per month for the period January 1 through June 30,
Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2022,In addition, Charles and his wife, Charlene, had the following items relating to activities outside the
Joann and Bob, both single taxpayers in their mid-40s, own an employment business. The firm finds temporary employment for students in the college town of Gainesville, Florida. They have operated the
The XYZ Partnership reports the following items during 2021:Calculate ordinary income (or loss) by completing page 1 of Form 1065, and complete Schedule K (Partners’ Shares of Income, Credits,
Steve and Erin started a general partnership to do landscaping and sell gardening supplies. Both will work in the business full time and need to withdraw approximately $40,000 a year each to live on.
Eagle Corporation, an S corporation, reports the following items during 2021:Calculate ordinary income (or loss) by completing page 1 of Form 1120-S, and complete Schedule K (Shareholders’ Shares
Five years ago, Abigail invested $400,000 for a 25% interest in Crab Tree Partnership. The partnership has incurred losses every year and by the beginning of this year, her outside basis in Crab Tree
In January 2021, Joey contributed investment land he had held two years with a FMV of $6,000 and an adjusted basis of $10,000, and Rachel contributed $6,000 cash to form the Green Partnership as
Under what conditions are the Exempt Model and Pension Model equivalent? Under what conditions would one model perform better than the other? How does the $6,000 limitation on deductible and Roth IRA
What is a key factor that drives the decision to convert from a traditional IRA to a Roth IRA?
What are some key factors that affect the decision to operate as a pass-through entity versus a C corporation?
Brenda has $6,000 of before-tax dollars available for a one-time investment. She is in the 25% bracket and expects to remain in this bracket indefinitely. She can invest directly in a taxable bond
Given the following facts and assumptions, determine what investment strategy Karen should follow to maximize accumulations and how much she will have accumulated at the beginning of Year 10
Harry wants to contribute either $6,000 (BT$) to a traditional deductible IRA or $6,000 (AT$) to a Roth IRA. His current tax rate is 30% for ordinary income and 15% for capital gains. He expects his
Beth wants to contribute to either a traditional deductible IRA or a Roth IRA. However, she can afford to contribute only $5,400 after-tax dollars to a Roth IRA even though the maximum contribution
Myron has $10,000 to invest in a business. He can either (1) Operate as a sole proprietor (2) Form a regular C corporation by contributing the $10,000 in exchange for corporate stock. In either case,
Consider the following facts:Other information:• The corporation is formed with a $10,000 contribution.• The corporation pays no dividends.• The entities reinvest their after-tax earnings.Using
Latesha, a single taxpayer, had the following income and deductions for the tax year 2022:a. Compute Latesha’s taxable income and federal tax liability for 2022 (round to dollars and ignore the
Jill and George are married and file a joint return. They expect to have $450,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide
The following information relates to two married couples:Compute the 2022 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits.
John and Carole file a joint return and have three children: Jack, David, and Kristen. All three children live at home the entire year. Below is information about each of the children for 2022:•
John and Georgia are married, file jointly, and have three dependents (qualifying children ages 13, 16, and 18). They have salaries of $130,000, a capital loss of $8,000, and tax-exempt interest
Tracy M. Kidwell (SSN 433-33-3333) is single, 12 years old, and a dependent of her parents. She resides at 600 S. Maestri Place, New Orleans, LA 70130. Tracy’s only income is $9,000 of taxable
In March 2022, Otter Corporation sends people to the state capital to lobby the legislature to build a proposed highway that is planned to run through the area where its business is located.a. If
Rachel Schurtz is a high school English teacher. In her spare time, she likes to make her own body lotion, lip gloss, and bath and shower gel. She uses the bath products herself and gives them to her
Emily is an interior decorator who does consulting work for several furniture stores. Additionally, she has been designing and creating rubber stamps for the past several years. She sells the stamps
For AGI deductions of individual taxpayers that are connected with either a trade or business or a rental activity are reported differently than other for AGI deductions reported as Adjustments to
Latoya is an independent contractor and operates her own successful consulting business in Milwaukee. She has just signed a large contract with a new client that will require her to spend nine months
Wayne and Maria file a joint tax return on which they itemize their deductions and report AGI of $50,000. During the year they incurred $3,500 of medical expenses when Maria broke her leg.
The LM Partnership has two equal partners, Liam and Martin. In the current year, the partnership earns $400,000 of ordinary income (all business) and recognizes a $15,000 long-term capital gain. Liam
During the current year, Marilyn earned $115,000 as an accounting consultant.a. If she has no other income besides a $20,000 capital gain, how much can she claim as a QBI deduction (please ignore the
What is the first day that an individual could sell a capital asset purchased on March 31, 2018 and have a holding period of more than one year?
Using the following facts, determine Jaron's 2018 taxable income.1. In November 2016, when his wife died, Jaron left the CPA firm he was working for and started his own practice so he could have more
Refer to the facts in Tax Form/Return Preparation Problem C:9-58. Now assume the company is an S corporation rather than a partnership. Additional facts are as follows: • Drs. Bailey and Firth
Use the information shown below to prepare a 2017 gift tax return (Form 709) for Joel Bruton. Pages 4 and 5 of the form are not applicable. Joel and his wife Janis, both U.S. citizens, want to elect
Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent
Assume in Problem 34 that Julio takes a capital loss carryover of $50,000 into the current tax year. Julio records no other capital gain transactions during the year. What amount of the capital loss
David is the sole proprietor of a real estate construction business. He uses the completed contract method on a particular contract that requires 16 months to complete. The contract is for $500,000,
Use the following data to calculate Chiara’s AMT base in 2019. Chiara will itemize deductions and will file as a single taxpayer. Taxable
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;
Owl is a closely held corporation owned by eight shareholders (each owns 12.5% of the stock). Its taxable income for the most recent year was $6,250,000. a. Calculate Owl’s Federal income tax
Jim Sarowski (SSN 000-00-2222) is 70 years old and single. He received Social Security benefits of $16,000. He works part-time as a greeter at a local discount store and received wages of $7,300.
A. J. Paige, Social Security number 111-22-3333, is the vice president of marketing (Australia) for International Industries, Inc. (III). III is headquartered at 123 Main Street, Los Angeles,
Kara and Brandon Arnold are married and file a joint return. Their Social Security numbers are 000-00-1111 and 000-00-2222, respectively. Kara and Brandon have one son, Henry, age 3. His Social
In 2015, Micah Johnson (SSN 000-22-1111) is employed as a manager and incurs the following unreimbursed employee business expenses:Airplane and taxi
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2015 income tax return based on the
Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2015:Sales (less returns and
Using the facts in Problem I:10-48 for John and Ellen Brite, complete their 2015 Form 1040, Schedules A, C, and SE, and Forms 4562 and 4797.In problem 10-48 John and Ellen Brite (SSN 000-00-1111
Barbara B. Kuhn (SSN 987-65-4321) purchases a fourplex on January 8, 2012, for $175,000. She allocates $25,000 of the cost to the land, and she deducts MACRS depreciation totaling $16,364. Barbara
Eagle Corporation, an S corporation, reports the following items during
The XYZ Partnership reports the following items during 2015:Sales..............................................................................................................$400,000Cost of goods
Huge Corporation reports the following balance sheet for the current year: Huge reports the following income and expenses for the
The financial accounting balance sheet for Zane, a retail sales corporation, as of the end of the current year is as
Len and Christy Vole, ages 42 and 39 respectively, are married and file jointly in 2015. Len is a contractor operating as a sole proprietorship (EIN 11-1111111). Christy is employed, earning $24,000
Julie Hernandez is single and has no dependents. She operates a dairy farm and her Social Security number is 000-00-1111. She lives at 1325 Vermont Street in Costa, Florida. Consider the following
At the beginning of 2015, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion picture company in Los Angeles, California. In June, she accepted a new job with Ocala Production
On October 29, 2015, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2006, for $85,000. She spent $12,000 for capital
Serena Calman has twin adult children who currently have considerable income but have not saved much for their retirement. She is considering funding a trust that will accumulate income until they
Bobby's marginal tax rate has been low for several years because his sole proprietorship has had low profits. Therefore, he has not elected Sec. 179 expensing, elected out of bonus depreciation, and
Dana manages real estate and is a cash method taxpayer. She changes to the accrual method in 2020. Dana's business income for 2020 is 530,000 computed on the accrual method. Her books show the
Jim Sarowski (SSN 000-00-2222) is 70 years old and single. He received Social Security benefits of $16,000. He works pan-time as a greeter at a local discount store and received wages of $7,300.
In 2019, the City of Omaha donates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens.a. How much income, if any, must Ace
Estimated Tax Requirement Zeta Corporation's taxable income for 2018 was $1.1 million, on which Zeta paid federal income taxes of $231,000. Zeta estimates calendar year 2019's taxable income to be $2
Jackson Corporation prepared the following book income statement for its year ended December 31, 2019: Information on equipment depreciation and sale: Equipment 1: ? Acquired March 3. 2017 for
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of
Redemption to Pay Death Taxes. John died on March 3, 2019. His gross estate of $16.5 million includes First Corporation stock (400 of the 1,000 outstanding shares) worth $10 million or $25,000 per
The following facts pertain to Lifecycle Corporation: ? Able owns a parcel of land (land A) having a $30,000 FMV and $16,000 adjusted basis. Baker owns an adjacent parcel of land (Land B) having a
At the close of business on May 31, 2019, Alaska Corporation exchanges $2 million of its voting common stock for all the noncash assets of Tennessee Corporation. Tennessee uses its cash to pay off
Murray Corporation's stock is owned by about 1,000 shareholders, none of whom own more than 1% of the outstanding shares. Pursuant to a tender offer, Said purchased all the Murray stock for $7.5
Albert Corporation is a profitable pub-licly traded corporation. None of its shareholders owns more than 1% of its outstanding shares. On December 31, 2018, Albert exchanged $8 million of its stock
Consolidated Return Election. P Corporation uses the calendar year as its tax year and the accrual method as its overall accounting method. S Corporation uses a fiscal year ending June 30 as its tax
Although the text does not cover reverse triangular mergers in any detail, this problem gives you an opportunity to (1) critically read selected IRC sections that define a Type B reorganization and a
Flying Gator Corporation and its 100%-owned subsidiary, T Corporation, have filed consolidated tax returns for many years. Both corporations use the hybrid method of ac-counting and the calendar year
Frank, Greta, and Helen each have a one-third interest in the FGH Partnership. On December 31, 2018, the partnership reported the following balance sheet: The partnership placed Asset 1 (seven-year
Carl Carson, a single taxpayer, owns 100% of Delta Corporation. During 2019, Delta reports $150,000 of taxable income. Carl reports no income other than that earned from Delta, and Carl claims the
Phil and Marcy have been married for a number of year. Marcy is very wealthy, but Phil is not. In fact, Phil, who has only $200,000 of property, is very ill, and his doctor believes that he probably
In 2008, Frank made an installment sale of real property to Stu, his son, for $1 million with payments due over a 10-year period. Frank did not file a gift tax return. For 2016, Frank reported
In 2019, Sondra makes taxable gifts aggregating $300,000. Her only other taxable gifts amount to $200,000, all of which she made in 1997.a. What is Sondra's 2019 gift tax liability?b. What is her
In 2019, Sondra makes taxable gifts aggregating $300,000. Her only other taxable gifts amount to $200,000, all of which she made in 1997.a. What is Sondra's 2019 gift tax liability?b. What is her
Amir made taxable gifts as follows: $800,000 in 1975, $1.2 million in 1999, and $600,000 in 2019. What is Amir's gift tax liability for 2019?
In March 1976, Sue made a taxable gift of 4200,000. In arriving at the amount of her taxable gift, Sue elected to deduct the $30,000 specific exemption then available. In 2019, Sue makes her next
During 2019, 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

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