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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

Who benefits when Section 736 is applied to a liquidating distribution, the partner or the partnership? Explain.
Mark, Pete and Mickey are equal partners in the 2MP Partnership. At the beginning of the year, Mark’s basis in his partnership interest was $15,000, Pete's basis was $10,000, and Mickey's basis was
Wilma, Clay and Nathan are equal partners in the Cousins Partnership. At the end of the year, Wilma’s tax basis in her partnership interest was $14,000, Clay’s basis was$25,000 and Nathan's basis
Susan was a one-third partner in Anders Mountain Partners until last month. Last month, she received a cash distribution of $25,000 in “redemption” (i.e., partial liquidation) of ha/f her
Craig received a cash distribution of $50,000 in liquidation of half of his one-fourth interest in White Family Partners. His tax basis in his partnership interest prior to the distribution was
Wayne, a one-third partner in the Count’em Partnership, received investment property worth $100,000 in redemption (i.e., partial liquidation) of half his interest. The partnership's tax basis in
Joanna is a one-fourth partner in Andersen Partners. At the end oft he year, her tax basis in her partnership interest was $25,000. At that time, she received a non-liquidating distribution from the
Rick is a partner in the Ten Hicks Partnership. This year, he received a distribution consisting of two properties.Property 1 was worth $40,000 at the date of the distribution and had a tax basis to
Amy is a partner in Xiowa Partners. Her basis in her partnership interest is $69,000.In a non-liquidating distribution, Amy received three properties, Property 1 was worth $20,000 and had a tax basis
Edna was a one-third partner in Old Grad Partners until December 31, when her interest in the partnership was liquidated. Prior to the liquidation, her basis in her partnership interest was $45,000.
Kevin recently decided to leave the Jackson Partnership. His tax basis in his one-fifth interest in the partnership was $50,000. In complete liquidation of that interest, he received cash of $20,000
In complete liquidation of her interest in the Buyers Partnership, Sarah received a cash distribution of $40,000. Her basis in the partnership interest prior to receipt of the liquidating
In complete liquidation of his interest in the KD Partnership, Scott received a distribution consisting of $38,000 cash and property valued at $62,000. The partnership's tax basis in the property,
Stacy is a one-third partner in Tyknot Partners. Her basis in her partnership interest is $85,000, consisting of her $25,000 contribution to capital and her $60,000 share of the partnership's
Reconsider the facts of problem 44.Assume the property received by Stacy was encumbered by a mortgage of $50,000, which Stacy assumed in connection with the distribution. Assume the distribution
Williams Brothers Partnership had the following balance sheets at December 31:All three properties owned by the partnership are investment properties. On December 31, the partnership distributed
Reconsider the facts of problem 46 above.Assume that Matt received neither properties 2 or 3 from the partnership. Instead, he received property 1, subject to the entire$126,000 partnership mortgage.
Challenge Partners had the following balance sheets at December 31:On that date, it distributed Property 1 to Karen in complete liquidation of her interest in the partnership.a. Will Section 751(b)
Consider the facts of problem 49. Assume that rather than property 1, Karen had received the accounts receivable and $15,000 cash in complete liquidation of her interest in the partnership.a. Would
Woody is a one-third partner in Boyd Partners. His basis in his partnership interest is $28,000, consisting of his $15,000 capital interest and his $13,000 (one-third) share of partnership
Assume the same facts as in problem 52, except that rather than sell his partnership interest to Susan, Woody receives a $47,000 cash distribution from the partnership in complete liquidation of his
Hucklebee Partners had the following balance sheets at December 31:Marci is a 40 partner in the partnership.None of the partnership's assets constitute inventory or unrealized receivables. She is
Sowder Partners has the following balance sheets:Chris has been approached by an unrelated third party with an offer to purchase his interest in the partnership.a. What is the appropriate selling
Consider the facts in problem 55 above.Assume that rather than selling his partnership interest to an outsider, Chris receives a $120,000 cash distribution from the partnership in complete
Bust-out Partners had the following balance sheets at year-end:On December 31, Jack sold his fifty percent interest in the partnership to an unrelated buyer for $93,000. None of the partnership's
Elbegone Partnership had the following assets when one of its partners sold her interest in the partnership:Asa result of the sale of one of the partnership interests, Elbegone is required to make a
RT Ranches is a general partnership with the following balance sheets:On December 31, in complete liquidation of his interest, the partnership distributed property 2 and $30,000 cash to Clay. None of
How would your answers to problem 61 change if capital was not a material income producing factor for the partnership?Problem 61Assume the same facts as in problem 60, except that the partnership
Arthur Lybrand, LLP is a large law firm with the following balance sheets at September 30:On September 30, Ernest Cooper retired from the firm. Prior to his retirement, he owned a twenty percent
Juanita Gordon received a total cash buyout of $300,000 in liquidation of her one-third interest in Carmageddon Partners. Her tax basis in the liquidated interest was $125,000.Of the total amount
FDR Partners is a large regional partnership. This year, Rusty acquired an interest in the firm by purchasing it from an existing partner. The firm’s balance sheet just prior to Rusty’s
Smith Properties is a real estate partnership that focuses on the acquisition and management of commercial and residential real estate in the Southwestern United States. Edna Zapata has been a
Under what circumstances may an S corporation switch to a tax year ending on December 31?
When may an S corporation be subject to the built-in gains tax?
When the built-in gains tax is imposed on an S corporation, how is the tax passed through to the shareholders?
What taxes may be imposed on an S corporation?
What conditions must be met for an S corporation to be subject to a tax on passive investment income?
What is the only credit available as a reduction in the tax on built-in gain and the tax on excess net passive income for an S corporation?
Distinguish between "net passive income" and "passive investment income" in the computation of the tax on excess net passive income of an S corporation.
An S corporation may be subject to both the tax on built-in gains and the tax on excess passive income. Which tax is imposed first, and what effect does the imposition have on the other tax?
Durra business is organized as a regular C corporation in 1986. At the beginning of the present year, Durra business elects to be an S corporation. Will the election cause a recapture of the general
If an S corporation makes an early disposition of general business credit property, who is responsible for the recapture?
Is an S corporation allowed the dividends- received deduction available to regular corporations?
In computing taxable income of an S corporation, which elections are made at the corporate level and which are made at the shareholder level?
Describe the treatment of a dividend distribution of appreciated property by an S corporation.
An S corporation is solely owned by a shareholder. During the year, the corporation receives $4,000 in tax-exempt interest. What effect does this tax-exempt interest have on the taxable income of the
Differentiate the treatment of fringe benefits of a corporation, partnership, and S corporation.
What is the special treatment of S corporation expenses owed to shareholders? How does this treatment differ from that of a C corporation?
A C corporation has an unused net operating loss carryover at the end of 2019. The corporation elects S corporation status at the beginning of 2020. What happens to the unused net operating loss
In an S corporation, how are items of income, deductions, and credits divided among the shareholders?
An S corporation has both voting and non-voting stock. What effect does this differentiation in voting rights have on S corporation eligibility and on shareholder pro rata share of corporate tax
Where a shareholder terminates his or her interest during the tax year, a pro rata allocation of shareholder items can be made according to the corporation's permanent records. How may this
How may debt of the corporation affect a shareholder's basis in an S corporation?
From what sources can an S corporation receive accumulated earnings and profits?
Under what circumstances might an S corporation choose to distribute accumulated. earnings and profits before distributing from the accumulated adjustments account?
How may an S corporation revoke its election?
What is the latest date in the calendar year in which an S corporation can file for a revocation of S election status and still have it effective as of the beginning of the year?
What is the latest date in the calendar year in which an S corporation can file for a revocation of S election status and still have it effective as of the beginning of the year?
How can passive investment income cause an S corporation to lose its status?
When an S corporation has its status terminated during the year, what is the effect on the S corporation tax year and the tax year of the resulting C corporation?
Describe the short tax year computation necessary when an S corporation's status is terminated because of excessive passive investment income.
What is an "inadvertent termination" of an S corporation?
A corporation terminates its status as an S corporation. Describe the requirements for re-electing S corporation status.
What kinds of distributions are available to reduce the accumulated adjustments account after a termination of an S corporation election?
What is "previously taxed income" of an S corporation?
Why is the S corporation preferred over regular corporation status in the early years of operation?
Damion Corporation begins its first tax year on June 23, 2019. What is the latest date that Damion may apply for S corporation status to qualify as of the beginning of operations?
Alpha Corporation began business at the beginning of the year. On February 15, George sold his stock to Danny. Alpha files for S corporation status on March 10, but George refuses to consent to the
Several individuals form Lang Corporation on May 1, 2019. The corporation begins acquiring assets on June 1, 2019, and begins business on August 1, 2019. What is the latest date that Lang can file
Gamma Corporation, an S corporation, has a fiscal year ending March 31. It is required to switch to a calendar-year tax year. How many months of income would a calendar- year taxpayer be required to
What is the built-in gains tax on an S corporation, assuming the exceptions do not apply and the corporation has taxable income of $100,000, including a built-in gain of $60,000?
Doom Corporation changed from a C corporation to an S corporation in 2016. For 2019, the corporation has built-in gain of $40,000 and taxable income of $30,000. Determine the built-in gains tax
What is the passive investment income tax on an S corporation that has gross receipts of $200,000, passive investment income of $80,000, and expenses of $10,000 directly connected to the production
Ziad Corporation, an S corporation, distributes land held as an investment to its sole shareholder. The land was purchased for $17,000 and has a fair market value of $28,000 on the date of
Donald owns 39 percent of the shares of an S corporation. The corporation pays $450 for a group-term life insurance policy. How is this payment reported by the S corporation and Donald?
Delta Corporation, an S corporation, has $30,000 of taxable income before charitable contributions. The corporation has $5,000 in charitable contributions for the year. What is Delta's charitable
An S corporation is on the accrual basis and the sole shareholder is on the cash basis. For the pay period ending December 27, 2019, the shareholder earns a salary of $400. He is paid on January 3,
S corporation has $90,000 of taxable income for the year and three equal shareholders. One of the shareholders dies on March 14. His estate continues to hold the stock for the remainder of the year.
Germaine, the sole shareholder in Nomad Corporation, has a basis in his stock of $18,000 at the beginning of the year. The corporation has taxable income of $9,000 for the year. In addition, the
Malcolm is the sole shareholder in an S corporation. At the beginning of the year, his basis in this stock is $7,000. For the year, the corporation incurs a $4,500 loss. By the end of the year, the
Alpha Corporation, a calendar-year S corporation, has no accumulated earnings and profits at the end of the year. An individual shareholder receives a cash distribution of $10,000 during the year.
Delta Corporation, a calendar-year S corporation, has an accumulated adjustments account of $8,000. It also has accumulated earnings and profits from pre-1983 years of $12,000. The sole shareholder
An S corporation has an accumulated adjustments account balance of $50,000 at the beginning of the year and accumulated earnings and profits of $20,000. The corporation earns $40,000 for the year.The
An S corporation's only transaction for the year was the receipt of $10,000 in tax-exempt interest. How would a $6,000 distribution be taxed to the sole shareholder if the S corporation has an
Some stock in a calendar-year S corporation is sold to a nonresident alien on February 13, 2019. On what date is the corporation's status as an S corporation terminated?
Beta Corporation terminates its S election at the end of 2019. At that time, the corporation has an accumulated adjustments account of $2,500. How would a distribution made during 2020 qualify as
How is a taxpayer able to remove income previously taxed from an S corporation that has terminated its status without incurring any additional tax?
Which of the following will not prevent a corporation from qualifying for the special tax rules under Subchapter S?a. ‘The corporation has more than 100 shareholders.b. A nonresident alien owns
A shareholder purchased 20 percent of the stock of an S corporation three-quarters of the way through the year for $10,000.The S corporation incurred a net operating loss of $320,000. What is the
An S corporation has an accumulated adjustments account of $30,000 at the beginning of the year and accumulated earnings and profits of $10,000. The corporation earns $20,000 for the year.Melvin, a
John owns stock in an S corporation. John’s share of the corporation’s loss for the year is$5,000. His adjusted basis in the corporation stock is $1,000. In addition, John has a loan outstanding
Acme Corporation, a calendar year S corporation, has $100,000 of Accumulated Earnings and Profits. Larry, the sole shareholder, has adjusted basis of $80,000 in stock basis with a $20,000 in
An S corporation has the following information:Compute the S$ corporation's taxable income for the year. Sales Dividend income Tax-exempt interest Long-term capital gain Short-term capital gain Cost
Aubrey Corporation changes from a regular C corporation in 2018 to an S corporation as of the beginning of 2019. For 2019, the corporation has $40,000 of built-in gain and $45,000 in accounting
A C corporation acquired a machine for $100,000 and placed it in service on August 15, 2014. The corporation elected S corporation status at the beginning of 2018. On February 13, 2019, the property
What are the tax advantages of a disclaimer?
What is the significance of a disclaimant reaching age 21?
Which transfers are subject to the gift tax?
What is a net gift?
What are the advantages of gift-splitting?

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