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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

The following items were received as court awards and damages during 2019. All should be included in ordinary income for 2019 by the taxpayer who received them except:a. Compensation for lost wages
Jose Reyes surrendered an endowment policy and received $50,000 from the ABC Insurance Company. Over time Jose had paid $35,000 in premiums. In addition, over time Jose had collected $5,000 of
What restrictions apply to tax deductions for business gifts?
On Monday, Harvey Leonard travels from Chicago to New York on a business trip.The trip lasts five days. Three days of the trip are spent conducting business activities and two days are spent on
The deduction for a federal casualty loss is the smaller of the basis of the asset or the reduction in its fair market value, reduced by what three amounts?
Are rent and royalty expenses deductible as itemized deductions?
Are the expenses of being in the trade or business of wagering limited to wagering income?
Does the qualified business income deduction reduce self-employment income for self employment tax purposes?
Oliver Olms pays all of his father's medical expenses for the year, which total $8,800. Oliver also pays over half of his father's support but is unable to claim his father as a dependent because his
You have a heart ailment. On the advice of your doctor, you install an elevator in your home so you will not have to climb the stairs. It costs $15,000 to install the elevator. The elevator has a
In 2019 Tom and Shannon Shores, both age 40, filed a joint return and paid the following medical expenses:In addition, they incurred the following medical expenses for Tom’s mother who is totally
Blake sold a house to Miranda on July 1. Blake paid the entire calendar-year property taxes of $4,380 on June 1. How much will each of them be entitled to deduct for the year?
Generally, what is "at risk"?
What carryforward procedure applies to business net operating losses?
What would be your answer to Problem 31 if Billy Bob's share of net income from Partnership A was $9,000 and his loss from Partnership B was $25,000?
Dave Eichoff had adjusted gross income for 2019 of $122,000 before any passive losses or other rental activities. He owned a mountain cabin in Idaho, which he rented for 125 days and which was not
Diane Parker acquired an interest in a movie theater in June 2007. The theater broke even from 2007 to 2014. Parker did not actively participate in the activity during those years.She participated in
Mary Beth is a CPA, devoting 3,000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her time to the management of the
Max Computer Center incurred the following casualty and theft losses in 2019:Compute the casualty and theft loss for each item listed. Event a. b. C. a. b. = C 11 Robbery-Equip. Fire-Truck
In 2019, Mary Jackson had the following income and deductions listed on her individual income tax return:Compute the amount of Mary’s 2019 net operating loss. Business income Interest income on
Ralph Sample had the following income and deductions listed on his 2019 income tax return:Compute the amount of Ralph’s 2019 net operating loss. Salary Business income Interest income on personal
During 2019, Jane Mason incurred the following home expenses:Assume that Jane qualified for the home office deduction, all of the above expenditures qualified for the deduction as home office
In 2019, Joan Cannon incurred the following expenses relating to her vacation home:During 2019, Joan personally used the vacation home for 20 days. Determine the rental expense deduction that she is
Refer to Problem 52, Part (c) and assume the IRS approach to allocating normal expenses allowable to all taxpayers is used. Based on these facts, what rental expense deductions are allowable in 2019?
Which oft he following is not a passive activity?a. Owning a limited partnership interest in an oil and gas limited partnershipb. Having rental residential propertiesc. Owning a business and not
Benson Company experienced partial destruction of a warehouse from a tornado.The warehouse had a basis of $200,000 at the time of the casualty. Its fair market value before the accident was
Which of the following taxpayers would be least likely to qualify for a home office deduction?a. Self-employed individualb. Employee with an office on the employer's premisesc. Owner of property held
Bob White owned a cabin in the Great Smoky Mountains. He used it for 16 days and rented it out for 190 days during the year. Which of the following is true?a. All allocated expenses are
John Henderson's portable sawmill was completely destroyed by a fire and he carried no insurance on the property. The adjusted basis for depreciation oft he sawmill building and equipment at the time
Harvey and Betty Duran, both age 37, are married with one dependent child. Determine their taxable income from the following information for 2018, and their tax liability. Both the ABC and XYZ
Michael Rambo, single and calendar year taxpayer, is the sole owner of Slice-It Pizza Company, a sole proprietorship. Michael materially participated in the activity. In 2019, Slice-It Pizza reported
Clients Buddy and Debbie Jamison are considering converting their private vacation home to rental property. They have asked for advice as to the tax aspects of owning such property. The only real
A married couple with three children has earned income of $15,000 and adjusted gross income of $50,000 with no withholding, Assume a standard deduction of $24,400. Their tax on $25,600 is $2,560.They
Walt is single, age 67, and retired. His taxable income for 2019 is $1,320, and the tax on this amount is $132. Walt's tax credit for the elderly is $225, What is the amount of the credit for the
Philip and Susan Moyer have two children who are both in the first four years of college. They incur $4,500 in tuition expenses for each of the two children. What is the maximum amount of American
Cathy Thomas, a single mother, has modified AGI of $82,000. In 2019, her daughter begins work on her bachelors degree at an accredited institution. Cathy pays $6,000 in qualified tuition for the
Michael is divorced and the exemption for his daughter is claimed by his ex-wife. What is the amount of American Opportunity Tax Credit allowed Michael when he pays $2,500 in tuition for his daughter
What is the amount of Lifetime Learning Credit allowed a taxpayer assuming that he or she incurred $3,000 in tuition and fees and $8,000 in room and board for an eligible college student?
In 2019, Lenny Traveler had adjusted gross income of $32,200 from investments in the U.S., while earning $40,000 from foreign sources. Lenny’s potential U.S. tax liability is$7,475, and he had to
ABC Corporation has international earnings of $500,000 and a U.S. tax liability of$170,000. From foreign operations ABC generated $120,000 of income on which a$55,000 tax was imposed, What is ABC’s
Mark has a tentative general business credit of$120,000 for the current year. His net regular tax liability before the general business credit is $135,000, and his tentative minimum tax is$100,000.
Zap Industries had a tentative general business credit in 2019 of $60,000. Its tax liability in 2018 was $20,000. Its tax liability before the general business credit in 2019 is $50,000.a. What is
Yoyo Corporation bought $42,000 worth of energy equipment in November 2014, taking an investment credit of $4,200. In March 2019, the firm sells the equipment for $30,000. What is the investment
Martha and Marty Mertens are married and file a joint return. Marty started his own business at the beginning of the current tax year and reported net income of $14,000 for the year. Martha worked
What is the adjustment that must be made to taxable income in computing alternative minimum taxable income for 2019, assuming that an individual purchased an office building on January 8 for $400,000?
What is the amount of tax adjustment for alternative minimum tax purposes assuming that an individual sells some qualified small business stock purchased in 2009 at a$20,000 gain.
What is the allowable exemption for the alternative minimum tax assuming that a married couple has alternative minimum taxable income of $1,220,600?
Calculate the exemption amount for the following cases for 2019 for a single taxpayer, married taxpayer filing jointly, and a married taxpayer filing separately when AMTI is$800,000.
Tamara and Tony Mapp, a married couple, report the following items for the year:What is their alternative minimum tax for the year? Taxable income AMT adjustments Tax preferences Regular tax
Donna, an unmarried individual who is age 66, has taxable income of $300,000. She has AMT positive adjustment of $68,000 and tax preferences of $40,000.a. What is Donna's AMT?b. What is the total
Alex and Alicia Andrews file a joint tax return. On the return they show Alex’s salary of $110,000, interest income from corporate bonds of $3,000, dividends from domestic corporations of $1,000,
What is the amount of AMT credit carryforward for 2019, assuming that an individual had an alternative minimum tax of $20,000 and an alternative minimum tax for AMT credit of $12,000?
Which of the following are tax adjustments or preference items for purposes of the alternative minimum tax?a. $20,000 net long-term capital gain over net short-term capital lossesb. $3,000 net
Which of the following qualify as“employment-related” expenses for the credit for child care?a. Nursery school feesb. Transportation to nursery schoolc. Housekeeper's salaryd. Housekeeper's
What is the amount of dependent care credit before any income tax limitation for a couple with two children where they spend $6,500 for dependent care and the husband earns $25,000 for the year and
Which of the following items is not an adjustment for the alternative minimum tax?a. Taxesb. Wagering lossesc. Standard deduction
Determine the tax due, including the alternative minimum tax, for Patty Perkins, assuming she is single using the following tax information: Adjusted Gross Income Itemized Deductions Alternative
From the following information determine the total 2019 tax due for Charlene and Dick Storm, assuming they file a joint return, have three dependents, and are not members of a qualified retirement
An asset is purchased on May 15, 2015, for $100,000. The full 10 percent investment credit of $10,000 is taken on the asset. On June 23, 2019, a Code Sec. 108 election is made to exclude gain arising
What is the basis of a personal use asset that is converted to business or income- producing use?
What are the special rules for gains or losses on sales to related parties?
What are the benefits of installment reporting?
Frank Fleming recently purchased some new equipment that he plans to use in his business. He paid $43,000 for the equipment. He also paid $2,500 in delivery and installation costs, $1,600 in legal
Martha McDonald purchased an office building in 1999 for $630,000. In 2019, she sells the building for $950,000. Over the years, she had replaced the windows and doors at a cost of $60,000, repainted
Rex Redd purchased a business building on January 1, 2005, for $975,000 and used the straight-line depreciation over 39 years. He took $25,000 depreciation for 2005 through 2016 and none for 2017 and
On January 1, 2018, Rodney Rapp paid $110,000 for taxable bonds with a face value of $100,000 which mature on January 1, 2028. He sold them on December 31, 2019 for $104,000. What is Rodney's gain or
Lance Lang received 50 shares of $10 par value stock from Randy Rainey in return for performing legal services. The fair market value of the 50 shares was $750. What is Lance's basis in the stock and
Which of the following results in a recognized gain or loss?a. Sale of stock, which has an adjusted basis of $5,000, for $7,000.b. Sale of a personal auto with an adjusted basis of $10,000 for
Gail Gumm purchased a piece of land, a building, and two trucks for a lump sum of $630,000. On the date of purchase, the land had a fair market value of $125,000, the fair market value of the
Gordon Gladstone owns 120 shares of Jones Corp. common stock which he purchased on June 10, 2018, for $1,800. One year later, he received a 25 percent nontaxable common stock dividend. On December
On August 2, 2018, Henry Hughes paid $30,000 for 500 shares of Young Corp. common stock. On July 28, 2019, he received a nontaxable 20 percent common stock dividend. On December 23, 2019, he sold the
Naomi owns 1,000 shares of Nordstrom Corp. common stock which she purchased for $40,000 and later receives a nontaxable preferred stock dividend of 200 shares of Nordstrom preferred stock when the
Jamie owns 1,000 shares of Jasper Corp. common stock with a basis of $20,000. She receives a 10 percent taxable stock dividend when the FMV of each share of stock is $12. How much income does she
Whitney Wells owns 600 shares of Fargo Company stock. She purchased these shares in 2017 for $30 each. In 2019, she received 600 nontaxable stock rights to subscribe to 600 additional shares at
Kevin Klein owns 900 shares of Palmer Corp. stock which he purchased three years. ago for $65 each. He receives one nontaxable right for each share of stock owned. The rights entitle Kevin to receive
Brian owns 200 shares of Bell Corp. stock purchased in January 2017 for $2,400. On January 30, 2019, he receives 200 taxable stock rights valued at $5 with the right to purchase additional shares at
Bradley Brownstone acquired depreciable gift property from Chester Craine. On the date of the gift, Chester's adjusted basis in the property was $17,000 and the fair market value was $12,000. What is
Sarah Shore bought 500 shares of stock on October 22, 2018, for $30,000. On March 25, 2019, she gave half the shares to her sister Cindy when the fair market value of the shares was $55 per share. If
Maria Mann gives Peggy property worth$15,000. Maria's basis in the property is$10,000.a. If Peggy sells the property for $17,000, what is her gain or loss on the sale?b. If Peggy sells the property
In 2019, Paula Pierce receives gift property with a fair market value of $95,000 (adjusted basis to the donor of $35,000). Assume the donor purchased the property in 2009 and paid gift tax of $12,000
In February 2019, Judy Judd gave her son Steven a Mercedes for his graduation gift.The automobile had a basis of $55,000 to Judy but was worth $85,000 at the time of the gift. Judy paid $21,000 gift
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was$25,000. Gift taxes paid on the property were $3,000. What is Alfred’s basis for
Callie Cooper purchased two pieces of property in 1989: Property Q cost $15,000 and Property R cost $30,000. In 2019, when Callie died, she left the property to her daughter, Christy. At that time,
Beverly Bergman purchased land for$30,000 in 2009. The land was valued at$180,000 on April 15, 2019, when Beverly died. Her son Jack inherited the land. Six months later, on October 15, 2019, the
Evelyn Everest gave property to her mother Sharon when the adjusted basis of the property was $12,000 and the fair market value was $80,000. Sharon died eight months later when the property was
Sam Spurr gave property to Robert Reddy when its fair market value was $70,000 and the adjusted basis was $50,000. Robert died two years later when the fair market value of the property was $75,000,
Brothers Andrew and Vincent Vaughn jointly acquired property for $200,000 with rights of survivorship, paying three-fourths and one- fourth, respectively. Andrew died; the property was valued at
On April 18, 2019, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2019, she purchased 90 additional shares for $900. On November 28, 2019, she sold 48 shares,
Harold Haas owns 100 shares of Spartan Corp. common stock with an adjusted basis of $10,000. On July 28, 2019, he sold all 100 shares for $9,000. On August 18, 2019, he purchased 80 shares of Spartan
Ashley Adams owns stock in C Corp costing$25,000. She sells the stock to her daughter, Brittany, for $18,000. Two years later, Brittany sells the stock for $27,000.a. What is Ashley’s gain or loss
Brenda Brewster owned stock costing$12,000 which she sold to her daughter, Rita, for $8,000. Rita sold the stock later for$14,000.a. What is Brenda’s gain or loss?b. What is Rita’s gain or
Terry Thompson, who meets all the requirements of Section 1237, sells five lots during 2018 at a gain of $30,000. During 2019, he sells the sixth lot (basis $5,000) at a selling price of $20,000 and
Emily Eagels owned stock with a basis of $50,000 which she sold to her sister, Janet, for $42,000. Three months later, Janet sold the stock through a broker for $52,000. What is the gain or loss to
Sheryl Sugarman owned 60 percent of the outstanding stock of Octavian Corp. The corporation sold stock (cost $5,000) to her for $2,500. Sheryl sold the stock for $7,000. What is the corporation's
On September 16, 2019, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000. The buyer paid $20,000 down with the remaining $60,000 to be paid in four equal annual installments of
In 2019, Cathy Cummings, single, 66 years of age, and legally blind, had wages and net rental income (after depreciation) of $30,000 and received $500 in interest income. She had $17,000 of allowable
During 2019, Peter Patel sold a piece of land he had purchased for $40,000. The buyer paid cash of $50,000 and transferred to Peter a piece of farm equipment having a fair market value of $30,000.
During 2009, John Johnson purchased 50 shares of common stock in Corporation DEF for $4,500. In 2015, DEE declared a stock dividend of 20 percent. The new stock received by John in the stock dividend
During 2019, Mary Maloney received a gift of property from her aunt. At the time of the gift, the property had a fair market value of $165,000, the taxable gift was $150,000, and the adjusted basis
Kenneth King inherited 100 shares of Corporation ABC stock from his father, who died on March 4, 2019. His father paid $17 per share for the stock on May 3, 1999. The fair market value of the stock

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