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business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

“The tax evader is a criminal.” Support or refute this statement.
Discuss the badges of fraud.
What is meant by the term “tax gap”?
Why is income-shifting considered such a major tax planning concept?
What was the constitutional impediment to income taxation prior to the Sixteenth Amendment?
The federal taxing system has tried to reflect changes in society and lifestyles.Give three examples.
What was the purpose oft he Sixteenth Amendment?
Of what importance is the date March 1, 1913?
Where must revenue legislation originate?
Which committees of Congress are responsible for revenue legislation?
What is the purpose of the Joint Conference Committee?
Which item listed below is not a capital asset?a. Stocksb. Pleasure automobilec. Bondsd. Depreciable property
Major features of conduits are:a. Pass through their income to ownersb. Need not file income tax returnsc. Need not pay taxesd. Both (a) and (c) above
What are several major provisions of the Tax Cuts and Jobs Act?
The following case highlights the right of the taxpayer to select among legitimate business alternatives in order to avoid taxes. Read the case and prepare a written brief.
Does the Internal Revenue Code of 1986 include pre-1986 tax law?
In which Subtitle and Chapter of the Internal Revenue Code is the majority of the income tax law found?
What are the primary differences between Regular and Memorandum decisions of the U.S. Tax Court?
Is an announcement of acquiescence by the Commissioner of Internal Revenue legally binding upon the IRS?
What do the following abbreviations represent? BTA, USTC, AFTR, AFTR3d,S.Ct., CA-3, TCM.
Which tax service is known for its willingness to take a stand on controversial issues not covered by legislation or tax law?
Which tax service is frequently quoted in judicial decisions?
Give the history of the U.S. Court of Federal Claims.
Describe the organization of the Internal Revenue Service.
Define DIF; NRP.
What events might cause an IRS examination?
What kind of taxpayer errors could be solved by mail?
What types of tax issues lend themselves to an interview or office examination?
Why might a taxpayer in a field examination want to make every effort to settle with the revenue agent?
Who may practice before the Internal Revenue Service?
Where can the historical record of a court case be found?
Which computer-based research system contains the text of tax treaties?
In which Judicial Circuit is the District of Columbia?
List the three trial courts that have jurisdiction over tax cases.
How might the VAT be used to balance the budget?
Why is the value-added tax (VAT) considered regressive?
Discuss excise tax when used as a measure for social control (i.e., tax on alcohol and gasoline).
Some economists have argued that corporate taxes should be eliminated and only individuals should be taxed. Explain.
Clearly, individuals are carrying a much heavier tax burden than corporations. Is this justified?
Huge Corporation reports the follo,ving balance sheet for the current year: Huge reports the following income and expenses for the year: Sales $720,000 Purchases 570,000 Dividend from
The financial accounting balance sheet for Zane, a retail sales corporation, as of the end of the current year is as follows: Using the accrual method Zane reports the following financial
At the beginning of 2017, 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, 2017, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2008, for $85,000. She spent $12,000 for capital
In 2017, Micah Johnson (SSN 000-22-1111) is employed as a manager and incurs the following unreimbursed employee business expenses: Johnson receives a $7,800 reimbursement for the travel expenses.
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
Heather and Nikolay Laubert are married and file a joint income tax return. Their address is 3847 Jackdaw Path, Madison, WI 58493. Nikolay's Social Security number is 000-00-1111, and Heather's is
Spencer Duck (SSN 000-22-1111) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his
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,
John R. Lane (SSN 111-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100°/c, of his cousin's support. The cousin lives in Arizona. He
Zachary L. (SSN 123-45-6789) and Cici K. Mao (SSN 987-65-4321) reside at 520 Chestnut Street, Philadelphia, Pennsylvania 19106. They are both under 65 years old and have one dependent (their son,
Your client has a traditional deductible IRA to which he has deducted all contributions. Thus, the IRA has zero basis (Etc = 0). The client is considering converting to a Roth IRA with the conversion
In January 2017, 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
Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2018, Charles received a Schedule K-1 that reported his share ofPartnership ordinary income$105,000Tax-exempt
Delta Corporation made an Selection on January 1 of the current year. Delta had been a C corporation since its inception in 2003. The corporation has the following operating results during the
Rica, 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,
Explain why a relatively small business operating as a pass through entity would not cause its owner(s) to be subject co the limitation on excess business losses should the entity generate losses.
Marsha is a 30%, partner in the MNO partnership. Niles and Oprah each have a 35% interest in the partnership. The partnership earns $100,000 from ordinary operations before considering a $10,000
In 2015, 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 share· holders own more than 5% of the
Lean Corporation was incorporated in 2012 by Bruce Smith, who has served as an officer and member of the Board of Directors. Carl Jones has served as the secretary-treasurer of the company as a
Barbara was divorced two years ago. However, the final property settlement and determination of alimony payments was not made until February 2018 because of extended litigation. Barbara received a
Anna does not make quarterly estimated tax payments even though she has substantial amounts of income that are not subject to withholding. In the previous year, Anna's tax liability was $ 18,000 and
Bart and Jane Lee are married, file a joint return and have two dependent children (twins, age 9). Bart begins a ne,v job and is asked to fill out a Form W-4. His monthly gross earnings will be
Jose is unmarried with no qualifying children. He has $8,800 of 2018 wages and is otherwise eligible for the earned income credit. Jose has $200 of interest income and no for AGI deductions.a. What
Brad and Valerie decided to adopt a child and contacted an adoption agency in August 2017. After extensive interviews and other requirements (such as financial status, etc.), Brad and Valerie were
Anita, a single taxpayer, reports the following items for 2018:Salary
Arnie and Angela are married and file a joint return in 2018. Arnie is a partner in a public accounting firm. His share of the partnership's income in the current year is $40,000, and he receives
Amelia has wages of $45,000 and net income from a small unincorporated business of $70,000 for 2018.a. What is the amount of Amelia's self-employment (SE) tax and deduction for AGI for her SE tax?b.
Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2018 federal income tax return:Adjusted gross income$82,450Taxable income47,950Regular tax
Dylan is a single taxpayer with $600,000 of taxable income, which results in a regular tax liability of $187,690 in 2018. Dylan is extremely cautious about being subject to AMT and wants to know how
Jose, an unmarried taxpayer filing single with no dependents, has AGI of $600,000 and reports the following items in 2018:Taxable income
Vincent anticipates that his actual tax liability for the tax year 2018 ,viii be $12,000 and that federal income taxes withheld from his salary will be $9,000. Thus, when he files his 2018 income tax
Holly has recognized a $9,000 STCL. She has no other recognized capital gains and losses in 2018. She is considering the sale of a Sec. 1231 asset held for four years at a $5,000 gain in 2018. She
Russ has never recognized any Sec. 1231 gains or losses. In December 2018, Russ is considering the sale of two Sec. 1231 assets. The sale of one asset ,viii result in a $20,000 Sec. 1231 gain while
Betty, whose tax rate is 32%, is in the business of breeding and racing horses. Except for the transactions below, she has no other sales or exchanges and she has no unrecaptured net Sec. 1231
Molly, whose tax rate is 37%, sells an apartment complex for $4.5 million with 10% of the price allocated to land. The apartment complex was purchased in 1993. She has no other sales or exchanges
Mr. Briggs purchased an apartment complex on January 10, 2016, for $2 million with 10% of the price allocated to land. He sells the complex on October 22, 2018, for $2.5 million. Assume that 10%, of
The LaPoint Corporation placed in service $350,000 of used equipment (seven-year recovery property) on June 3, 2017 and elected to expense $250,000 as Sec. 179 depreciation expense. LaPoint sold the
Brigham is single and is in the 32 %, marginal income tax bracket. He has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec. 1231 losses of $10,000. Determine
Amie, a college student, purchased a truck in 2016 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a
Consider the follo,ving summary of Sec. 1231 gains and losses recognized by Janet during the period 2013- 2018. Janet had no nonrecaptured Sec. 1231 losses at the beginning of 2013. If Janet has no
On March 10, 2015, Elizabeth, a college professor, purchased a house for $300,000. She did not move into the house until August 8, 2015. On August 1, 2016, she accepted a position as a visiting
Paden, who is single and has been employed as an accountant for 27 years with Harper, Inc., lost his job due to company downsizing. His last day of employment is July 31, 2018, and Harper provides a
Consider the following information for Mr. and Mrs. Gomez:• On May 26, 2017, they sold their principal residence, acquired in 2000, for $200,000.They paid $8,000 of selling expenses. Their basis in
Consider the following information for Mr. and Mrs. Di Palma:• On June 10, 2017, they sold their principal residence for $80,000 and incur $6,000 of selling expenses. T he basis of the residence,
Sherron, who is single, purchased a house to use as rental property on April 1, 2008, for $300,000. He moved into the house on June 1, 2017, and used it as a personal residence until August 1, 2018,
Mr. and Mrs. Kitchens purchased their first home in Ohio for $135,000 on October 1, 2017. Because Mr. Kitchens' employer transferred him to Utah, they sold the house for $160,000 on January 10, 2018.
On January 10, 2018, Kirsten married Joe. Joe sold his personal residence on October 25, 2017, and excluded the entire gain of $175,000. Although they had originally planned to live in the house that
Mr. and Mrs. Rusbarsky purchased a residence on June 12, 2015, for $200,000. On March 12, 2018, they sell the residence for $300,000, and selling expenses amount to $11,000. They purchase another
Marc, age 4 5, sells his personal residence on May 15, 2018, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence. He has lived in the residence
On September 3, 2018, Federal Corporation's warehouse is totally destroyed by fire. $800,000 of insurance proceeds are received, and the realized gain is $300,000. Whenever possible, Federal elects
On April 27, 2018, an office building owned by the Ava James Corporation, an offshore drilling company that is a calendar year taxpayer, is destroyed by a hurricane. The basis of the office building
BCD Partnership has, for many years, had a March 31 year-end. The partnership's net income for the fiscal year ended March 31, 2019 is $400,000. Because of its fiscal year, BCD has $100,000 on
Prime Corporation begins operations in lace 2018. Prime decides co use the single-pool LIFO method. Year-end inventories under FIFO are as follows:2018 ........................... $110,0002019
In 2016, the Margate Corporation acquired an automobile with a cost of $30,000 for use in its business. Shortly thereafter, Margate Corporation experienced a decline in sales. Several employees were
Stan Bushart works as a customer representative for a large corporation. Stan's job entails traveling to meet with customers, and he uses his personal car l00% for business use. In 2018, Stan must
Phillips Corporation, a construction company that specializes in home construction, uses special computer software to schedule jobs and keep track of job costs. It uses generic software for
In 2018, Phoenix Corporation acquires a new research facility and hires several scientists to develop new products. No new products are developed until 2019, although the following expenditures were
Troy entered into a three-year lease of a luxury automobile on January 1, 2018, for use 80°/c, in business and 20% for personal use. The FMV of the automobile at the inception of the lease was
Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2018. He uses the automobile 70% in his business and 30% for personal use. The automobile cost $76,000. No amount is expensed under
In 2018, Luby Corporation acquires and places into service an automobile that it uses only for business purposes. Luby does not claim Sec. 179 expensing or bonus depreciation for the vehicle. Compute

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