All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
federal taxation 2019

Questions and Answers of Federal Taxation 2019

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
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
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
Williams Brotherŝ 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
Assume in problem 46 above that Matt had received property 2 , subject to a \(\$ 70,000\) mortgage, rather than property 3 . Matt assumed responsibility for the mortgage in connection with the
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
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.
Reconsider the facts in problem 49. Assume the partnership distributed one-third of the accounts receivable and property 2 to Karen in complete liquidation of his interest in the partnership.a. Will
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
Assume the same facts as in problem 52, except that rather than sell his partnership interest to Susan, Woody receives a $47,000$47,000 cash distribution from the partnership in complete liquidation
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
Consider the facts in problem 57 above. Assume the partnership does not have a Section 754 election in effect, and decides not to make one. Shortly after the new buyer's acquisition of Jack's
Elbegone Partnership had the following assets when one of its partners sold her interest in the partnership:As a 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.
Assume the same facts as in problem 60 , except that the partnership agrees to distribute property 2 and \(\$ 75,000\) cash to Clay in liquidation of his interest. (To fund the distribution, the
How would your answers to problem 61 change if capital was not a material incomeproducing factor for 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 Carmeggon Partners. Her tax basis in the liquidated interest was \(\$ 125,000\). Of the total
Case Study. 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
Alvin Conley has been a partner in a large accounting partnership for twenty-five years. This year, he decided to retire. Although Alvin's share of partnership capital is only \(\$ 100,000\), the
Matthew, a sole proprietor, employs Timothy as his full-time employee. Timothy's 2017 tax return is being audited by the IRS. Because of Timothy's high regard for Matthew's knowledge and judgment,
Marvin filed his 2016 tax return on August 15,2017 , having obtained an automatic extension of time to file. However, not having the money to pay the tax bill at that time, he arranged with the IRS
Ron mailed his 2017 federal tax return on April 15, 2018, attaching only a first-class postage stamp. However, the postage should have been higher since the return weighed three ounces. His return is
Jim, a retail merchant, reported the following on his 2017 return:What amount must be omitted from income for the six-year statute of limitations to apply? Sales Cost of goods sold Gross profit
An individual files an income tax return for the calendar-year 2017 on September 20, 2018, and pays $1,200, which is the balance of the tax due. Disregarding interest, how much in delinquency
Sandy had the following items on her timely filed 2017 income tax return:Sandy inadvertently omitted some income on her 2017 return. What is the statute of limitations if she omitted \(\$ 100,000\)
On February 15, 2016, Brent filed his 2015 income tax return (due April 15, 2016), and he paid a tax of \(\$ 15,000\) at that time. On June 10, 2017, he filed an amended 2015 return showing an
Angela filed her 2017 income tax return on February 14, 2018, showing gross income of \(\$ 20,000\). She mistakenly deducted a \(\$ 6,000\) casualty loss that in good faith she considered deductible.
Harold and Maude filed a joint return for 2017 reporting:Maude inadvertently omitted some income from this return. The six-year statute applies only if Maude's omitted gross income exceeds:a. \(\$
Reginald filed his 2017 income tax return on January 15, 2018. On November 1, 2018, he learned that his investment of \(\$ 10,000\) in 1,000 shares of Ultimate Corp. had become worthless in 2017 .
Anna's 2016 individual tax return was examined and the IRS proposed changes resulting in additional tax. Anna wishes to bypass the IRS's appeal system and file a refund suit in the United States
Jane was notified by the IRS that she should appear at the local IRS district office with records supporting travel expense deductions taken on her 2015 tax return. Because she had to meet with
How much may be contributed to an IRA on an annual basis?
Under what circumstances is loss recognition for traditional or Roth IRAs permitted?
What are the major differences between a traditional IRA and a Roth IRA?
Under what circumstances defer plan? can employees compensation under a nonqualified
Explain when payroll taxes are applied to deferred compensation under a nonqualified plan.
What is a Rabbi Trust?
What is a Coverdell Education Savings Account?
What is a 529 plan?
AJR Inc.'s qualified plan provides for the allocation of employer contributions based upon a flat rate of four percent of each employee's compensation. Nathaniel's annual compensation is equal to
Tom Couch participates in his employer's qualified retirement plan, which provides a 5 percent employer contribution formula. Tom's annual compensation is equal to $560,000. What employer
Fred and Ginger attain age 70 in Year 1. Fred's birthday is June 30 and Ginger's is July 1. Each owns separate traditional IRAs. What is the deadline for Fred and Ginger's first required minimum
Bob Carnick is the owner of a traditional IRA. Bob will attain age 76 in the current year. The before-tax account balance as of the end of the prior year was $1,000,000.What is the minimum amount
Ceci becomes age 70 on June 22, Year 2, and retires at the end of Year 3. Her traditional IRA account balances for four years are shown below:What are the deadlines and amounts associated with
Thomas Andrews' mother died in Year 1. Thomas, who will attain age 27 in Year 2, was designated as the sole beneficiary of his mother's traditional IRA. If the account balance at the end of Year 1
Hadir earns a $150,000 salary and contributes $15,000 into a 401(k) account.He makes no additional contributions and the account has no accumulated income. Years later, Hadir receives a $9,000
Kathy Runde, age 66 and retired, receives a $20,000 partial distribution from her 401(k) plan. The plan does not pay out an annuity. Immediately before the distribution, her account balance is
Bonnie Sparks has been receiving a $200 monthly annuity from her qualified plan account over several years. At the end of the current year, her account balance is $50,000, including a $10,000 cost
Harrison Bernhardt participates in his employer’s 401(k) plan. Under the plan, employees may elect to reduce their salary by a certain percentage and have it paid into the plan’s trust. In the
Viva Yeboah’s 401(k) plan provides a supplemental Roth 401(k) arrangement. If Viva’s compensation is $500,000, will she be eligible to contribute to a Roth 401 (k)account? Explain why or why not.
Answer the following questions about IRAs:a. What is the maximum amount that may be contributed annually to the separate IRA of a nonworking spouse?b. Is it possible to contribute the maximum annual
Assuming adequate security and interest, how much may the qualified plan participant borrow from the plan in the following independent cases:a. The account balance is $100,000 and the participant is
During 2019, Alec Meachin earned a net profit of $80,000 from his sole proprietorship (as reported on Schedule C). He paid $10,000 self-employment taxes during the year. What is the maximum
An employee with $200,000 compensation participates in her company’s SIMPLE 401 (k)plan. If the employee elects to contribute the maximum allowable amount into the plan what amount should she
An employee with $400,000 compensation participates in her company’s retirement plan.The plan provides for a 100 percent nominal rate for elective employee contributions.What is the maximum
Same facts as in the preceding problem except that the plan provides for a 2.5% nominal rate for elective employee contributions. What is the maximum allowable employee and matching employer matching
Spencer Strank reports the following items of income for the current year on a joint return:He is a participant in his employer's qualified defined contribution retirement plan and has a nonworking
Norman Stonewell reports a salary of $60,000 this year on a joint return. He also reports$300,000 in net royalty income (i.e., net of business deductions and self-employment tax), from two books he
In 2019, Hunter and Monda (both under age 50) had compensation income of $1,000,000 and $200,000, respectively. Adjusted gross income on their joint return was $1,200,000, and neither taxpayer was a
Jasper Fern, age 62, works full time and maintains two traditional IRA accounts. On March 23 of the current year, he withdraws $6,500 from one of his IRA accounts. The account is funded only with
Abraham is single, age 48, has no employer- sponsored plan, and has a MAGI of $126,000 for 2019. What is the maximum contribution that he may make to a Roth IRA?
During the period Years 1 through 3, Martha made direct contributions to her Roth IRA totaling $10,000. By the end of Year 7, the IRA balance, including earnings, had grown to $30,000. At the
Orange Computer Inc. grants Steve Werks 10,000 incentive stock options (ISOs) on January 1, Year 1 (the "grant" date). On this date, the stock's fair market value is $100 per share and each ISO
Moonbacks Inc. grants Howard Schmidt 10,000 NSOs on January 1, Year 1 (the "grant" date). Each NSO grants the holder the right to buy 1 share of Moonbacks stock for $100 over the next 10 years. The
Referring to the foregoing example, if Moonbacks NSOs had no readily ascertainable value on the grant date, how would the tax consequences be different for Howard?
In the current year, a taxpayer contributes$1,500 to a Coverdell ESA account on behal off a beneficiary. If the income phase-out rules do not apply, what is the maximum allowable amount that others
An unmarried taxpayer reports modified AGI of $98,000. What is the maximum allowable amount the taxpayer can contribute to a beneficiary's Coverdell ESA if no other contributions are being made by
In the current year, a beneficiary receives a distribution from a 529 Savings Plan in the amount of $50,000. $12,000 of the $50,000 represents distributed earnings. If the beneficiary's qualified
Locate a copy of IRS Publication 590 either on the Internet or in a tax or government documents library. Prepare a chart comparing distributions from various individual retirement arrangements.
What are the competing interests of businesses and states with respect to e-commerce?
What is a composite income tax return?
Welch Manufacturing has $5,000,000 of taxable income. One of the states in which it does business is Kentucky, which uses the three-factor formula with a double-weighted sales factor to apportion
Elbert Manufacturing, Inc. does business in two states. Each state uses the single- factor sales formula to apportion income. State 1 imposes a 5% tax on income, and State 2 imposes an 8% tax on
Holt Industries, Inc. does business in State 1.That state uses federal taxable income as the starting point for calculating stare income tax. Interest on state obligations is taxed, but interest on
Frederick Confectioner does business in multiple states, including one state that uses the UDITPA formula to apportion income. If the company’s taxable income is$3,500,000, its property factor in
Darrell Batteries owned property valued at $3,000,000 at the beginning of the year and $3,400,000 at the end of the year. In Florida it owned property valued at $380,000 at the beginning oft he year
Alvarado Apps, Inc. owned real and tangible personal property valued at $3,000,000 at the beginning of the year and $3,400,000 at the end of the year. It also leased real property for $100,000. In
Marcy Industries, Inc. does business in a state that apportions business income using a three-factor formula giving double weight to the sales factor. If the company's business income is $500,000,
Winifred Luxury Watches operates in Massachusetts and Connecticut. It paid$5,000,000 in compensation to its Massachusetts employees and $3,000,000 in compensation to its Connecticut employees.What is
Carmen Motors, Inc. does business in three states. Its state taxable income is$1,000,000. State 1 uses the UDITPA apportionment formula. State 2 doubles the sales factor. State 3 uses only the sales
Burgess Fabricators, Inc. did business in and is subject to the tax of State 1 and State 2, where it had its commercial domicile. It had the following nonbusiness income for the year:∎ $15,000 in
What formula is used in your state for apportionment of multistate income and what are your corporate income tax rates?
Which of the following taxes are imposed by your state? Corporate income tax, franchise tax, severance tax, individual income tax, real property tax, personal property tax, sales tax, use tax, excise
Joe England sold equipment on May 10, 2018 for $100,000. He bought the equipment on November 7, 2016 for$140,000, and accumulated depreciation at the date of sale was $60,000. Joe collected$50,000 in
Assume the same facts as the problem above except the selling price is $180,000 and Joe will collect $90,000 in 2018 and 2019.a. What is Joe's recognized gain in 2018 and 2019?b. Go to irs.gov and
Adjustments due to a change in accounting method do not include which of the following:a. ‘Taken into account in the year of changeb. Spread over four years starting with the year of changec.
In 2019, Bob will sell land that he bought in 2009 for $50,000 to Tom. ‘The selling price is $250,000. Tom has given Bob two options for the sale. Under option 1, Bob would receive the $250,000 at
Jessica sold an apartment building, in which she had a $400,000 adjusted basis, for $1,100,000. The buyer paid $150,000 down, assumed Jessica's mortgage, and signed an installment obligation with a
In 2019, Chris sold a painting to Bernie for$40,000. Chris received $10,000 in 2019 and will receive $30,000 in 2020. Chris bought the painting in 2015 for $15,000.Bernie did not pay Chris $30,000
Which of the following is not considered“constructive receipt” of income?a. X was informed its check for services rendered was available on December 20, 2019, but it waited until January 21,
Xeno Corporation purchased supplies from Kimbo Company in 2019. The total invoice was for $20,000, but Xeno claimed that only one-halfo f the order was received and paid only $10,000 in 2019. Both
Bevin Inc. uses the FIFO method for valuing inventory. Its inventory purchases in 2019 totaled $5,000,000 and its ending inventory on December 31, 2019 is $2,000,000(before the Code Sec. 263A cost
X uses the LIFO method in computing its inventory. It had 1,000 units on hand at the end of 2019. Based on the following information, what is the value of its ending inventory on December 31,

Showing 600 - 700 of 2322

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App