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

Questions and Answers of Federal Taxation

The International Association of Accountants (IAA), a labor union, made a one-time donation to a political candidate who is also a member of the organization. In addition, the IAA publicly endorsed
Happy House, Inc., an exempt organization, records $340,000 of gross unrelated business income (UBI) in its first year of operations. The following expenses were incurred in producing the UBI.Expense
As of January 1, Kirk owned all 300 shares of Cork, Inc., a calendar year S corporation. On September 1, (243 days after January 1), Kirk sold 50 shares each to Steve and Moe and kept the remaining
Pankee, Inc., was formed as a C corporation and made an S election five years ago. Which of the following statements correctly describes the taxability of Pankee’s distributions to its
Shareholders of Rayle Co., a calendar year corporation whose S status was terminated during 2017, are looking to reapply for the S status as soon as possible. What is the earliest year a new S
Rocket Co., an S corporation, pays single-coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip’s behalf, Rocket pays Philip’s family
Which of the following would cause a revocation of S status for an existing S corporation?I. A partnership becomes a shareholder of an S corporationII. An S corporation becomes a partner in a
Monie, an individual taxpayer, owns 50% of Monie & Co, an S corporation. At the beginning of the tax year, Monie’s basis in Monie & Co stock was $55,000. During the year, Monie & Co
Mindy, an individual, owns 100% of Markee, an S corporation, and she has an initial stock basis of $10,000. This is the first year of Markee’s operations. Additional items reported by Markee during
Mindy, an individual, owns 100% of Markee, an S corporation, and she has an initial stock basis of $10,000. This is the first year of Markee’s operations. Additional items reported by Markee during
Sean Moon is president, secretary, treasurer, sole director, and sole shareholder of Streetz, an S corporation real estate company. He manages all aspects of the company’s operations, and he is the
One of your clients is considering electing S status. Texas, Inc., is a sixyear- old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2017, Texas holds a
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2016. He asks you if they can make a new S election now, in November 2017. Draft a memo for
Which of the following distribution scenarios shows the proper order in which these assets should be considered in a partnership distribution having a total inside basis exceeding the outside basis
Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a tax basis of $320,000 as of January 1, 2017. Prairee’s 2017 net business income was $152,000.
Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a tax basis of $320,000 as of January 1, 2017. Prairee’s 2017 net business income was $152,000.
Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a tax basis of $320,000 as of January 1, 2017. Prairee’s 2017 net business income was $152,000.
On a partnership tax return, all of the following are subject to special limitations and must be separately passed through to the partners, except:a. Charitable contributionsb. Salaries to
On March 17, 2017, Packer became a partner in Cats & Dogs Co., an already formed partnership. Packer does not have property to contribute and thus contributes services in exchange for his 5%
A guaranteed payment for a partner’s services that is payable to the partner without regard to partnership profits will have which of the following effect(s)?I. The guaranteed payment increases the
Guaranteed payments made by a partnership to partners for services rendered to the partnership include which of the following?a. Sales of partners’ assets to the partnership at guaranteed amounts
Which of the following statements is (are) correct about the partnership’s holding period of property acquired from a partner as a contribution to capital?I. The holding period begins on the date
Paul and Anna plan to form the PA LLC by the end of the current year to produce and sell specialty athletic apparel. Paul and Anna will both serve as member-managers of the LLC and will be active in
Assume the same facts as in Problem 53. On the first day of the third tax year, the partnership sold the equipment for $150,000. The gain on the sale is allocated equally to the partners. The
Assume the same facts as in Problem 51. Assume that Burgundy, Inc.’s annual guaranteed payment is increased to $120,000 starting on January 1, 2018, and the LLC’s taxable income for 2017 and 2018
Assume the same facts as in Problem 48, except that Suz-Anna was formed as an LLC instead of a general partnership.a. How would Suz-Anna’s ending liabilities be treated?b. How would Suzy’s basis
Assume the same facts as in Problem 48, and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis.a. What is Suzy’s capital account balance
Let’s look at both the facts and the spreadsheet from Problem 46. Consider the results if the partnership’s revenues were $100,000 instead of $150,000.a. What happens if you update the revenues
Assume the same facts as in Problem 42. Prepare Amy’s tax-basis capital account rollforward from the beginning to the end of the tax year. How does her capital account differ from her basis as
Assume the same facts as in Problem 42. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is she required
Assume the same facts as in Problem 40, with the following exceptions:• Reece purchased the land five years ago for $120,000. Its fair market value was $90,000 when it was contributed to the
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2015. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR’s gross receipts were
Continue with the facts presented in Problem 32. At the end of the first year, the LLC distributes $100,000 of cash to Sam. No distribution is made to Drew.a. Under general tax rules, how would the
Continue with the facts presented in Problem 32.a. Construct a balance sheet for SD LLC assuming that Drew’s services are completed immediately after forming SD. The balance sheet should reflect
Assume the same facts as in Problem 30, except that Mike sells his land to a third party for $100,000 and then contributes that cash to the partnership in addition to the original $40,000
Heather sells land (adjusted basis, $75,000; fair market value, $95,000) to a partnership in which she controls an 80% capital interest. The partnership pays her only $50,000 for the land.a. How much
Find a current article (not more than two years old) discussing tax inversions and the Regulations created to close this loophole. Send a one-page summary of the article to your professor.
Shelly Zumaya (2220 East Hennepin Avenue, Minneapolis, MN 55413) is the president and sole shareholder of Kiwi Corporation (stock basis of $400,000). Incorporated in 2006, Kiwi Corporation’s sole
Assume in Problem 28 that the land had a fair market value of $630,000 on the date of its transfer to the corporation. On the date of the liquidation, the land’s fair market value has decreased to
How is the four-column template in Concept Summary 20.3 used to determine a shareholder’s basis in the stock received in a corporate restructuring?
Close Corp. distributed cash and a parcel of land in a nonliquidating distribution to its sole shareholder. The following facts apply to this distribution:Item
Calvin owns 40% of the outstanding shares of Copernicus Corp., which has accumulated earnings and profits of $100,000 as of December 31, year 1. The outstanding shares not owned by Calvin are owned
How does a shareholder treat the gain on a redemption of stock that qualifies as a redemption to pay death taxes under § 303?a. As a tax-free transactionb. Partly as capital gain and partly as a
Compendium Corp. distributed cash and personal property to its sole shareholder. Considering the following facts, what is the amount of gain that would be recognized by Compendium as the result of
On January 1 of the current year, Quail Corp., an accrual-basis, calendar-year C corporation, had accumulated earnings and profits (E & P) of $20,000. On December 31 of the current year, Quail
At the beginning of the year, Crispin, a C corporation, had a deficit of $35,000 in accumulated earnings and profits (E & P). For the current year, Crispin reported E & P of $12,000. Crispin
As of December 31, 2017, Caledonia Corp. has taxable income of $150,000, which includes a $20,000 accelerated depreciation deduction; had straight-line depreciation been used, the deduction would
As of December 31, 2017, Hardy Corp. has net income per books of $120,000, which includes straight-line depreciation expense of $5,000. Hardy Corp. claimed accelerated depreciation of $15,000 for tax
As of December 31, 2017, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a deduction for business meals of $5,000, a deduction for a net capital
Candy Corp. is a C Corporation that began operations in year 1. Candy Corp.’s year 1 through year 3 taxable earnings and profits (E & P) are as follows:Year
Stock buy-back (redemption) programs are a frequent occurrence among publicly traded corporations. Using the internet as your sole research source, find at least six publicly traded corporations that
In July 2013, Windstream Corp. (Nasdaq: WIN), a Fortune 500 and S&P 500 company, made an announcement regarding the taxation of a recent distribution. It also made a projection regarding the
Your firm has a new individual client, Carla Navarro, who has been assigned to you for preparation of the current year’s tax return. Upon review of Carla’s tax returns from prior years, you
Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2017, its second year of operation.Taxable income
Assume the same facts as in Question 5, except that noncash property is distributed. What factors must be considered when determining how the distribution is treated for tax purposes by Orange
Kellye and Becky create Whoop! Shotz Corporation by contributing property with a fair market value of $50,000 and cash of $70,000, respectively. Each receives a 50% share in the company, which is
Kellye, Becky, and Emily formed Whoop! Shotz Corporation with the following contributions:Kellye ............................. $50,000 cashBecky ............................. $50,000 cashEmily
Kellye and Becky formed Whoop! Shotz Corporation by contributing property with a fair market value of $50,000 and $70,000 cash, respectively, each for a 50% ownership in the newly formed company.
Cynthia, a sole proprietor, was engaged in a service business and reported her income on the cash basis. In February of the current year, she incorporates her business as Dove Corporation and
Orange, Inc., a calendar year C corporation, has $800,000 of qualified production activities income (QPAI) and $950,000 of total taxable income in 2017. All of the QPAI was produced by Orange’s
Crimson Corp. was organized as a calendar year corporation in January 2017, incurring $51,000 in qualified organizational expenses, and began business in March 2017. What is the maximum amount
The following chart shows ownership percentages of Devon Corp. in X, Y, and Z Corporations and dividends received by Devon from these corporations in 2017.Devon is a calendar year corporation and
The following chart shows ownership percentages of Devon Corp. in X, Y, and Z Corporations and dividends received by Devon from these corporations in 2017. Devon's Ownership Percentage Dividend
Keckye Co. is a C corporation with a fiscal year-end of September 30. When is Keckye’s 2017 tax return due?a. March 15, 2018b. April 16, 2018c. December 15, 2017d. January 15, 2018
Keckye Co. is a calendar year C corporation. When is Keckye’s 2017 tax return due?a. March 15, 2018b. April 16, 2018c. June 15, 2018d. October 15, 2018
In general, what is the filing deadline for a C corporation?a. March 15b. April 15c. The 15th day of the 3rd month after year-endd. The 15th day of the 4th month after year-end
Tern Corporation, a calendar year C corporation, is solely owned by Jessica Ramirez. Tern’s only business since its incorporation in 2014 has been land surveying services. In Tern’s state of
In the current year, Azure Company has $350,000 of net operating income before deducting any compensation or other payment to its sole owner, Sasha. In addition, Azure has interest on municipal bonds
Using the facts of Problem 28, determine the 2016 end-of-year balance in Prance’s deferred tax asset and deferred tax liability balance sheet accounts.Problem 28Prance, Inc., earns pretax book net
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year:a. Compute the dividends received deduction for Crane Corporation.b. Compute the
Which of the following will increase a taxpayer’s alternative minimum taxable income (AMTI)? Personal Property Medical Expenses Exemption Тахes over 10% of AGI a. Yes Yes Yes b. Yes Yes No C. No
When an entity is responsible for paying the alternative minimum tax (AMT) due to adjustments related to the timing of income recognition, such as including the excess of market value over option
Use the Tax Stats function at www.irs.gov to determine how many C corporations incurred an AMT liability for the last tax year with complete data. What percentage of total corporate Federal income
In no more than four PowerPoint slides, summarize in graphic form the number of individuals who have been subject to the Federal AMT since 1990 and the dollars of AMT that have been collected from
Go to a tax blog and post a comment concerning one of the following items relative to individuals who are subject to the AMT.a. Interest deductions on vacation homes.b. Personal and dependency
In the current year, Redland Corporation’s regular tax liability was $28,000, and its AMTI was $232,000. Redland is not a small corporation, and this is not its first year of operations.a. Compute
Bonnie, who is single, reports a zero taxable income this year. Bonnie itemizes her deductions and takes the personal exemption. She reports positive AMT timing adjustments of $200,000 and other AMT
Farr is single, has no dependents, and does not itemize her deductions. She shows the following items relative to her current-year tax return.Bargain element from the exercise of an ISO (no
Pat, who is age 66 and single with no dependents, received a salary of $90,000. She reports interest income of $1,000, dividend income of $5,000, gambling winnings of $4,000, and interest income from
Gabriel, age 40, and Emma, age 33, are married with two dependents. They reported AGI of $110,000 for the year, including net investment income of $3,000 and gambling winnings of $2,500.They incurred
In 2017, Liza exercised an incentive stock option that had been granted to her in 2014 by her employer, White Corporation. Liza acquired 100 shares of White stock for the option price of $190 per
Calculate the 2017 AMT exemption amount for the following cases for a married taxpayer filing jointly, and for a married taxpayer filing separately. In addition, in an Excel formula, express your
In March 2017, Serengeti exercised an ISO that had been granted by his employer, Thunder Corporation, in December 2014. Serengeti acquired 5,000 shares of Thunder stock with a strike price of $65 per
The following facts apply to Eliot, an individual, in the current year:April 2: Sold shares of stock, purchased on April 1 of the previous year, for a $2,000 gainMay 15: Sold equipment used in
The following facts apply to Collins, an individual: In February of the current year, Hodge, who had owed a $5,000 personal debt to Collins for the past three years, declared bankruptcy. Collins sold
On January 15 of the current year, Kreutzer, an individual, received as an inheritance from Gladstone’s estate shares of stock worth $25,000. Gladstone had purchased the shares in June of the
Identify which of the following is a capital asset:I. A canvas painting of a portrait client, in the painter’s handsII. Depreciable fixtures in a business parking lotIII. Office supplies held by a
Your client, Alternate Fuel, Inc. (a regular corporation), owns three sandwich shops in the Philadelphia area. In 2014, the year Alternate Fuel incorporated, it acquired land on the outskirts of
Justin Stone was an employee of DataCare Services, Inc. His salary was $45,000 through November 10, 2016, when he was laid off. DataCare Services provided medical insurance for Justin and his family
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6789. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112.
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2015. The donor had purchased the property for $77,000 and had taken $77,000 of depreciation. Anna used the
Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2017. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary’s stock. The year 2017 is
Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2016. Phil does not work due to a disability, but he is a
Hilde purchased all of the rights to a patent on a new garden tool developed by a friend of hers who is an amateur inventor. The inventor obtained the patent rights, set up a manufacturing company to
During the year, Eugene had the four property transactions summarized on the next page. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. What are
Ike, a single taxpayer, is reassigned for his job and must move to a new state. While searching for a place to live, he encounters a person who is selling her home in order to move to Ike’s current
Shomit purchases 100 shares of stock in Classy Corporation for $500 in year 1. On December 20 of year 2, he purchases an additional 100 shares in the company for $400. On December 27 of year 2,
On July 1, 2016, Penelope gave Peter a gift of stock worth $9,000. Penelope had purchased the stock for $10,000 in 2014. On November 1, 2017, Peter sold the stock to an unrelated party for $8,500.
Uncle Ubb gave his nephew, Leroy Lamprey, a gift of stock worth $10,000. Uncle Ubb’s basis in the stock was $15,000. Leroy sold the stock to an unrelated party for $11,000. What amount of gain or
Stephen purchased a video game console five years ago for $500. In order to raise money for the “latest and greatest” console, Stephen sold his console for $100. Because of advances in

Showing 200 - 300 of 2126

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