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business
federal taxation

Questions and Answers of Federal Taxation

ln October 2010, Jose acquired 100% of Acorn Corporation common stock by transferring property with an adjusted basis of $1,000,000 and fair market value of $4,000,000. Acorn is a qualified small
On January 5, 2019 Rica left the United States for Germany, where she had accepted an appointment as vice president of foreign operations.Her employer, USA Corporation, told her the assignment would
Stan rented an office building to Clay for $3,000 per month. On December29, 2018, Stan recei\•ed a deposit of $4,000 in addition to the first and last months' rent.Occupancy began on January 2,
Series EE Bond Interest In 2015, Harry and Mary purchased Series EE bonds, and in 2019 redeemed the bonds, receiving $500 of interest and $1,500 of principal. Their in-come from other sources totaled
Gail and her husband have a son when her husband dies unexpectedly on January 1, 2019. Gail asks you, her tax professional, how her husband's death affects her taxes. Determine Gail's income tax each
Virginia is a cash-basis, calendar-year taxpayer. Her salary is $90,000, and she is single. She plans to purchase a residence in 2020. She anticipates her property taxes and interest will total
Mike and Linda are a married couple who file jointly. They have three dependent children who are full-time students in 2019. Mike and Linda provided $8,000 of support for each child. Information for
Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a pan-time job and $10,400 of taxable interest from bonds she inherited. Determine Lucy's taxable income and tax.
Filing Status. For the following independent situations, determine the filing status for the years in question.a. Wayne and Celia had been married for 24 years before Wayne died in an accident in
Which of the following taxpayers must file a 2019 return?a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of selfemployment income.b. Berry, age 67 and single, has a taxable
Bill and Mary plan to marry in December 2019. Bill's salary is $105,000 and he owns his residence. His itemized deductions total St 9,000. Mary's salary is $86,000. Her itemized deductions total only
John and C:irole file a joint return and have three children: Jack, age 23; David, age 20; and Kristen, age 15. All three children Live at home the entire year. Below is information about each of the
The following information relates to two married couples: Compute the 2019 tax due or refund due for each couple. Assume char any restrictions on itemized deductions have been applied. Ignore
Interest and Penalties. In 2018, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal
Howard Gartman is a 40% partner in the Honon & Gartman Parmership. During 2019, the parmership reponed the roral irems below (100%) on irs Form 1065:Ordinary income …………….
a. Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2019. They organized the business as a C corporation, KT, Inc. During 2019, the corporation was successful and
Clay, who was single, died in 2019 and has a gross estate valued at $8,500,000. Six months after his death, the gross assets are valued at $9,000,000. The estate incurs funeral and administration
Gift Tax. Berry, a married taxpayer, makes the following gifts during the current year (2019): $20,000 to her church, $100,000 co her daughter, and $40,000 to her husband.What is the amount of
Tax Rates. Based on the amounts of taxable income below, compute the federal income tax payable in 2019 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount
Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and
The PDQ Partnership earned ordinary income of $150,000 in 2019. The partnership has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses the standard deduction, and has other
The Brum Corporation, a C corporation, is owned 100% by john Bean :ind had taxable income in 2019 of $500,000. John is also an employee of the corporation. In December 2019, the corporation has
Sally and Tom are married, have three dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their
Flying Gator Corporation and its 100%-owned subsidiary, T Corporation, have filed consolidated tax returns for many years. Both corporations use the hybrid method of accounting and the calendar year
Health wise Medical Supplies Company is located at 2400 Second Street, City, ST 12345. The company is a general partnership that uses the calendar year and accrual basis for both book and tax
Stephen R. and Rachel K. Bates, both U.S. citizens, resided in Country K for the entire current year except when Stephen was temporarily assigned to his employer’s home office in the United States.
John Lawrence Bailey is employed in Country T by American Conglomerate Corporation. Bailey has resided with his wife and three children in Country T for seven years. He made one five-day business
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,
Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2016:Sales (less returns and
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
Permtemp Corporation formed in 2015 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of
Jim Sarowski (SSN 000-00-2222) is 70 years old and single. He received Social Security benefits of $16,000. He works part-time as a greeter at a local discount store and received wages of $7,300.
Mark Meadows funded a trust in 2004 with Merchants Bank named as trustee. He paid no gift tax on the transfer. The trustee in its discretion is to pay out income, but not principal, to Mark?s
Sally W. Emanual had the following dividends and interest during the current year:Acorn Corporation bond interest............................................ $ 700City of Boston bonds
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,
Given the following information for Jane Cole, complete Schedule D of Form 1040 through Part III.Stock options, which she purchases on February 14 of the current year for $850, expire on October 1.On
Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave’s Social Security number is 111-11-1111.
Lyle and Kaye James are married, have two minor children, Jessica, age 8 and Jerron, age 4, and are filing a joint tax return in the current year. They are both employed. Lyle and Kaye, ages 38 and
Scarlet Furniture Corporation, an accrual-method taxpayer, retails custom office furniture. On January 1 of the current year, Peter Marlin and John Tanner incorporated Scarlet Furniture Corporation.
Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kelly’s Social Security number is 111-11-1111 and Chanelle’s is 222-22-2222. The Chambers
Heather and Nikolay Laubert are married and file a joint income tax return. Their address is 3847 Jackdaw Path, Madison, WI 58493. Nikolay’s Social Security number is 000-00-1111, and Heather’s
Kara and Brandon Arnold are married and file a joint return. Their Social Security numbers are 000-00-1111 and 000-00-2222, respectively. Kara and Brandon have one son, Henry, age 3. His Social
In 2016, Micah Johnson (SSN 000-22-1111) is employed as a manager and incurs the following unreimbursed employee business expenses:Airplane and taxi fares …………………………………..$
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2016 income tax return based on the
Using the facts in Problem I:10-48 for John and Ellen Brite, complete their 2016 Form 1040, Schedules A, C, and SE, and Forms 4562 and 4797.Data from Problem I:10-48John and Ellen Brite (SSN
Barbara B. Kuhn (SSN 987-65-4321) purchases a fourplex on January 8, 2013, for $175,000. She allocates $25,000 of the cost to the land, and she deducts MACRS depreciation totaling $16,364. Barbara
On October 29, 2016, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2007, for $85,000. She spent $12,000 for capital
At the beginning of 2016, 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
Julie Hernandez is single and has no dependents. She operates a dairy farm and her Social Security number is 000-00-1111. She lives at 1325 Vermont Street in Costa, Florida. Consider the following
Len and Christy Vole, ages 42 and 39 respectively, are married and file jointly in 2016. Len is a contractor operating as a sole proprietorship (EIN 11-1111111).Christy is employed, earning $24,000
King Corporation, an accrual method taxpayer, reports the following results for 2016:Regular taxable income before regular tax NOL deduction …………… $800,000Minus:
Bottle-Up, Inc., was organized on January 8, 2007, and made its S election on January 24, 2007. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street,
Refer to the facts in Tax Form/Return Preparation Problem C:9-58. Now assume the company is an S corporation rather than a partnership. Additional facts are as follows:Drs. Bailey and Firth formed
Use the information shown below to prepare a 2016 gift tax return (Form 709) for Joel Bruton. Pages 4 and 5 of the form are not applicable. Joel and his wife Janis, both U.S. citizens, want to elect
Ned Norris, a widower, engaged in the transactions described below during 2016. He made only one earlier taxable gift, $1.2 million in 2014. Use this information to prepare a 2016 gift tax return
Prepare an estate tax return (Form 706) for Marcia Miller, who died July 23, 2016. Marcia (born April 2, 1930) resided at 117 Brandywine Way, Eastern City, PA 19000 and was a lifelong Pennsylvania
Prepare an estate tax return (Form 706) for Adam Zugg of 45 Cornfield Place, Midwest City, IL 60000. Adam died October 31, 2016. He was survived by his wife, Callie, and their son, Zebulon. At the
Marion Mosley created the Jenny Justice Trust in 2005 with First Bank named as trustee. For 20 years, the trust is to pay out all its income semiannually to the beneficiary, Jenny Justice. At the end
In 2014, Leon Lopez funded Lopez Trust #3, an irrevocable trust, at First Bank, 125 Seaview, Northwest City, WA 98112, for the benefit of his twin children, Loretta and Jorge. The trust?s tax ID
Aida Petosa (SSN 123-45-6789) is the 12-year-old daughter of Alfredo Petosa (SSN 987- 65-4321). Her only income is $2,800 of interest on savings. Alfredo qualifies as a head of household, and his
John R. Lane (SSN 111-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100% of his cousin’s support. The cousin lives in Arizona. He
Find a blog posting or discussion thread with comments from tax professionals about Federal income tax consequences that occur when a business converts from an LLC to an S corporation or when a C
Identify three states considered to be in the same economic region as your own. a. For each of the three states and your own state, answer the following questions, creating a table with your
Locate data on the size of the international economy, including data on international trade, foreign direct investment of U.S. firms, and investments in the United States by foreign firms. Useful
For your analysis, choose 10 countries, one of which is the United States. Create a table showing whether each country applies a worldwide or territorial approach to international income taxation.
Find the text of various tax treaties currently in force in the United States. In an e-mail to your instructor, address the following items. a. How does the U.S. income tax treaty with Germany
Publicly traded corporations reacquire their own shares for various reasons. Through the use of a tender offer, a corporation can purchase a substantial percentage of the company’s stock. Prepare
Write an e-mail query to two tax consultants who practice in your state. Ask each for an example or two of a constructive dividend that a client recently paid. Give your instructor copies of your
Find the audited financial statements of five major U.S. corporations, each in a different operating industry (e.g., manufacturing, energy, financial services, health care). a. Compute the
From the IRS Tax Stats website, determine the number of individuals who report tax-exempt interest income on their tax return and the amount of that exempt income. Find this information for
Choose one of the so-called FAANG stocks (i.e., Facebook, Apple, Amazon, Netflix, Google/Alphabet). Using data that you find at EDGAR or the company website, provide the following information for the
Locate summary financial information for two companies in the same industry. Compare and contrast the following items across the two companies: debt-to-equity ratio, return on assets, shareholder
Locate the financial statements of three different companies. Review the income tax footnote information on deferred tax assets (DTAs) and deferred tax liabilities (DTLs). Create a schedule that
Metro builds and operates traditional shopping malls. It holds a $25 million deferred tax asset relating to credit carryforwards at the state, local, and Federal levels. No valuation allowances
Find one instance of each of the following using a nonsubscription site on the Web or an online library at your school. In an e-mail to your professor, give a full citation for the document and
Refer to Problem C:14-42. How would your answer change if instead the trust were a complex trust that makes no distributions in 2017 and 2018? Assume the trust earns $8,000 of corporate bond interest
Joy died on November 5, 2018. Soon after Joy's death, the executor discovered the following insurance policies on Joy's life. Joy transferred ownership of policies 757 and 848 to her son in 2009.
In December 2015, Jody transferred stock having an $8,114,000 FMV to her daughter Joan. Jody paid $1,068,000 ($3,185,800- $2,117,800) of gift taxes on this transfer. When Jody died in January 2018,
On January 30, 2018, Amy sells land to Bob for a stated price of $200,000. The full $200,000 is payable on January 30, 2020. No interest is stated. Amy, a cash-method taxpayer, purchased the land in
The Madison Corporation paid $3,000 for several acres of land in 1994 to use in its business. The land is condemned and taken by the state in March 2018. The company receives $25,000 from the state.
Raquel owns land used in her trade or business for more than one year. The basis is $10,000 and its FMV is $40,000. Her tax rate is 32% and her AGI is $250,000. She makes no other charitable
Yolanda and Xavier, spouses, have four adult children, Andy, Betty, Cathy, and Danny. In 2018, they made a number of gifts. Yolanda gave Andy cash of $40,000 and Betty stock valued at $60,000. Xavier
Janet (who has made no taxable gifts) is considering transferring assets valued at $16 million to an irrevocable trust (yet to be created) for the benefit of her son, Gordon, age 15, with Farmers
Frank, Greta, and Helen each have a one-third interest in the FGH Partnership. On December 31,2017, the partnership reported the following balance sheet: The partnership placed Asset 1 (seven-year
Sarah, a married taxpayer who files a joint return, is considering a foreign assignment for two years. In 2018, she will earn $120,000 in the foreign country. Sarah has no other income. She will be
Alice is a single mother, 37 years old, and has two qualifying children, ages 3 and 6. In 2018, she earns $20,000 in wages resulting in $20,000 of AGI. Is Alice eligible for the earned income credit?
Randall and Dianne Wall live in St. Louis, Missouri. Randall and Dianne are each 30 years old, neither smokes, and they have no children or other dependents. Randall is attending law school full time
Organizational Forms Available. Lucia, a single taxpayer, operates a florist business. She is considering either continuing the business as a sole proprietorship or reorganizing it as either a C
a. Given the nursery's operating prospects, what business forms might Paula and Mary consider and why?b. In light of their proposed use of debt and equity, how might Paula and Mary structure a
Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:• For the current year, Water reports an $80,000 long-term capital loss
In the current year, Sedgwick Corporation has $100,000 of current and accumulated E&P. On March 3, Sedgwick distributes to its shareholder Dina a parcel of land (a capital asset) having a $56,000
On May 10 of the current year, Stowe Corporation distributes to its shareholder Arlene $20,000 in cash and land (a capital asset) having a $50,000 FMV. The land has a $15,000 adjusted basis (for both
On May 15 of the current year, Quick Corporation distributes to its shareholder Calvin a building having a $250,000 FMV and used in Quick's business. The building originally cost $180,000. Quick
During the current year, Zeta Corporation distributes the assets listed below to its sole shareholder, Susan. For each asset listed, determine the gross income recognized by Susan, her basis in the
Scott and Lynn Brown each own 50% of Benson Corporation stock. During the current year, Benson made the following distributions to its shareholders: Benson had E&P of $250,000 immediately
Len Wallace contributed assets with a $100,000 adjusted basis and a $400,000 FMV to Ace Corporation in exchange for all of its single class of stock. The corporation conducted operations for five
On January of the current year, Becky (20%), Chuck (30%), and Dawn (50%) are partners in the BCD Partnership. During the current year, BCD reports the following results. All items occur evenly
Clark sold securities for a $50,000 short-term capital loss during the current year, but he has no personal capital gains to recognize. The C&L General Partnership, in which Clark has a 50%
Which of the following itemized deductions are deductible when computing the alternative minimum tax for individuals?a. Charitable contributionsb. Mortgage interest on a loan used to acquire a

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