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business
federal taxation

Questions and Answers of Federal Taxation

Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facility and for 2018 and 2019 received their support from the following sources: a. Which persons are eligible to
Taylor, age 18, is a dependent of her parents. For 2019, she has the following income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from
Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold
Bob and Carol have been in and out of marital counseling for the past few years. Early in 2019, they decide to separate. However, because they are barely able to get by on their current incomes, they
Which of the following individuals are required to file a tax return for 2019? Should any of these individuals file a return even if filing is not required? Why or why not? a. Patricia, age 19,
Roy and Brandi are engaged and plan to get married. During 2019, Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable
Jayden calculates his 2019 income tax by using both the Tax Tables and the Tax Rate Schedules. Because the Tax Rate Schedules yield a slightly lower tax liability, he plans to pay this
Find a Federal or state proposal for a soda tax or sweetened beverage tax. Apply the AICPA’s Principles of Good Tax Policy to support your recommendation for or against the bill.
A friend of yours, who is a philosophy major, has overheard the conversation described in Problem 28 and declares that all tax research is “immoral.” She says that tax research enables people
For her tax class, Yvonne is preparing a research paper discussing the tax aspects of qualified stock options. Explain to Yvonne how she can research the provisions on this topic.
To locate an IRS Revenue Procedure that was issued during the past week, which source would you consult? a. Federal Register. b. Internal Revenue Bulletin. c. Internal Revenue
Two independent situations are described below. Each situation has future deductible amounts and/or future taxable amounts produced by temporary differences. The enacted state and Federal tax
Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences. The enacted state and Federal tax rate is
At the end of year 6, the tax effects of temporary differences reported in Tortoise Company’s year-end financial statements were as follows. A valuation allowance was not considered necessary.
Cavan Company prepared the following reconciliation between book income and taxable income for the current year ended December 31, year 1. Pretax accounting income
Parent, a domestic corporation, owns 100% of Block, a non-U.S. corporation, and Chip, a domestic corporation. Parent also owns 45% of Trial, a domestic corporation. Parent receives no distributions
Using the facts of Problem 10, determine the following. a. The 2019 end-of-year balance in Cortez’s deferred tax asset and deferred tax liability balance sheet accounts. b. The value to
Phillips, Inc., a cash basis C corporation, completes $100,000 in sales for year 1, but only $75,000 of this amount is collected during year 1. The remaining $25,000 from these sales is collected
Continue with the results of Problem 22. Prepare the GAAP journal entries for Phillips’s year 1 income tax expense. Data From Problem 22.Phillips, Inc., a cash basis C corporation, completes
Britton, Inc., an accrual basis C corporation, sells widgets on credit. Its book and taxable income for year 1 totals $60,000 before accounting for bad debts. Britton’s book allowance for
Identify whether each of the following items typically constitutes positive or negative evidence when a manufacturing entity assesses whether a valuation allowance is required or should be adjusted
LaceCo has adopted certain aggressive policies concerning its transfer pricing procedures. The entity estimates that it will reduce its Federal income tax liability by $400,000 as a result of these
On March 1 , 2018, Sara h entered into a three-year lease of an automobile used exclusively in her business. The automobile's FMV was $58,500 at the inception of the lease. Sarah made ten monthly
Woburn Corporation uses the calendar year as its tax year. Woburn purchases and places into service $1.7 million of depreciable property during 2018: You are working in Woburn's tax department and
Large Corporation acquired and placed in service the following 100% business-use assets. Large did not claim Sec. 179 or bonus depreciation expensing on any of these properties.• Truck (light-duty,
Turner Corporation uses the calendar year as its tax year. It purchases and places into service $1.97 million of property during 2018 to use in its business: What is Turner's total depreciation
Tampa Corporation sold the following assets in 2018: a. What is the depreciation deduction for each asset in 2018? b. Compute the gain or loss on each asset sold. Depreciation/ Cost- Recovery
Bobby's marginal tax rate has been low for several years because his sole proprietorship has had low profits. Therefore, he has not elected Sec. 179 expensing, elected out of bonus depreciation, and
How much of the following expenses are currently deductible by a cash basis taxpayer?a. Medical prescriptions costing $20 paid by credit card (medical expenses already exceed the 7.5% of AGI
Dana manages real estate and is a cash method taxpayer. She changes to the accrual method in 2019. Dana's business income for 2019 is $30,000 computed on the accrual method. Her books show the
Don owns equipment that he purchased several years ago for $400,000. Over the years he properly deducted $110,000 of depreciation. The depreciation will have to be recaptured as ordinary income on
Debbie owns a building with a basis of $300,000 and a holding period starting on May 10, 2006. Debbie exchanges the building for a building owned by Doug on July 23, 2018. Doug's building has a FMV
The Electric Corporation, a publicly held corporation, owns land with a $1,600,000 basis that is being held for investment. The company is considering exchanging the land for two assets owned by the
Edith, who has no other sales or exchanges and no nonrecaptured Sec. 1231 losses, sells three tracts of land that are used in her trade or business. Edith is single, and her taxable income is
At the beginning of 2018, Silver Corporation has a $95,000 capital loss carryforward from 2017. During 2018, the corporation sells land, held for four years, and realizes an $80,000 gain. Silver has
Dillion has taxable income of less than $300,000 without considering the $53,000 Sec. 1231 gain mentioned below, and he has a tax rate of 35%. He has $40,000 of net nonrecaptured Sec. 1231 1osses at
Arnie, a college student, purchased a truck in 2016 for $6,000. He used the truck 70% of the t ime as a distributor for the local newspaper and 30% of the time for personal use. The truck has a
Assume the same facts as in Problem 1:13-54 except the taxpayer is a corporate taxpayer with a 21% tax rate and answer the ten true-false questions. 1. Some or all of the gain on sale of #1 is
Glen, whose tax rate is 32%, sells each of the following assets for $200,000. Each case is an independent case. Sec. 1231 Ordinary Taxed Gain (Loss) Income at 32% at 25% at 20% at 15% Тахed
In 2012, Jack purchased undeveloped oil and gas property for $900,000 and paid $170,000 for intangible drilling and development costs. He elected to expense the intangible drilling and development
Ed operates a storage business as a sole proprietorship and owns the following assets acquired in 1999:Warehouse...........................................................$400,000Minus: Accumulated
Tony, who is single and 58 years old, is considering early retirement from his salaried job. He currently has $90,000 salary and also earns $50,000 profit from a consulting business. What advice
Brian and Jennifer are a married couple who believe they may be subject to the AMT this year. Currently, they calculate their alternative minimum taxable income (AMTI) to be $900,000.a. What is their
AMT Computation. William and Maria Smith are a married couple filing jointly. They have no children and report the following items in 2018:Taxable
In each of the following independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2018.)a. Brad and Bonnie are
Lou and Stella North are married, file a joint return, and have two dependent children in college, Phil and Jaci. Phil attends a State University in a neighboring state, and Jaci attends a State
Carolyn is unmarried and has one dependent child, age 6, who lived with her for the entire year. In 2018, she has income of $ 16,000 in wages and $6,000 of unearned income (none of which was
Latisha is an unmarried taxpayer, filing head of household. She has two dependent children (7-year-old twins) who lived with her all year. Her 2018 earned income was $18,600, her AGI was $22,700, and
Mike Webb, married to Nancy Webb, is employed by a large pharmaceutical company and earns a salary. In addition, Mike is an entrepreneur and has two small businesses on the side, both of which
Pedro Bourbone is the founder and owner of a highly successful small business and, over the past several years, has accumulated a significant amount of personal wealth. His portfolio of stocks and
Mike and Linda are a married couple who file jointly. They have three dependent children who are full-time students in 2018. Mike and Linda provided $8,000 of support for each child. Information for
Gus coaches several developing professional tennis players as an employee of the Central Tennis Training Camp (CTTC). In May 2018, his ex-girlfriend Teresa, (a tennis player former client), alleged
During 2018, Angela sustains serious injuries from a snow-skiing accident. She incurs the following expenses:Item
Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments are available to Dan
In 2018, Charla, a single taxpayer with no dependents, was severely hurt in a farm accident. Charla is 38 years old. The accident left Charla's legs 85% paralyzed. After incurring $14,000 of medical
During 2018, Doug incurs the following deductible expenses: $2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. Doug is 33,
During 2018, James, a single, cash method taxpayer incurred the following expenditures:Qualified medical expenses............................................$ 8,000Investment interest
Bonnie's charitable contributions and AGI for the four-year period are as follows: What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers
Tim and Monica Nelson are married, file a joint return, and are your newest tax clients. They provide you with the following information relating to their 2018 tax return:1. Tim works as a
On December 1, 2018, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates $5,000 to charity. She has no other itemized deductions. This year, she plans
Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2017, the IRS disallowed several business deductions he took in 2015 and 2016. In
In 2017, Mark purchased two separate activities. Information regarding these activities for 2017 and 2018 is as follows: The 2017 losses were suspended losses for that year. During 2018, Mark also
During the current year, Juan, a single individual, has AGI of $124,000 before taking into account any passive activity losses. He also actively participates and owns 100% of activity A, which is a
In 2018, Julie, a single individual, reported the following items of income and deduction: Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable
Jerry sprayed all of the landscaping around his business with a pesticide in June 2018. Shortly thereafter, all of the trees and shrubs unaccountably died. The FMV and the adjusted basis of the
Carmen has computed that her average tax rate is 16% and her marginal tax rate is 24% for the current year. She is considering whether to make a charitable contribution to her church before the end
Sally and Tom are married, have three dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their
The Bruin Corporation, a C corporation, is owned 100% by John Bean and had taxable income in 2018 of $500,000. john is also an employee of the corporation. In December 2018, t he corporation has
The PDQ Partnership earned ordinary income of $150,000 in 2018. The partnership has three equal partners, Pete, Donald, and Quint. Quint, w ho is single, uses the standard deduction, and has other
Latesha, a single taxpayer, had the following income and deductions for the tax year 2018: a. Compute Latesha's taxable income and federal tax liability for 2018 (round to dollars). b. Compute
Based on the amounts of taxable income below, compute the federal income tax payable in 2018 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable
Jill and George are married and file a joint return. They expect to have $425,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide
Betty, a married taxpayer, makes the following gifts during the current year (2018): $20,000 to her church, $100,000 to her daughter, and $40,000 to her husband. What is the amount of Betty's taxable
Clay, who was single, died in 2018 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
a. Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2018. They organized the business as a C corporation, KT, Inc. During 2018, the corporation was successful and
Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2018, the partnership reported the total items below (100%) on its Form 1065:Ordinary
The following information relates to two married couples: Compute the 2018 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore
Juan and Maria, who have two young children, are in the process of obtaining a divorce. Juan expects to have $250,000 of income each year while Maria expects to have $180,000 of income each year.
Georgia, a single taxpayer, operates a business that produces $100,000 of income before any amounts are paid to her. She has no dependents and no other income. She has itemized deductions of $18,000.
Gail is a wealthy widow whose husband died last year. Her dependent daughter lives with her for the entire year. Gail has interest income totaling $245,000 and she pays property taxes and home
Bala and Ann purchased as investments three identical parcels of land over a several-year period. Two years ago they gave one parcel to their daughter, Kim, who is now age 16. They have an offer from
In 2014, Harry and Mary purchased Series EE bonds, and in 2018 redeemed the bonds, receiving $500 of interest and $1,500 of principal. Their income from other sources totaled $30,000. They paid
USA Corporation hired Jesse to install a computer system for the company and paid him $8,000 for the work. USA soon realized that there were problems with the system and asked Jesse to refund the
Matt and Sandy reside in a community property state. Matt left home in April 2018 because of disputes with his wife, Sandy. Subsequently, Matt earned $15,000. Before leaving home in April, Matt
On January 5, 2018 Rita 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
Jangyoun is a married taxpayer with a dependent 4-year-old daughter. His employer offers a cafeteria plan under which he can choose to receive cash or, alternatively, choose from certain fringe
In 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
Pat was divorced from her husband in 2012. During the current year she received alimony of $18,000 and child support of $4,000 for her 11-year-old son, who lives with her. Her former husband had
Maria was planning to paint the interior of her apartment over a three-day weekend. Her employer asked her to work all three days and will pay her $600 overtime. She called a professional painter who
Sylvia, a dentist with excellent skills as a carpenter, started the construction of a house that she planned to give to her son as a surprise when he returned from Afghanistan, where he is serving in
Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20, 2017, when the stock had a $45,000 FMV. His uncle paid $30,000 for the stock on April12, 2002. The taxable
Trisha, who is single and has taxable income of $300,000, sells the following capital assets in 2018 with gains and losses as shown: a. Determine Trisha's increase in tax liability as a result of
On February 10, 2018, Gail purchases 20 calls on Red Corporation for $250 per call. Each call represents an option to buy 100 shares of Red stock at $42 per share any time before November 25, 2018.
Joe is a single, self-employed individual who owns his own business. During 2018, Joe reported $200,000 gross income and $60,000 of business expenses . He also paid $30,000 in alimony to his former
For 2018, Mario, a single individual wich no dependents, receives income of $55,000 and incurs deductible expenses of $9,000.a. What is Mario's taxable income assuming that the expenses are
In March 2018, Otter Corporation sends people to the state capital to lobby the legislature to build a proposed highway that is planned to run through the area where its business is located.a . If
During 2018, Kent, a 40-year-old single taxpayer, reports the following items of income and expense: The amounts above are before any limitations. What is Kent's taxable income for the year?
Sally is an attorney who computes her taxable income using the cash method of accounting. Sage Corporation, owned 40% by Sally's brother, 40% by her cousin, and 20% by her grandmother, uses the
Rachel Schurtz is a high school English teacher. In her spare time, she likes to make her own body lotion, lip gloss, and bath and shower gel. She uses the bath products herself and gives them to her
Emily is an interior decorator who does consulting work for several furniture stores. Additionally, she has been designing and creating rubber stamps for the past several years. She sells the stamps

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