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business
federal taxation

Questions and Answers of Federal Taxation

Bryce, a bank official, is 40 years old, unmarried and has no dependents. During 2018 he engages in the following activities and transactions:a. Being an avid fisherman, Bryce develops an expertise
Danielle Anderson, your client and a cash method taxpayer, works full -time at a music store located in a mall. She assists the manager in buying decisions, serves customers on the sales floor, and
LMNO Corporation was formed in 2010. Itreported net income (loss) over the 2009through 2016 tax years, before accounting for any net operating losses, as
Reid’s personal residence is condemned on September 12, 2017, as part of a plan to add two lanes to the existing highway. His adjusted basis is $300,000. He receives condemnation proceeds of
Which of the following statements is correct?a. A calendar year corporation must file its tax return no later than March 15 unless it requests an extension.b. A corporation is a legal
The Subchapter S status of a calendar year corporation is statutorily terminated on August 12, 2017. The Subchapter S status is deemed to be terminated on what date? What is the answer if the status
A calendar year corporation properly files a Subchapter S election on January 10, 2017. On what date is the election effective? What if the election were filed on June 1, 2017?
On what dates are estimated payments due for a calendar year corporation? What are the dates for a corporation with a fiscal year ending August 31?
For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2017,
Katlin contributes land to a partnership with a basis of $44,000 and a FMV of $56,000 in 2015. In 2017, when the FMV of the land is $58,000, the partnership distributes the land to Baily,
Styron is a partner in Styron, Lee, & Jane Partnership. Styron owned 25% from January 1, 2017 to June 30, 2017, when he bought Lee’s 25% interest. He owned 50% for the rest of the
Shelly contributed the following business assets to S&S Partnership on March 3, 2017:What is the basis in the equipment and the accounts receivable to S&S?a. Equipment $0; Accounts
Allie contributed the following business assets to ASW Partnership on August 1, 2017:What is the holding period for the building and the inventory to ASW Partnership?a. Building €“
Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the
Calvin purchased a 40% partnership interest for $43,000 in February 2015. His share of partnership income in 2015 was $22,000, in 2016 was $25,000, and in 2017 was $12,000. He made no additional
Zach contributed land with a FMV of $25,000 and a basis of $14,000 to a partnership on April 5, 2011. On June 6, 2017, the partnership distributed the land to Art, a partner in the same partnership.
After computing all tax preferences and AMT adjustments, Phillip and his wife Carmin have AMTI of $210,000. If Phillip and Carmin file a joint tax return, what exemption amount can they claim
Paul reported the following itemized deductions on his 2017 tax return. His AGI for 2017 was $65,000. The mortgage interest is all qualified mortgage interest to purchase his personal
Jacob is single with no dependents. During 2017, he has $48,000 of taxable income. He also has $28,000 of positive AMT adjustments and $12,000 of tax preferences. Jacob does not
Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which she treats as a vacation home. In April 2017, she borrowed $50,000 on a home
Alcott invested $20,000 for a 25% interest in a partnership (not a passive activity) on January 1, 2017. The partnership borrowed $100,000 (with full recourse to the partners) on January 15,
Arnold exercised an incentive stock option in 2014, acquiring 1,500 shares of stock at an option price of $80 per share. The FMV of the stock at the date of exercise was $110 per share. In 2016, the
Clay Company uses the completed contract method on a contract that requires 14 months to complete. The contract is for $750,000, and has estimated costs of $425,000. At the end of 2017, $210,000 of
Herbie is the owner of two apartment buildings. Following is information related to the two buildings:Date AcquiredTotal CostCost Allocated to LandBuilding A3/15/97$300,000$40,000Building
In 2017, Kirsten invested $20,000 for a 10% partnership interest (not a passive activity). The partnership has losses of $150,000 in 2017 and $250,000 in 2018. Kirsten’s share of the
William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2017 was $87,000. His AMT adjustments totaled $125,000 (with the exception of the
Carson had the following itemized deductions in 2017:State income taxes............................................$1,500Charitable contributions.....................................9,900Mortgage
In 2015, Jerry acquired an interest in a partnership in which he is not a material participant. The partnership was profitable until 2016. Jerry’s basis in the partnership interest at the beginning
Jackson invested $190,000 in a passive activity five years ago. On January 1, 2015, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000
Julia acquired passive Activity A in January 2013 and passive Activity B in July 2014. Until 2016, Activity A was profitable. Activity A produced a loss of $150,000 in 2016 and a loss of $150,000 in
Judy acquired passive Activity A in January 2012 and Activity B in July 2013. Until 2017, Activity A was profitable. Activity A produced a loss of $50,000 in 2017 and a loss of $75,000 in 2018. She
In 2017, And re contributed equipment with an adjusted basis of $20,000 and a FMV of $18,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrew’s
Bryce owns 200 shares of Basic Company stock that he purchased for $8,000 three years ago. On December 28, 2017, Bryce sold 100 shares of the stock for $2,500. On January 3, 2018, Bryce
On June 1, 2017, Nigel sells land (basis $55,000) to his son Ted for $40,000, the land’s fair market value on the date of the sale. On September 21, 2017, Ted sells the land to an unrelated
Daniel, who is single, purchased a house on May 15, 1994, for $115,000. During the years he owned the house, he installed a swimming pool at a cost of $24,000 and replaced the driveway at a cost
A taxpayer who sells her personal residence in 2017 may exclude some or all of the gain on the sale if the residence was owned and lived in fora. At least four years before the sale
On July 1, 2017, Andrea sold land held for investment to Taylor. Andrea’s land had a $300,000 basis and was subject to a $150,000 mortgage. Under the contractual agreement, Taylor will pay Andrea
On June 15, 2017, Allen sold land held for investment to Stan for $50,000 and an installment note of $250,000 payable in five equal annual installments beginning on June 15, 2017, plus interest at
Kyla owns a convenience store with an adjusted basis of $215,000 that was destroyed by a flood on August 15, 2017. Kyla received a check for $275,000 from her insurance company on January 10,
A warehouse with an adjusted basis of $250,000 was destroyed by a tornado on April 15, 2017. On June 15, 2017, the insurance company paid the owner $395,000. The owner reinvested $470,000
A warehouse with an adjusted basis of $125,000 was destroyed by a tornado on April 15, 2017. On June 15, 2017, the insurance company paid the owner $195,000. The owner reinvested $170,000
Lewis owns 200 shares of stock in Modlin Corporation. His adjusted basis for the stock is $180,000. On December 15, 2017, he sells the stock for $170,000. He purchases 200 shares of Modlin
Harold owns 130 shares of stock in Becker Corporation. His adjusted basis for the stock is $210,000. On December 15, 2017, he sells the stock for $180,000. He purchases 200 shares of Becker
On January 1, 2017, Myron sells stock that has a $50,000 FMV on the date of the sale (basis $75,000) to his son Vernon. On October 21, 2017, Vernon sells the stock to an unrelated party. In each of
Crystal owns 150 shares of Carson, Inc., stock that has an adjusted basis of $100,000. On December 18, 2017, she sells the 150 shares for FMV ($88,000). On January 7, 2018, she purchases 200 shares
Dominique is a manager for a regional bank. He is being relocated several states away to act as a temporary manager while a new branch is interviewing for a permanent manager. He will leave on May 1,
On February 1, 2017, a 39-year-old widow buys a new residence for $150,000. Three months later, she sells her old residence for $310,000 (adjusted basis of $120,000). Selling expenses
Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2017, and will be out of
Pedro sells investment land on September 1, 2017. Information pertaining to the sale follows:Adjusted basis.....................................$25,000Selling
Jessica’s office building is destroyed by fire on November 15, 2017. The adjusted basis of the building is $410,000. She receives insurance proceeds of $550,000 on December 12, 2017. a.
Carlton holds undeveloped land for investment. His adjusted basis in the land is $200,000, and the FMV is $325,000. On November 1, 2017, he exchanges this land for land owned by his son, who is 31
Sanjay purchased a single life annuity contract for $200,000. The contract will pay $15,000 per year beginning in 2017 for the remainder of his life and has an expected return of
Juanita, age 62, retired in 2017. During the year,she received distributions of $9,000 from her IRA. She made nondeductible contributions of $20,000 to the IRA in prior years and has never
Mark, who is single, must start making distributions from his pension plan beginning April 1, 2017. At the end of 2016 when Mark was 71 years old, the plan had a balance of $220,000. He will use a
Juan is single and retired on January 1, 2017 at age 62. He is entitled to receive monthly payments of $1,500 over his life from his employer’s qualified pension plan. The payments began
Vanessa and Martin file a joint return for 2017. They have one child age 12. They have combined AGIof $202,000 in 2017. What is their maximum permitted contribution to a Coverdell
Without regard to AGI limitations, what is the maximum contribution permitted to a Coverdell Education Savings Account in 2017?a. $500b. $2,000c. $5,500d. The lower of $5,500 or 100%
Refer to Question 15. How does the tax code attempt to remedy this seeming inequity?Data from 15Explain why self-employed taxpayers generally pay double the amount of FICA taxes that regular wage
Kerry is a partner in the Kerry, Davis, Smith & Jones Partnership. Kerry owned 25% from January 1, 2017 to June 30, 2017, when he bought Jones’s 25% interest. He owned 50% for the rest of the
Vickie is single and age 43. She reported AGI of $123,000 in tax year 2016. She is an active participant in her employer’s pension plan. What is the maximum Roth IRA contribution she can
Patrice is single and age 26. She reported AGI of $65,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum deductible Roth IRA
Jack is single and age 53. He reported AGI of $68,000 in 2017. He is an active participant in his employer’s pension plan. What is the maximum deductible IRA contribution he can make
Ed and Cathy, both under age 50, file a joint return. Neither is covered under an employer pension plan. Cathy earned compensation of $53,000 in 2017. Ed worked part-time and earned $1,200.
Terri is single and age 32. She reported AGI of $64,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum deductible IRA contribution she
Generous Corporation provides a SIMPLE plan for its employees. Under the plan, employees can contribute up to 6% of their salary and Generous Corporation will match each employee’s contribution up
Which of the following is true regarding SEPs?a. The plan cannot discriminate in favor of highly compensated employees.b. Deductible contributions cannot exceed the lower of 15% of the
Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What
A participant in a 401(k) plan under the age of 50 may contribute up to what amount in 2017?a.$5,500.b.$12,500.c.$18,000.d.$54,000.
A participant in a Keogh plan over the age of 50 may contribute up to what amount in 2017?a. $6,500.b. $24,000.c. The lower of $54,000 or 25% of earned income from self-employment.d.
Use the information from problem 62. Would your advice change if the fact(s) changed in each of the following independent instances? Why or why not?a. Jennifer cannot cash the CDs and would need
Terrance is age 71 and retired. Beginning in 2017, he must start taking minimum distributions from his IRA account that had a balance of $150,000 as of December 31, 2016. Make these three
Lance is single and has a traditional IRA into which he has made deductible contributions for several years. This year he changed employers and is now an active participant in his employer’s
Use the same information as in Problem 52. Answer the questions indicated, assuming that Ken is considering a SIMPLE plan.Data from Prob. 52Ken is a self-employed architect in a small firm with four
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has
Adam received a bonus of $4,400 from his employer. Which one of the following federal income withholding tax amounts is not in accordance with IRS rules regarding supplemental wage
A taxpayer with 2017 AGI of $160,000 has no income tax withholding and is required to pay estimated taxes. The taxpayer can avoid an underpayment penalty by payinga. At least 90% of the 2017
On January 2, 2017, Jane employed a part-time household worker in her home. She paid the household worker $350 per month for 2017. What amount of FICA tax is Jane required to record on Schedule
Carol works for ABC Company and earned $63,000 for the entire 2017 year. How much in FUTA tax is her employer required to withhold in her name? Assume that the employer receives the maximum
Employers pay a maximum federal unemployment tax of 6.0% on how much of an employee’s taxable wages for 2017?a. $1,800.b. $3,800.c. $5,800.d. $7,000.
Household employees are subject to FICA withholding if they are paid at least what amount during any calendar quarter in 2017?a. $1,500.b. $1,800.c. $1,900.d. $2,000.
A semiweekly schedule depositor’s payroll period ends and is paid on Friday, June 24. The depositor (employer) must deposit the federal taxes for this pay period on or beforea. The following
Lauer Company started its business on July 25, 2017. On August 11, it paid wages for the first time and accumulated a tax liability of $48,000. On Friday, August 18, it incurred a tax
An employer will prepare Schedule B of Form 941 under which circumstances?a. Line 12 on the Form 941 is less than $2,500.b. The employer is a semi-monthly depositor.c. The employer is a monthly
Dewoun has two jobs, and both employers withheld FICA tax. From his first job, he earned $102,100, and from his second job, he earned $28,200. How much can Dewoun claim as an additional
Carlos earned a total of $225,000 for 2017. How much in FICA tax will his employer be required to withhold in his name?a. $10,834.50.b. $11,148.90.c. $11,373.90.d. $12,029.10.
Adenike has two jobs and earned $ 110,000 from her first job and $20,000 from her second job. How much total FICA taxes will Adenike have withheld from her wages from working two jobs?a.
Erica earned $128,800 during 2017. How much will her employer withhold from her, in total, for FICA taxes?a. $9,069.60.b. $9,214.60.c. $9,741.00.d. $9,754.00.
Marla is married, is paid $2,565 semimonthly, and claims four withholding allowances. What is the amount of federal income tax withheld on Marla’s gross wages for the semimonthly period? Use the
Ely is single and is paid $1,190 per week and claims one allowance. What is the amount of federal income tax withheld on Ely’s gross wages for the week? Use the wage bracket table in the
Employees claim withholding allowances on Form W-4. Each withholding allowance claimed lowers their annual withholding base by what amount for calendar year 2017?a. $3,900.b. $3,950.c. $4,000.d.
Why are self-employed taxpayers allowed a deduction for self-employment tax in determining adjusted gross income (AGI)?
Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $750 per month. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else.
Baker Company is trying to determine how often it needs to deposit payroll taxes for calendar year 2017. The company made the following quarterly payroll tax deposits during the last two
Roberto’s salary is $129,600 in 2017. Roberto is paid on a semimonthly basis, is single, and claims one allowancea. What is Roberto’s federal tax withholding per pay period?b. What is Roberto’s
Henry, who earned $93,840 during 2017, is paid on a monthly basis, is married, and claims four allowances.a. What is Henry’s federal tax withholding for each pay period?b. What is Henry’s FICA
Martin is married and claims four exemptions on his W-4. What is his federal income tax withholding under the following conditions? Use the percentage method table in the Appendix to this chapter.a.
Allison is paid $1,325 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Use the percentage method table in the Appendix to this
Dwayne is single with one dependent. He enrolled in a qualified plan through the Marketplace at a cost of $4,200 per year. His household income was $40,000. The SLCSP premium is $4,700. What is
Thomas and Stephani are married with four qualifying children. Their AGI is $26,500. Calculate their EIC using the EIC formula.a. $6,318.b. $5,777.c. $5,616.d. $4,600.
Juan and Lydia both work, file a joint return, and have one qualifying child. They have AGI of $19,000. What is their EIC?a. $510.b. $3,400.c. $5,616.d. $10,000.

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