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
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
AI Tutor
New
Search
Search
Sign In
Register
study help
business
south western federal taxation
Questions and Answers of
South Western Federal Taxation
In August 2018, the Treasury Department published proposed Regulations covering the so-called SALT workaround (see text Section 10-4a). Find the status of these proposed Regulations, and if
Find the most recent IRS Tax Statistics (irs.gov/statistics) report for Corporation Income Tax Returns. Based solely on this report, prepare an outline highlighting the top three industries based on
How do C and S corporations, partnerships, and limited liability entities compare in terms of aggregate business receipts? Construct a pie chart indicating the aggregate business receipts of C
On what form or attachment does a partnership report that it has made a § 754 election? Prepare such a form using the facts of Example 29 in the text.
Download Schedule M–3 and the accompanying instructions from the IRS website. The instructions provide several examples of adjustments that are reported on Schedule M–3. Select three of these
send your instructor a graph of the number of tax returns reporting UBI, and the UBIT collected from those returns, for the last 20 years. Use five-year intervals in your analysis.
Which of the following are requirements to be an S corporation?a. Limited to an absolute maximum of 100 shareholders.b. Has no resident alien shareholders.c. Has only one class stock.d. May have no
On March 2, 2018, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2017. He asks you if they can make a new S election now, in November 2018. Draft a memo
Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis holds a positive E & P balance. The entity elects S corporation
Lonergan, inc., a calendar year S corporation in Athens, Georgia. had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2018. During 2019, Lonergan, Inc., distributes $140,000 to its
Orange, Inc., a calendar year corporation in Calemson, South Carolina, elects S corporation status for 2018. The company generated a $74,000 NOL in 2017 and another NOL of $43,000 in 2018. Orange
Village Corp., a calendar year corporation, began business in year 1. Village made a valid S corporation election on December 5, year 4, with the unanimous consent of its shareholders. The
The Matthew Corporation, an S corporation, is equally owned by three Emily. Alejandra. and Kristina. The corporation is on the calendar year basis for tax and financial purposes. On April 1 of the
Unrelated business income (UBI):a. Includes unrelated income from an activity where all the work is performed by volunteers.b. Is not created if the activity results in a loss.e. Is l(X% taXal)Ic on
Which of the following is a false statement?a. An annual information return (Form 990) stating gross income, receipts, contributions, and disbursements is required of most exempt organizations that
Olinto, Inc., has taxable income (before special deductions and the net operating loss deduction) of $92,000. Included in that amount is $12,000 of interest and dividend income. Forty percent of
In which of the following cases will Federal law prohibit a state from imposing an income tax on net income?a. The business has a retail outlet store in the state.b. The business has its corporate
By the end of 2017, Klein, a domestic corporation, had accumulated $10 million in cash from the overseas operations of its Liberia subsidiary. Klein made no distributions of these accumulated funds
Velocity, Inc., a foreign corporation, earned $500,000 U.S. souce income from royalties that it collected, and $400,000 interest from its investment in U.S Treasury bonds. Compute Velocity's U.S.
A taxpayer presented her tax return preparer, Dev Powell, with documentation supporting income she had earned as an independent contractor. Although Powell knew that the taxpayers income should be
Which of the following is not required conduct for a preparer of an income tax return?a. Abide by lie tax Code and legally minimize the taxpayer’s tax liability.b. Verify that the information the
Elizabeth made taxable gifts of $3 million in 2017 and $14 million in 2018. She paid no gift Tax on the 2017 transfer. On what amount is the Federal gift tax computed for the 2018 gift?
In 2018. Christian wants to transfer as much as possible to his four adult married children (including spouses) and eight minor grandchildren without using unified transfer tax credit.a. How much can
In 2018. Noah and Sophia want to make a maximum contribution to their state’s qualified tuition program (§ 529 plan) on behalf of their minor granddaughter. Amanda, without exceeding the annual
During 2018. Vasu wants to take advantage of the annual exclusion and make gifts lo his 6 married children (including their spouses) and his 12 minor grandchildren.a. How much property can Vasu give
Using property she inherited. Myma makes a 2018 gift of $16.2 million to her adult daughter, Doris. Neither Myma nor her husband, Greg, has made any prior taxable gifts. Determine the gift tax
Fred and Amy KehI, both (U.S. citizens, are married. All of their real and personal property is owned by them as tenants by the entirety or as joint tenants with right of survivor-ship. The gross
Which of the following requires filing a gift tax return if the transfer exceeds the available annual gift tax exclusion?a. Medical expenses paid directly to a physician on behalf of an individual
Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $30,000 cash gift to his sister. The Briars made no other gifts in the year. They each
In its first tax year the Vasquez Estate generated $50,000 of taxable interest income and $30,000 of tax-exempt interest income. It paid fiduciary fees of $8,000. The estate is subject to a 40%
Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2018 tax year. The trustee accumulates all accounting income for the
For 2018. the Guess Trust retains all of its income items, which include only $100,000 of net investment income and $40,000 of profits from an active business operation. Guess incurs an additional
On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on January 1, year 1, with the remainder interest to go to his son. Olinto
Find the most recent IRS Tax Statistics (www.irs.gov/statistics) report for Corporation Income Tax Returns. Based solely on this report, prepare an outline highlighting the top three industries based
Prepare the 2015 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the
Harriet C. Harper, age 74, died as a result of an automobile accident on June 6, 2015. At the time of her death, Harriet lived at 1520 Marlin Drive, Clearwater, FL 33758. She was predeceased by her
James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia
John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303.
Ryan Ross (111-11-1112), Oscar Omega (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal active members in ROCK the Ages LLC. ROCK serves as agents and managers for
On February 12, 2003, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:• Kingfisher's business
On November 1, 2006, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:• Pet Kingdom's business
Carrie A. Morgan, age 45, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-11-1112.1. Carrie is a licensed hairstylist and
David R. and Sheri N. Johnson (ages 45 and 46) are married and live at 641 Cody Way, Casper, WY 82609. David is a consulting engineer, while Sheri is a paralegal. They file a joint return and use the
Which of the following conditions must be true for a trust to be a simple trust?I. The trust distributes all of its income to delegated beneficiaries every five years.II. The trust distributes all of
For 2016, the Wes Trust reports $100,000 of AMT income before the annual exemption. The AMT for the year is:a. $19,786.b. $21,308.c. $26,000.d. $28,000.
Identify the correct statement regarding the portability of a deceased spouse’s unused lifetime exclusion amount.a. It can be granted via an amended tax return of the surviving spouseb. It permits
During 2015, Mitchael, a single individual, made the following cash gifts:Alexandra used the money to pay for her medical expenses, whereas Kaila and Marinka used the money for personal purposes.
During 2015, Mitchael, a single individual, made the following cash gifts:Alexandra used the money to pay for her medical expenses, whereas Kaila and Marinka used the money for personal purposes.
Roger Crocker, a U.S. citizen, died on July 1, 2015, leaving an adjusted gross estate that included the following assets.Under the terms of Roger’s will, $3,400,000 of his personal property was
Which of the following conditions must be true for the executor to value the estate assets within six months after the decedent’s death?I. The value of the estate must not exceed $5,243,000II. The
Bizz, a cash-basis calendar-year taxpayer, died on August 14, 2015. The fair market alue of Bizz’s estate at date of death was $10,720,000. What amount of Bizz’s estate is effectively tax-free if
The IRS makes available several publications that can prove useful to those involved in the administration of estates. Retrieve and summarize three topics from each of the following documents.a.
Assume the same facts as in Problem 40 with the following modifications.• Mitch is killed in a rock slide while mountain climbing in November 2016, and the insurer pays Alicia’s estate
Assume the same facts as in Problem 40 with the following modifications.• Mitch is killed in a rock slide while mountain climbing in November 2016, and the insurer pays Alicia’s estate
In 2000 and with $5 million, Paul’s will creates a trust with the following provisions: life estate to Jacob (Paul’s son) and remainder to Anastasia (Paul’s granddaughter and Jacob’s
Matthew owns an insurance policy (face amount of $500,000) on the life of Emily, with Lily as the designated beneficiary. If Emily dies first and the $500,000 is paid to Lily, how much as to this
In 2016, Noah and Sophia want to make a maximum contribution to their state’s qualified tuition program (Code § 529 plan) on behalf of their minor granddaughter, Amanda, without exceeding the
In each of the following independent situations, indicate whether the transfer is subject to the Federal gift tax.a. Asa contributes to his mayor’s reelection campaign fund. The mayor has promised
Indicate whether each of the following statements is true or false.a. The government never pays a taxpayer interest on an overpayment of tax.b. The IRS can compromise on the amount of tax liability
You overhear Matheus say, “I am so glad to be divorced from my cheating wife Larissa. She keeps two sets of books in her design business, and I wish the IRS would find out about it.” Is Matheus a
The board of directors of White Pearl, Inc., a private foundation, consists of Charlyne, Beth, and Carlos. They vote unanimously to provide a $500,000 grant to Carlos. The grant is to be used for
Using the following information from the books and records of Grande Corporation, determine Grande’s total sales that are subject to State C’s sales tax. Grande operates a retail general store.
Kim Corporation, a calendar year taxpayer, operates manufacturing facilities in States A and B. A summary of Kim’s property holdings follows.Determine Kim’s property factors for the two states.
Assume the same facts as in Problem 31, except that both states employ a three-factor formula, under which sales are double-weighted. The property factor in A is computed using historical cost, while
Use Exhibit 24.1 to compute Balboa Corporation’s State F taxable income for the year.Exhibit 24.1:
What is the due date for an exempt organization’s annual information return?a. The 15th day of the second month after the organization’s year-end.b. The 15th day of the third month after the
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
Gray, Inc., a private foundation, reports the following items of income and deductions. Gray is not eligible for the 1% tax rate.a. Calculate Gray’s net investment income.b. Calculate Gray’s tax
Shane and Brittany each are a treasurer for a § 501(c)(3) exempt organization. Neither exempt organization is a church. Each year, Shane’s exempt organization files a Form 990 while Brittany’s
Define the following with respect to unrelated debt-financed property.a. Debt-financed income.b. Debt-financed property.c. Acquisition indebtedness.
Define the following with respect to unrelated debt-financed property.a. Debt-financed income.b. Debt-financed property.c. Acquisition indebtedness.
As of January 1, 2015, Kirk owned all 300 shares of Cork, Inc., a calendar year S corporation. On September 1, 2015 (243 days after January 1), Kirk sold 50 shares each to Steve and Moe and kept the
Zana Corp is a calendar year S corporation. Pack Corp, a C corporation, became a shareholder in Zana on September 4, 2015 (the 247th day of the calendar year). During 2015, Zana reported
An S corporation’s revocation statement is effective if it is signed by shareholders owning:a. More than 50% of S corporation’s voting stock only.b. 50% or more of S corporation’s voting stock
Alice owns 100 percent of Medical Data, a C corporation, and 100 percent of Your Realtors, an S corporation. She worked full time for Medical Data (i.e., she materially participated in the entity),
Assume the same facts as in Problem 40, except that Jeff’s share of corporate taxable income is only $8,000 and there is no cash distribution. However, the corporation repays the $10,000 loan
Assume the same facts as in Problem 40, except that Jeff’s share of corporate taxable income is only $8,000 and there is no cash distribution. However, the corporation repays the $10,000 loan
Assume the same facts as in Problem 40, except that Jeff’s share of corporate taxable income is only $8,000 and there is no cash distribution. However, the corporation repays the $10,000 loan
Assume the same facts as in Problem 40, except that Jeff’s share of corporate taxable income is only $8,000 and there is no cash distribution. However, the corporation repays the $10,000 loan
Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2016. During 2017, Lonergan, Inc., distributes $140,000 to its
The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders From supplemental data, you obtain the following information
The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders From supplemental data, you obtain the following information
Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis holds a positive E & P balance. It elects S corporation status
One of your clients is considering electing S status. Texas, Inc., is a six-year-old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2016, Texas has a
One of your clients is considering electing S status. Texas, Inc., is a six-year-old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2016, Texas has a
Pettifog Partnership distributes cash of $20,000, hot assets worth $5,000, and a parcel of land in a proportionate liquidating distribution to Gupta, a partner. The hot assets have a basis of $0 to
Perry Partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to Gupta, a partner. The land had a fair market value of $50,000 and an inside basis of $52,000 at the
Cadwallader has had a 30% interest in C&C Associates, a partnership, since 2009. In 2016, the partnership is liquidated. The partnership’s only assets at the time of liquidation are $50,000 in cash
Brooke, Baker, and Bulstrode own 25%, 25%, and 50% interests, respectively, in the B&B Partnership. B&B is a cash basis tax entity with the following balance sheet:Assume that liabilities are
Pelican Partnership makes a current distribution to Prabhakar, consisting of $30,000 in cash and capital assets worth $10,000 (partnership basis $8,000). Immediately prior to the distribution,
Preakness Partnership makes a current distribution to Prasad, consisting of $30,000 in cash, land with a fair market value of $50,000 (partnership basis $55,000), and inventory with a fair market
Which of the following lists of distributed assets shows the proper order in which these assets should be accounted for in a partnership distribution having a total inside basis exceeding the outside
Catherine has a $100,000 basis in her partnership interest. On April 28 of the current tax year, the partnership distributes to her cash of $32,000, cash basis receivables with an inside basis of $0
Catherine has a $100,000 basis in her partnership interest. On April 28 of the current tax year, the partnership distributes to her cash of $32,000, cash basis receivables with an inside basis of $0
During formation of Beecky partnership, Sam contributed property with an adjusted basis of $130,000 in exchange for a 25% interest in Beecky. The fair market value of the contributed property was
Osha, a cash basis calendar year partnership, began business on April 1, 2016. Osha incurred and paid the following during 2016: Legal work associated with formation of the partnership $15,260
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, 2016. Prairee’s 2016 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, 2016. Prairee’s 2016 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
Showing 1 - 100
of 2915
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last