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south western federal taxation

Questions and Answers of South Western Federal Taxation

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
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, 2016, 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
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 is (are) correct about the holding period of the property acquired by a partnership as a contribution to the contributing partner’s capital account?I. The holding period
In each of the following independent liquidating distributions in which the partnership also liquidates, determine the amount and character of any gain or loss to be recognized by each partner and
Assume the same facts as in Problem 52. 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 50. Assume that Burgundy, Inc.’s annual guaranteed payment is increased to $120,000 starting on January 1, 2017, and the LLC’s taxable income for 2016 and 2017
Assume the same facts as in Problem 47, 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 47, 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 47, 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
Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general partnership). Anna contributed land and a building valued at $640,000 (basis
Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general partnership). Anna contributed land and a building valued at $640,000 (basis
How would your answers in Problem 45 change if partnership revenues were $100,000 instead of $150,000?Data From Problem 45:The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is
The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is $20,000 at the beginning of the tax year. Lisa’s basis is $16,000 at the beginning of the year. Assume that partnership
Cerulean, Inc., Coral, Inc., and Crimson, Inc. form the Three Cs Partnership on January 1 of the current year. Cerulean is a 50% partner, and Crimson and Coral are 25% partners. For reporting
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2014. 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
Sam and Drew are equal partners in SD LLC formed on June 1 of the current year. Sam contributed land that he inherited from his uncle in 2008. Sam’s uncle purchased the land in 1983 for $30,000.
Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. In 2016, the LLC generates $80,000 of ordinary taxable income. Enercio
What is the difference between the definition of a proportionate nonliquidating distribution and a proportionate liquidating distribution? What is the significance of the word proportionate?
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 Corp.
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, 2016, 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, 2016, 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, 2016, 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
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
Kellye, Becky, and Emily formed Whoop! Shotz Corporation with the following contributions:Kellye $50,000 cashBecky $50,000 cashEmily
Identify two publicly traded corporations that have issued more than one class of stock to their shareholders. Was the issuance of the additional classes of stock part of the original incorporation,
Identify two publicly traded corporations that have issued more than one class of stock to their shareholders. Was the issuance of the additional classes of stock part of the original incorporation,
Crimson Corp. was organized as a calendar year corporation in January 2016, incurring $51,000 in qualified organizational expenses, and began business in March 2016. 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 2016.Devon is a calendar-year corporation and
Identify which of the following cannot function as a pass-through entity for tax purposes.a. Sole proprietorshipb. Limited liability companyc. Partnershipd. S corporation

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