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south-western federal taxation 2022 individual income taxes

Questions and Answers of South-Western Federal Taxation 2022 Individual Income Taxes

During 2021, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as
Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facility and for 2020 and 2021 received their support from the fol - lowing sources:a. Which persons are eligible to claim
Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income: $6,000 wages from a summer job, $800 interest from a money market account, and $300 interest from
Walter and Nancy provide 60% of the support of their daughter (age 18) and son-in-law (age 22). The son-in-law (John) is a full-time student at a local university, and the daughter (Stella) holds
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents
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
Which of the following individuals are required to file a tax return for 2021? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age 19, is a
Sarah and Brandi are engaged and plan to get married. During 2021, Sarah is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable
In each of the following independent situations, determine Winston’s filing status for 2021. Winston is not married.a. Winston lives alone, but he maintains a household in which his parents live.
Christopher died in 2019 and is survived by his wife, Chloe, and their 18- year-old son, Dylan. Chloe is the executor of Christopher’s estate and maintains the household in which she and Dylan
Nadia died in 2020 and is survived by her husband, Jerold (age 44); her married son, Travis (age 22); and her daughter-in-law, Macy (age 18). Jerold is the executor of his wife’s estate. He
Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2021, Paige earned $3,900 pet
Terri, age 16, is a dependent of her parents. During 2021, Terri earned $5,000 in interest income and $3,000 from part-time jobs.a. What is Terri’s taxable income?b. How much of Terri’s income is
During 2021, Inez (a single taxpayer) had the following transactions involving capital assets:Gain on the sale of unimproved land (held as an investment for 3 years) $ 6,000Loss on the sale of a
During 2021, Chester (a married taxpayer filing a joint return) had the following transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at
Each year, Tom and Cindy Bates normally have itemized deductions of $22,000 (which includes a $4,000 pledge payment to their church). On the advice of a friend, they do the following: in early
Compare and contrast the economist’s concept of income with the concept employed in measuring taxable income.
Hana lost her job when her employer moved its plant. During the year, she collected unemployment benefits for three months, a total of $1,800. While she was waiting to hear from prospective
On December 29, 2021, an employee received a $5,000 check from her employer’s client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30,
Which of the following is taxable as gross income?a. Child support received based on a divorce agreement executed in 2015.b. Alimony received based on a divorce agreement executed in 2015.c. Child
A taxpayer is considering two alternative investments. A Series EE U.S. government savings bond accrues 3.5% interest each year. The bond matures in three years, at which time the principal and
Rex purchased a 30% interest in a partnership for $200,000. In 2021, the partnership generated $400,000 of taxable income and Rex withdrew $100,000. In 2022, the partnership earned $600,000 of
Patrick and Eva are planning to divorce in 2021. Patrick has offered to pay Eva $12,000 each year until their 11-year-old daughter reaches age 21. Alternatively, Patrick will transfer to Eva common
Connor purchased an annuity that was to pay him a fixed amount each month for the remainder of his life. He began receiving payments in 2004, when he was 65 years old. In 2021, Connor was killed in
Carlos is retired and receives Social Security benefits. During the year, Carlos appeared on a television game show and won $5,000. By how much will the prize increase his gross income?
In January 2021, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2021. a. Is Sonja subject to the FBAR reporting
On January 1, 2021, Kunto, a cash basis taxpayer, pays $46,228 for a 24-month certificate of deposit. The certificate is priced to yield 4% (the effective interest rate) with interest compounded
Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2021,
Al is a medical doctor who conducts his practice as a sole proprietor. During 2021, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in
Selma operates a contractor’s supply store. She maintains her books using the cash method. At the end of 2021, her accountant computes her accrual basis income that is used on her tax return. For
Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2021, the company repaired Samuel Mosley’s car and charged him
Determine the effects of the following on a cash basis taxpayer’s gross income for 2021 and 2022:a. On the morning of December 31, 2021, the taxpayer received a $1,500 check from a customer. The
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2021 gross income:a.
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company’s 2021 gross income
Freda is a cash basis taxpayer. In 2021, she negotiated her salary for 2022. Her employer offered to pay her $21,000 per month in 2022 for a total of $252,000. Freda countered that she would accept
Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy receives a salary of $60,000 per year. He also receives a bonus equal to 10% of all collections from
Imani and Doug were divorced on December 31, 2021, after 10 years of marriage. Their current year’s income received before the divorce was as follows: Determine Imani’s and Doug’s separate
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2021. What should be the tax consequences to Nell and Kirby if the following, considered individually,
Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2021, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2022, he borrowed an additional $10,000.
Herbert was employed for the first six months of 2021 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal
Linda and Don are married and file a joint return. In 2021, they received $12,000 in Social Security benefits and $35,000 in taxable pension benefits and interest. a. Compute the couple’s
Daniel B. Butler and his spouse Freida C. Butler file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan’s Social Security number is 111-11-1112, and Freida’s is
Use congress.gov or another reliable website to find a proposal for a carbon tax or a financial transactions tax. Draft a summary of the tax, and analyze it against five of the AICPA’s principles
Jane, a tax practitioner, has reviewed the law on how a certain state’s income tax applies to a client’s web-based consulting business but is unable to reach a conclusion for which she has a high
The Adams Independent School District wants to sell a parcel of unimproved land that it does not need. Its three best offers are as follows: from the state’s Department of Public Safety (DPS),
After her first business trip to a major city, Jayla is alarmed when she reviews her credit card receipts. Both the hotel bill and the car rental charge are in excess of the price she was quoted. Was
The Garcías live in Clay County, which is adjacent to Jackson County. Although the retail stores in both counties are comparable, the Garcías usually drive a few extra miles to shop in Jackson
During a social event, Muriel and Caleb are discussing the home computer each recently purchased. Although the computers are identical makes and models, Muriel is surprised to learn that she paid a
Elijah and Anastasia are married and have five married children and nine minor grandchildren. For 2021, what is the maximum amount they can give to their family (including the sons- and
In May 2021, Hernando, a resident of California, has his 2019 Federal income tax return audited by the IRS. An assessment of additional tax is made because he inadvertently omitted some rental
A question on a state income tax return asks the taxpayer if any out-ofstate internet or mail-order catalog purchases were made during the year. The question requires a yes or no answer, and if the
Regarding the statute of limitations on additional assessments of tax by the IRS, determine the applicable period in each of the following situations. Assume a calendar year individual with no fraud
Brianna, a calendar year taxpayer, files her income tax return for 2020 on February 3, 2021. Although she makes repeated inquiries, she does not receive her refund from the IRS until May 28, 2021. Is
For tax year 2019, the IRS assesses a deficiency against David for $500,000.Disregarding the interest component, what is David’s penalty if the deficiency is attributable to:a. Negligence?b. Fraud?
In March 2021, Kuni asks you to prepare his Federal income tax returns for tax years 2018, 2019, and 2020. In discussing this matter with him, you discover that he also has not filed for tax year
Mia owns a warehouse that has a cost basis to her of $80,000. The city condemns the warehouse to make room for a new fire station. It pays Mia $400,000 for the property, its agreed-to fair market
A mother sells a valuable collection of antiques to her son for $1,000. What judicial concept might the IRS invoke to question this transaction?
Sally Andrews calls you on the phone. She says that she has found a 2015 letter ruling that agrees with a position she wants to take on her tax return. She asks you about the precedential value of a
Sanjay receives a settlement letter from the IRS after his discussion with an IRS appeals officer. He is not satisfied with the $101,000 settlement offer. Identify the relevant issues facing Sanjay
List an advantage and a disadvantage of using the U.S. Tax Court as the trial court for Federal tax litigation.
What is meant by the term petitioner?
Referring to the citation only, determine which court issued these decisions.a. 716 F.2d 693 (CA–9, 1983).b. 20 T.C. 734 (1953).c. 348 U.S. 426 (1955).d. 3 B.T.A. 1042 (1926).e. T.C.Memo.
Describe the task-based simulations that are part of the CPA exam.
Which of the following items can be found in the Federal Register?a. Letter Ruling.b. Action on Decision.c. Revenue Procedure.d. Temporary Regulation.e. Technical Advice Memorandum.

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