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south western federal taxation

Questions and Answers of South Western Federal Taxation

Verfiy the exempt status of the symphony orchestra that performs closest to your home. who are its three highest-paid associates? Send an e-mail to your instructor summarizing your results and
Summarize the trends in court decisions concerning salaries paid to shareholders of small S corporations. Title your essay “S Corporation Salaries: Too Much or Too Little? Send your essay in an
Prepare a graph of the growth in the number of S elections since 1980, using increments of no more than five years. On the same graph, show the maximum Federal income tax rates for those years as
How has the number of purtnerships/LLCS changed over time? How have the numbers of each type of partnership changed (i.e., general partnerships, limited partnerships, and limited liability
Search for news or current reports related to partnerships, LLCs, or limited partnerships. What entities did you find that are taking advantage of the partnership entity form? In what industries do
Justin Stone was an employee of DataCare Services, Inc. His salary was $45,000 through November 10, 2018, when he was laid off. DataCare Services provided medical insurance for Justin and his family
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security Tax Computation Problem number Ls 123-45-6789. Ashley Ls single and has a 20-year-old son. Bill. His Social Security
Larry is the sole proprietor of a trampoline shop. During 2018, the following transactions occurred:Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation
On June 1, 2014, Skylark Enterprises (not a corporation) acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and
Copper Industries (a sole proprietorship) sold three ? 1231 assets during 2018. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain
Siena Industries (a sole proprietorship) sold three ? 1231 assets during 2018. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain or
Keshara has the following net ? 1231 results for each of the years shown. What would be the nature of the net gains in 2017 and 2018? Tax Year Net § 1231 Loss Net §1231 Gain 2013 $18,000 2014
Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2017. Phil does not work due to a disability, but he is a
Browse the internet sites oi‘seveml public accounting lirms and find discussions comparing stock purchases with asset purchases when acquiring :1 business. Based solely on your findings, prepare an
Find 21 current article (not more than two years old) discussing tux inversions and the Regulations created to address the issue. Send :1 one-puge summary of the article to your instructor.
While the requirement; for :1 § 332 parent—subsidiary liquidation are fairly straightforward, some planning and reporting issues must he addressed to ensure the proper outcome. Using the internet
The requirements for effectively liquidating :1 corporate entity under state law vary from state to state. Using the internet as your sole research source. prepare an outline discussing how an entity
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
In July 2014, Windstream Corp. (Nasdaq: WIN), a Fortune 500 and S&P 500 company, made an announcement regarding the taxation of a recent distribution. It also made a projection regarding the
Many newly created businesses are established using a tax status that avoids the double tax that applies to C corporations and their owners. Calculate the percentage of entities that filed income tax
Has § 1202, which relates to qualified small business stock, been widely used since its enactment? What leads you to this conclusion? What rationale did Congress provide as a justification for the
Find an SEC offering that involves a corporation that originally was established as other than a C corporation (e.g., an S corporation). Describe the particular circumstances that justified the
A significant percentage of U.S. corporations are closely held corporations, with the stock of such corporations often owned predominandy or exclusively by family members. Using die internet as your
On December 30, 2017, Maud sold land to her son, Charles, for $50,000 cash and a 7% installment note for $350,000, payable over 10 years. Maud's cost of the land was $150,000. In October 2019, after
Some slates automatically conform to any Federal tax changes, while others require special legislation to conform. Generally, states do not conform to rate changes because state income tax systems
The deduction for qualified business income has received praise and criticism in the press from the time it was introduced in November 2017. Summarize at least two arguments for and against the QBI
Starting with the website for the Secretary of State’s office in your state, find out how to create an LLC and whether your state has any restrictions on the type of business or size. Present your
A client has asked you for guidance on selecting the L>est type of entity for her new business. Using the internet as your sole research source, prepare an outline detailing the advantages and
Some observers believe that the earned income tax credit is Communications riddled with fraud, including claims involving nonexistent relatives and misreported income amounts. Others believe that the
For your state and three of its neighbors, determine how many tax returns claimed an earned income credit. On a line or bar chart, track these data for the last five years, using www.irs.gov. Send
Investment interest is incurred when taxpayers borrow money that is used to purchase investment property. Using IRS Tax Statistics for the most recent year available, determine (a) the number of
Scan the materials offered in several newsgroups frequented by tax advisers and consultants. In what context are “tax shelters” discussed by these professionals? Do these advisers and consultants
Investment advisers and tax professionals are continuously striving to create sophisticated transactions and investment vehicles (i.e., tax-advantaged investments) that are designed to provide
Which of the following would preclude a taxpayer from deducting student loan interest expense?a. The total amount paid is $1,000.b. The taxpayer is single with AGI of $55,000.c. The taxpayer is
Kurstie received a $800 state income tax refund this year. Kurstie deducted $3,000 of state income taxes paid in the prior year as part of her itemized deductions. Which of the following statements
Sydney, a single taxpayer, had $80,000 in adjusted gross income in year 2. During the year, she contributed $15,000 to her church. She also had a $17,000 contribution carryover from her year 1 church
Scan the materials offered in several newsgroups frequented by tax advisers and consultants. In what context are “tax shelters” discussed by these professionals? Do these advisers and consultants
Oil and gas ventures operating as publicly traded partnerships typically attract sophisticated investors who purchase limited partnership interests. Investments in these types of publicly traded
Roger R. and Michelle N. Stewart (ages 45 and 46) are married and live at 641 Cody Way, Casper, WY 82609. Roger is a consulting engineer, and Michelle is a paralegal. They file a joint return and use
Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2019. It also has ordinary income of $10,000 in 2019. Goose had net capital gains of $2,500 in 2015 and $5,000 in 2018.a.
Compute the 2018 fiduciary income and Federal income tax for the Blue Trust. Prepare a spreadsheet solution to make your computations, and complete a Form 1041 for the entity.In addition, determine
On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: ? Kingfisher?s business
Samantha A. Cranston, age 37, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-21-1113. 1. Samantha is a licensed
For 2019, 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
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%
Peyton Trust, which is a simple trust, distributed $45,000 to its sole beneficiary, Brooke, in the current year. Further, it had the following items of income and expense for the current
A distribution to an estate?s sole beneficiary for the calendar year equaled $15,000, the amount currently required to be distributed by the will. The estate?s records showed the following. What
Reinus, a cash basis taxpayer, died on February 3. During the year, the estate?s executor made a distribution of $12,000 from estate income to Reinus?s sole heir and adopted a calendar year to
Lyon, a cash basis taxpayer, died on January 15 of the current year. During the current year, the estate executor made the required periodic distribution of $9,000 from estate income to Lyon?s sole
A distribution from estate income currently required was made to the estate’s sole beneficiary during its calendar year. The maximum amount of the distribution to be included in the beneficiary’s
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
In May 2019, Dudley and Eva enter into a property settlement preparatory to the dissolution of their marriage. Under the agreement, Dudley is to pay Eva $6 million in full satisfaction of her marital
During 2019, Vasu wants to take advantage of the annual exclusion and make gifts to his 6 married children (including their spouses) and his 12 minor grandchildren.a. How much property can Vasu give
In 2013 and with $200,000, Alice purchases a CD at State Bank listing title as follows: “Alice, payable on proof of death to Clark.” Alice dies in 2020, and Clark (Alice’s nephew) redeems the
Elizabeth made taxable gifts of $3 million in 2019 and $14 million in 2020. She paid no gift tax on the 2019 transfer. On what amount is the Federal gift tax computed for the 2020 gift?
Regarding the gift-splitting election, comment on the following.a. What it is designed to accomplish.b. How the election is made.
David Collins died during the current year. The personal representative of David’s estate reviewed the following assets:Stocks in David’s name
Bob died in year 3. His gross estate consisted of assets with a fair market value of $13,500,000. In his will, Bob leaves $1,000,000 to his wife, $500,000 to his only daughter, and $250,000 to his
Which of the following statements about the estate tax is not correct?a. The estate tax return, Form 706, is due nine months after the date of death.b. The alternate valuation date for an estate, if
Larry plans to gift his daughter $25,000 during the current taxable year. Further, provided she graduates from a four-year accredited college, he will also gift her $100,000. Which of the following
During the current year, Diane Stevens made two gifts to her son Greg. The first gift was ABC stock with a value at the date of the gift of $5,000. Diane?s basis in ABC was $2,000. The second gift,
Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $32,000 cash gift to his sister. The Briars made no other gifts in the year. They each
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
Fred and Amy Kehl, 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 survivorship. The gross
How does the Federal unified transfer tax differ from an income tax?
On April 3, 2017, Luis filed his 2016 income tax return, which showed a tax due of $75,000. On June 1, 2019, he filed an amended return for 2016 that showed an additional tax of $10,000. Luis paid
Jane filed her 2018 Form 1040 on April 4, 2019. What is the date on which the applicable statute of limitations expires in each of the following independent situations?a. Jane incurred a bad debt
Kold Services Corporation estimates that its 2019 taxable income will be $500,000. Thus, it is subject to a 21% income tax rate and incurs a $105,000 liability. For each of the following independent
Maureen, a calendar year individual taxpayer, files her 2018 return on November 4, 2020. She did not obtain an extension for filing her return, and the return reflects additional income tax due of
Olivia, a calendar year taxpayer, does not file her 2019 Form 1040 until December 12, 2020. At this point, she pays the $40,000 balance due on her 2019 tax liability of $70,000. Olivia did not apply
Compute the failure to pay and failure to file penalties for John, who filed his 2019 income tax return on December 20, 2020, paying the $10,000 amount due at that time. On April 1, 2020, John
On June 15, 2018, Sheridan filed his 2017 income tax return, paying a tax of $10,500. On October 5, 2019, he filed an amended 2017 return showing an additional $6,400 of tax, which he paid with the
Marcella (a calendar year taxpayer) purchased a sculpture for $5,000. When the sculpture is worth $12,000 (as later determined by the IRS), Marcella donates it to the Peoria Museum of Art, a public
Taxpayers generally “go to jail” on tax charges only when criminal activities have been involved. Find information about the criminal tax prosecutions the Treasury undertakes. Compare data for
Which of the following is not required conduct for a preparer of an income tax return?a. Abide by the tax Code and legally minimize the taxpayer’s tax liability.b. Verify that the information the
Treasury Department Circular 230 provides guidance for doing which of the following activities?a. Practicing before the IRSb. Practicing before the U.S. Tax Courtc. Presenting before state boards of
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 taxpayer’s income should be
Sarah Liu is single, an attorney, and a U.S. citizen. Liu recently attended a seminar where she heard that she could give up her U.S. citizenship, move to Bermuda (where she would pay no income tax),
Night, Inc., a domestic corporation, earned $300,000 from foreign manufacturing activities on which it paid $36,000 of foreign income taxes. Night’s foreign sales income is taxed at a 50% foreign
Indeco, a U.S. C corporation, operates Grange, a sales branch in Staccato. Indeco?s U.S. corporate marginal tax rate is 21%; it is 15% for Staccato. Grange?s pretax profit for the year is $1 million.
Dunne, Inc., a U.S. corporation, earned $500,000 in total taxable income, including $50,000 in foreign-source taxable income from its branch manufacturing operations in Brazil and $20,000 in
Honk, Inc., a U.S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 60 million yen. On the date of purchase, 110 yen is equal to $1 U.S. (¥110:$1).
LearCo, a non-U.S. conglomerate, generates $4 billion in gross receipts annually. Its U.S. subsidiary, KingCo, accounts for $750 million of the annual gross receipts; KingCo’s average annual gross
Velocity, Inc., a foreign corporation, earned $500,000 U.S.-source income from royalties that it collected and $400,000 interest from its investment in U.S. Treasury bonds. Compute Velocity’s U.S.
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 profits
Molly, Inc., a domestic corporation, generates income from the receipt of royalty income from patents that it owns. Molly wants to avoid U.S. income tax on these royalties, so it has its 100%-owned
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
Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $160,000 at the end of its 2017 tax year. Of this amount, $90,000 was distributed in 2018, and
Abby Wang recently became the treasurer of First Point Church. The church has existed for three years and never has filed any documents with the IRS.a. Identify any Federal income tax reporting
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
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.c. Is 100% taxable on
Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2019. The company generated a $74,000 NOL in 2018 and another NOL of $43,000 in 2019. Orange
Bertha, a single individual, reports taxable income of $177,500, of which $130,000 is attributable to an S corporation that provides consulting services, after paying wages of $72,000 to employees
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, 2019. During 2020, Lonergan, Inc., distributes $140,000 to its
Jack and Mary, a married couple, report taxable income of $280,000, which includes $200,000 from Jack’s solely owned S corporation. The S corporation paid wages of $100,000 to employees (which does
One of your clients is considering electing S status. Texas, Inc., is a six-year-old manufacturing company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2019,
An S corporation may deduct:a. Charitable contributions within the percentage of income limitation applicable to corporations.b. Net operating loss carryovers.c. Foreign income taxes.d. Compensation
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2018. He asks you if they can make a new S election now, in November 2019. Draft a memo for
As of January 1, year 6, Kane owned all the 100 issued shares of Manning Corp., a calendar year S corporation. On the 41st day of year 6, Kane sold 25 of the Manning shares to Rodgers. For the year
On March 5, 2019, 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

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