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

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Evan is single and has AGI of $277,300 in 2019. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following:Medical expenses (before the AGI
Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2019. They present you with the following
On December 27, 2019, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost $200 and had a fair market
Ramon had AGI of $180,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable
Liz had AGI of $130,000 in 2019. She donated Bluebird Corporation stock awith a basis of $10,000 to a qualified charitable organization on July 5, 2019.a. What is the amount of Liz’s deduction
This year, Amy purchased a personal residence at a cost of $1,000,000. She borrowed $800,000 secured by the home to make the purchase. This year, she paid interest expense on this mortgage of
Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $1,000
During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself:Surgery for Beth..........................................................$4,500Red
For calendar year 2019, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2019.
Paul suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul
Emma Doyle is employed as a corporate attorney. For calendar year 2019, she had AGI of $75,000 and paid the following medical expenses:Medical insurance
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2019. She purchased the stock for $18,100 on December 28, 2018, and it had a fair market value of $27,000 when
Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2019. Also in 2019, Derek paid $50 that was due when he filed his 2018 state income tax return and made estimated
Pierre, a cash basis, unmarried taxpayer, had $1,400 of state income tax withheld during 2019. Also in 2019, Pierre paid $455 that was due when he filed his 2018 state income tax return and made
William, a high school teacher, earns about $50,000 each year. In December 2019, he won $1,000,000 in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax
Which of the following may not be claimed as a deduction by a taxpayer who claims the standard deduction?a. Interest penalty on early withdrawal of savingsb. Self-employed health insurancec. State
Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2019 (the loss occurred in a Federally declared disaster area). He expects $12,000 of the
Cheryl incurred $8,700 of medical expenses in November 2019. On December 5, the clinic where she was treated mailed her the insurance claim form it had prepared for her with a suggestion that she
On March 5, 2016, Mr. and Mrs. Horton borrowed $100,000 against the equity in their personal residence with the loan secured by that home. For 2016 and 2017, they were able to deduct the interest
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
Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2018. Although the stock of the corporation was not
Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2019 is $196,000, and they
Answer the following independent questions with respect to traditional IRA contributions for 2019.a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified
Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined
Amber’s employer, Lavender, Inc., has a § 401(k) plan that permits salary deferral elections by its employees. Amber’s salary is $99,000, her marginal tax rate is 24%, and she is 42 years old.a.
Melanie is employed full-time as an accountant for a national hardware chain. She recently started a private consulting practice, which provides tax advice and financial planning to the general
In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses):a. Lily is single and is employed
Elijah is employed as a full-time high school teacher. The school district where he works recently instituted a policy requiring all of its teachers to start working on a master’s degree. Pursuant
Kim works for a clothing manufacturer as a dress designer. During 2019, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as
Kristen, an independent management consultant, is based in Atlanta. During March and April of 2019, she is contracted by a national hardware chain to help implement revised human resource policies in
On July 1, 2015, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2015, 19,000 miles in 2016, 20,000 miles in 2017, and
Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.Business
In 2019, Ava, an employee, has AGI of $58,000 and the following itemized deductions:Home office expenses..................................................................$1,200Union dues and work
In 2019, the CEO of Crimson, Inc., entertains seven clients at a skybox in Memorial Stadium for a single athletic event during the year. Substantive business discussions occurred at various times
Lara uses the standard mileage method for determining auto expenses. During 2019, she used her car as follows: 9,000 miles for business, 2,000 miles for personal use, 2,500 miles for a move to a new
Joey, who is single, is not covered by another qualified plan and earns $124,000 at his job in 2019. How much can he contribute to a traditional IRA or to a Roth IRA in 2019?
In 2017, Emma purchased an automobile, which she uses for both business and personal purposes. Although Emma does not keep records as to operating expenses (e.g., gas, oil, and repairs), she can
Bert Johnson, a sole proprietor with no employees, has a Keogh profit sharing plan to which he may contribute 25% of his annual earned income. For this purpose, “earned income” is defined as net
Milton is a resident of Mobile (Alabama) and is employed by Scaup Corporation. Because Scaup closed its Mobile office, Milton no longer has any nondeductible commuting expenses although he continues
Sophia and Jacob are married and file a joint return and have come to you to prepare their 2019 tax returns. While reviewing their prior year tax returns, you notice that their 2017 tax return
Oleander Corporation, a calendar year entity, begins business on March 1, 2019. The corporation incurs startup expenditures of $64,000. If Oleander elects § 195 treatment, determine the total amount
In 2019, Muhammad purchased a new computer for $16,000. The computer is used 100% for business. Muhammad did not make a § 179 election with respect to the computer. He does not claim any available
Dennis Harding is considering acquiring a new automobile that he will use 100% for business. The purchase price of the automobile would be $48,500. If Dennis leased the car for five years, the lease
Sally purchased a new computer (5-year property) on June 1, 2019, for $4,000. Sally could use the computer 100% of the time in her business, or she could allow her family to use the computer as well.
On May 28, 2019, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2019. In 2020, the usage changed
On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.a. Assuming
On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year
On October 15, 2019, Jon purchased and placed in service a used car. The purchase price was $38,000. This was the only business use asset Jon acquired in 2019. He used the car 80% of the time for
Jabari Johnson is considering acquiring an automobile at the beginning of 2020 that he will use 100% of the time as a taxi. The purchase price of the automobile is $48,000. Johnson has heard of cost
On June 5, 2018, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez
Olga is the proprietor of a small business. In 2019, the business’s income, before consideration of any cost recovery or § 179 deduction, is $250,000. Olga spends $620,000 on new 7-year class
Janice acquired an apartment building on June 4, 2019, for $1,600,000. The value of the land is $300,000. Janice sold the apartment building on November 29, 2025.a. Determine Janice’s cost recovery
On May 5, 2019, Christy purchased and placed in service a hotel. The hotel cost $10.8 million, and the land cost $1.2 million ($12 million in total). Calculate Christy’s cost recovery deductions
On April 3, 2019, Terry purchased and placed in service a building that cost $2,000,000. An appraisal determined that 25% of the total cost was attributed to the value of the land. The bottom floor
On August 2, 2019, Wendy purchased a new office building for $3.8 million. On October 1, 2019, she began to rent out office space in the building. On July 15, 2023, Wendy sold the office building.a.
Debra acquired the following new assets during 2019. Determine Debra?s cost recovery deductions for the current year. Debra does not elect immediate expensing under ? 179. She does not claim any
Juan acquires a new 5-year class asset on March 14, 2019, for $200,000. This is the only asset Juan acquired during the year. He does not elect immediate expensing under § 179. He does not claim any
Weston acquires a new office machine (7-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179.
Orange Corporation acquired new office furniture on August 15, 2019, for $130,000. Orange does not elect immediate expensing under § 179. Orange claims any available additional first-year
In 2016, José purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the land). He used the house as his personal residence. In March 2019, when the fair market value of
On November 4, 2017, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2017 and 2018, respectively, Blue took $642 and $5,128 of cost
On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8 million. At that time, the remaining recoverable units in the mineral interest are estimated to be 500,000 tons.
On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 is allocated to goodwill. Calculate Priscilla’s 2019 § 197 amortization
On April 5, 2019, Kinsey places in service a new automobile that cost $60,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car
McKenzie purchased qualifying equipment for his business that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction.a.
Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2019. It is the only asset that Diana acquires during 2019. Diana does not elect immediate expensing under §
Andre acquired a computer on March 3, 2019, for $2,800. He elects the straight-line method for cost recovery. Andre does not elect immediate expensing under § 179. He does not claim any available
Lopez acquired a building on June 1, 2014, for $1 million. Calculate Lopez’s cost recovery deduction for 2019 if the building is:a. Classified as residential rental real estate.b. Classified as
Hamlet acquires a 7-year class asset on November 23, 2019, for $100,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any
Euclid acquires a 7-year class asset on May 9, 2019, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. She does not claim any available
In May 2019, George began searching for a trade or business to acquire. In anticipation of finding a suitable acquisition, George hired an investment banker to evaluate three potential businesses. He
Charlie purchased an apartment building on November 16, Year 1, for $1,000,000. Determine the cost recovery for Year 20.a. $36,360b. $32,100c. $45,500d. $331,850
In 2015, Jed James began planting a vineyard. The costs of the land preparation, labor, rootstock, and planting were capitalized. The land preparation costs do not include any nondepreciable land
Assume that in addition to the information in Problem 39, Nell had the following items in 2019:Personal casualty gain on an asset held for four months.................$10,000Personal casualty loss on
Nell, single and age 38, had the following income and expense items in 2019:Nonbusiness bad debt.........................................$ 6,000Business bad
During 2019, Leisel, a single taxpayer, operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $142,000 and deductions of $420,000,
Blue Corporation, a manufacturing company, decided to develop a new line of merchandise. The project began in 2019. Blue had the following expenses in connection with the project: The new product
Heather owns a two-story building. The building is used 40% for business use and 60% for personal use. During 2019, a fire caused major damage to the building and its contents. Heather purchased the
Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports business income of $225,000 and business deductions of $580,000, resulting in a loss of $355,000. What are
Sandstorm Corporation decides to develop a new line of paints. The project begins in 2019. Sandstorm incurs the following expenses in 2019 in connection with the
Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely
On May 9, 2017, Calvin acquired 250 shares of stock in Hobbes Corporation, a new startup company, for $68,750. Calvin acquired the stock directly from Hobbes, and it is classified as § 1244 stock
Amos began a business, Silver LLC (a single-member LLC), on July 1, 2016. The business extracts and processes silver ore. During 2019, as a result of a decline in demand for silver ore, Amos expects
In 2016, John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and securities broker. John contributed $200,000 to the account in 2016. John
Kelly decided to invest in Lime, Inc. common stock after reviewing Lime’s public disclosures, including recent financial statements and a number of press releases issued by Lime. On August 7,
In 2019, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. Evaluate the tax consequences of treating the
Esther owns a large home on the East Coast. Her home is surrounded by large, mature oak trees that significantly increase the value of her home. In August 2018, a hurricane damaged many of the trees
During 2019, John was the chief executive officer and a shareholder of Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2016, John and Maze, as co-borrowers, obtained a $100,000 loan from
For 2019, UNA Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than
Chee, single, age 40, had the following income and expenses during 2019:IncomeSalary..................................................................................$43,000Rental of vacation home
Jamari Peters (Social Security number 123-45-6789) conducts a business with the following results in 2019:Revenue.................................................$20,000Depreciation on
Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, accounting, and miscellaneous expenses. The total was $52,000. He
Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2019. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: Because the coliseum was
Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid a total of $90,000 during 2019.Assume that the business has no significant
Janice, age 32, earns $50,000 working in 2019. She has no other income. Her medical expenses for the year total $5,250. During the year, she suffers a casualty loss of $7,500 when her apartment is
Daniel, age 38, is single and has the following income and expenses in 2019:Salary income......................................................................................$60,000Net rent
Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does
Maud, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2019, she leases an office building to use in her business for $120,000 for an 18-month
Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2019, for the 12 months
Aubry, a cash basis and calendar year taxpayer, decides to reduce his taxable income for 2019 by buying $65,000 worth of supplies for his business on December 27, 2019. The supplies will be used up

Showing 1300 - 1400 of 2880

First
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Last

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App