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business
south western federal taxation

Questions and Answers of South Western Federal Taxation

Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2019. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine
In 2019, Nighthawk Corporation, a calendar year C corporation, has $3,700,000 of adjusted taxable income, $125,000 of business interest income, zero floor plan financing interest, and $1,400,000 of
Aqua Corporation purchases nonresidential real property on May 8, 2016, for $1,000,000. Straight-line cost recovery is taken in the amount of $89,765 before the property is sold on November 27, 2019,
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.
Gold Corporation, a calendar year C corporation, was formed in 2012 and has been profitable until the current year. In 2019, Gold incurs a net operating loss. Identify the issues that Gold
In general, what is the limitation on the deductibility of executive compensation that applies to publicly traded corporations?Gold Corporation, a calendar year C corporation, was formed in 2012 and
The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on December 27, 2019. One topic on the board’s agenda is the approval of a $25,000 gift to a
On December 27, 2019, the directors of Partridge Corporation, an accrual basis calendar year taxpayer, authorized a cash contribution of $10,000 to the American Cancer Association. The payment is
Parent Corp. owns 15% of Sub Corp. Parent has gross income of $43,000 and allowable deductions of $40,000 before considering any dividends received deduction (DRD). Included in the $43,000 gross
Lupe, a cash basis taxpayer, owns 55% of the stock of Jasper Corporation, a calendar year accrual basis C corporation. On December 31, 2019, Jasper accrues a performance bonus of $100,000 to Lupe
Campbell Corporation, an accrual basis calendar year corporation, had income of $450,000 for financial statement purposes in year 7. This amount included book depreciation of $50,000. The related tax
Which of the following C corporations will be allowed to use the cash method of accounting for 2019? Explain your answers.a. Jade Corporation, which had gross receipts of $26.3 million in 2016, $25.1
Tapper Corp., an accrual basis calendar year corporation, was organized on January 2, year 1. During year 1, revenue was exclusively from sales proceeds and interest income. The following information
In year 6, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland’s year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that
Tern Corporation, a calendar year C corporation, is solely owned by Jessica Ramirez. Tern’s only business since its incorporation in 2016 has been land surveying services. In Tern’s state of
Tristan, who is single, operates three sole proprietorships that generate the following information in 2019 (none are ?specified services? businesses). Tristan chooses not to aggregate the
Assume the same facts as in Problem 37, except that the business is a “specified services” business (e.g., a consulting firm) owned equally by Elliot and Conrad (an unrelated individual) in a
Elliot operates his clothing store as a single member LLC (which he reports as a sole proprietorship). In 2019, his proprietorship generates qualified business income of $280,000, he pays W–2 wages
Jennifer is a CPA and a single taxpayer using the standard deduction. In 2019, her CPA practice generates qualified business income of $162,200 and she has no other income or losses. Jennifer’s
Assume the same facts as in Problem 33, except that Susan’s business pays $60,000 of W–2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of
Assume the same facts as in Problem 33, except that Susan’s business generates $150,000 of qualified business income. What is Susan’s QBI deduction?Problem 33Susan, a single taxpayer, owns and
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a “specified services” business. In 2019, the business pays $100,000 in W–2 wages, has
Assume the same facts as in Problem 31, except that Tammy does not have a part-time job at BigCo. How does this affect her qualified business income deduction?Problem 31Tammy, a single taxpayer, has
Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership interest. In addition, she owns and operates LittleCo, a sole proprietorship that is a qualified trade
Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income from his single member LLC (a law firm). He reports his business as a sole proprietorship. Wages
Stella Watters is a CPA and operates her own accounting firm (Watters CPA LLC). As a single member LLC, Stella reports her accounting firm operations as a sole proprietor. Stella has QBI from her
Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The
Donald (a married taxpayer filing jointly) owns a wide variety of commercial rental properties held in a single member LLC. Donald’s LLC reports rental income of $1.5 million. The LLC pays no W–2
Ashley (a single taxpayer) is the owner of ABC LLC. The LLC (which reports as a sole proprietorship) generates QBI of $900,000 and is not a “specified services” business. ABC paid total W–2
Peter Samuels owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Amy. His LLC
Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly’s proprietorship paid $30,000 in W–2 wages and has $20,000 of qualified property. Shelly’s spouse earned
Purple Company has $200,000 in net income for 2019 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single, and she claims the $12,200 standard deduction for
Henry, a freelance driver, finds passengers using various platforms such as Uber and Grubhub. He is single and has no other sources of income. In 2019, Henry’s qualified business income from
Jason and Paula are married. They file a joint return for 2019 on which they report taxable income before the QBI deduction of $200,000. Jason operates a sole proprietorship, and Paula is a partner
Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship).
In 2019, Meghann Carlson, a single taxpayer, has QBI of $110,000 and modified taxable income of $78,000 (this is also her taxable income before the QBI deduction). Given this information, what is
Paul wholly owns and operates an office supplies business and a printing/shipping business through separate entities. The office supplies business and printing/shipping business share centralized
Identify the requirements that must be met in order to aggregate businesses for purposes of the QBI deduction.
Jane and Ben are married and usually file a joint return. They live in a separate property state (rather than a community property state). Jane is a partner in a law firm and typically generates
Calculate the taxpayer’s 2019 qualifying business income deduction for a qualified trade or business:Filing status: SingleTaxable income: $180,000Net capital gains: $0Qualified business income
Calculate the taxpayer’s qualifying business income deduction for a qualified trade or business:Filing status: SingleTaxable income: $100,000Net capital gains: $0Qualified business income (QBI):
What is the basic deduction calculation for the qualifying business income deduction?a. 30% × Qualifying business income (QBI)b. 20% × W–2 wagesc. 20% × Qualifying business income (QBI)d. 30% ×
Which of the following is the overall limitation to the qualifying business income (QBI) deduction?a. Lesser of: 50 percent of combined QBI or 20 percent of the taxpayer’s taxable income in excess
Which of the following is true about the qualifying business income (QBI) deduction for taxpayers with taxable income above the taxable income limitations?a. If the taxpayer is a specified service
Which of the following statements is true regarding taxpayers with taxable income below the taxable income limitations for the qualifying business income (QBI) deduction?a. QBI deduction is only
Which of the following is considered a specified service trade or business (SSTB) for purposes of the qualifying business income deduction?a. Accounting firmb. Manufacturing companyc. Engineering
Juniper, Inc., exchanges some real estate (basis of $800,000 and fair market value of $1,000,000) for other real estate owned by Birch, Inc., (basis of $1,200,000 and fair market value of $900,000)
Aleshia needs to learn quickly about § 351 transfers to a controlled corporation. How should Aleshia approach her research?
Interpret each of the following citations:a. Temp.Reg. § 1.707–5T(a)(2).b. Rev.Rul. 60–11, 1960–1 C.B. 174.c. TAM 8837003.
Is § 212(1) a proper Code Section citation? Why or why not?
If a tax bill is vetoed by the President, the provisions cannot become law. Evaluate this statement.
How does the installment method overcome the harsh treatment of the annual accounting treatment concept?
Under the annual accounting period concept, what time period is normally selected for final settlement of most tax liabilities?
In a like-kind exchange, recognized gain is postponed and not avoided. Explain.
Can recognized gain exceed the realized gain? Explain.
Give some examples of the wherewithal to pay concept.
Explain how the following tax provisions encourage small businesses.a. The nature of a shareholder’s loss on a stock investment.b. The S corporation election.
How does the tax law encourage technological progress?
Each year, Tom and Cindy Bates report itemized deductions of $20,000 (which includes a $4,000 pledge payment to their church). Upon the advice of a friend, they do the following: in early January
Mark and Lisa were divorced in 2018. In 2019, Mark has custody of their children, but Lisa provides nearly all of their support. Who is entitled to claim the children as dependents?
Caden and Lily are divorced on March 3, 2018. For financial reasons, however, Lily continues to live in Caden’s apartment and receives her support from him. Caden does not claim Lily as a dependent
Visit the websites of a few public accounting firms to learn how they are using data analytics and visualization in the tax function. In an e-mail to your instructor, explain what you found, provide
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 2018 on February 3, 2019. Although she makes repeated inquiries, she does not receive her refund from the IRS until May 28, 2019. Is
For tax year 2016, 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 2019, Jim asks you to prepare his Federal income tax returns for tax years 2016, 2017, and 2018. In discussing this matter with him, you discover that he also has not filed for tax year
Go to the U.S. Tax Court website (ustaxcourt.gov).a. What different types of cases can be found on the site?b. What is a Summary Opinion? Find one.c. What is a Memorandum Opinion? Find one.d. Find
Sally Andrews calls you on the phone. She says that she has found a 2009 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 90-day letter after his discussion with an appeals officer. He is not satisfied with the $101,000 settlement offer. Identify the relevant tax research issues facing Sanjay.
Using the legend provided, classify each of the following tax sources: LegendP = Primary tax sourceS = Secondary tax sourceB = BothN = Neithera. Sixteenth Amendment to the U.S. Constitution.b.
Using the legend provided, classify each of the following statements:LegendA = Tax avoidanceE = Tax evasionN = Neithera. Sue writes a $707 check for a charitable contribution on December 26, 2019,
The Tiller family has an adjusted gross income of $200,000. The Tillers have two children, ages 12 and 13, who qualify as dependents. All of the Tillers’ income is from wages. What is the
Kathy and Brett Ouray married in 2001. They began to experience marital difficulties in 2015 and, in the current year, although they are not legally separated, the couple considers themselves
Jeff and Rhonda are married and have two children, Max and Jen. Max is 20, attends college in the Los Angeles area full-time, and works as a stunt double for a television show while he is in school.
Katherine and Bill Grant have two children. Kelly is 22 years old and is a fulltime student. She lives on campus at an out-of-state university but will return home for the summer. Kelly earns $5,000
Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned $2,000 at
Susie, John, Luke, and Will provide support for their 80-year-old mother, Joyce. Joyce lives by herself in an apartment in Miami, Florida. Joyce earned $5,000 this year working at her church. Joyce
Heather is single and has one son, Rhett, who is 19 years old. Rhett lived at home for four months of the current tax year before moving away to take a full-time job in another city. Heather provided
Jonathan Jones is a 19-year-old full-time college student at the local community college. He lives in an apartment near campus during the school year and returns home for the summer break and
Madison and Nick Koz have two children, ages 8 and 10. Both children meet the definition of qualifying child. The Koz family has adjusted gross income of $300,000. What is the amount of the child tax
Sam and Abby are dependents of their parents, and each earns gross income of $2,100 for the year. Sam’s standard deduction for the year is $1,100, and Abby’s is $2,450. Because their income is
Compute the 2019 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time
Paul and Sonja, who are married, reported 2019 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately—he will itemize his
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Use the Tax Rate Schedules in Appendix A for this purpose.a.
Simon, age 12, generates $4,900 interest income and no earned income for 2019. He incurs no investment expenses. Determine Simon’s net unearned income and total Federal income tax liability.
Compute 2019 taxable income in each of the following independent situations.a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children,
Compute Emily’s 2019 taxable income on the basis of the following information. Her filing status is
Compute Aiden’s 2019 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three
Determine the amount of the 2019 standard deduction allowed in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent.a. Curtis, age
Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facility and for the last two years received their support from the following sources.
Christopher died in 2017 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 live.
Walter and Nancy provide 60% of the support of their daughter Irene (age 18) and son-in-law John (age 22). John is a full-time student at a local university, and Irene holds various part-time jobs
Using the Tax Rate Schedules, compute Charlotte’s 2019 Federal income tax liability. Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live
Using the Tax Rate Schedules, compute Morgan’s 2019 Federal income tax liability. Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend, age 36), Jen (a
Which of the following individuals are required to file a 2019 Federal income tax return? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age
Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is
Paige, age 17, is a dependent of her parents. Paige earned $3,900 pet sitting and $4,200 in interest on a savings account. What are Paige’s 2019 taxable income and tax liability?
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a
At partnership inception, Black acquires a 50% interest in Decorators Partnership by contributing property with an adjusted basis of $250,000. Black recognizes a gain if: I. The fair market value of
Duffy Associates is a partnership engaged in real estate development. Olinto, a civil engineer, billed Duffy $40,000 in the current year for consulting services rendered. In full settlement of this

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