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

Malcolm owns 60% and Buddy owns 40% of Magpie Corporation. On July 1, 2018, each lends the corporation $30,000 at an annual interest rate of 5%. Malcolm and Buddy are not related. Both shareholders
Norma, who is single and uses the cash method of accounting, lives in a state dial imposes an income tax. In April 2018, she files her state income tax return for 2017 and pays an additional $1,000
During 2018, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself:Surgery for
For calendar year 2018, 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 2018.
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 2018, she Communications had AGI of $100,000 and paid the following medical expenses:Medical insurance
The Wilmoths plan to purchase a house but want to determine die after-tax cost of financing its purchase. Given their projected taxable income, the Wilmoths are in the 24% Federal income tax bracket
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2018. She purchased the stock for $18,100 on December 28, 2017, 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 2018. Also in 2018, Derek paid $50 that was due when he filed his 2017 state income tax return and made estimated
Pierre, a cash basis, unmarried taxpayer, had $ 1.400 of state income tax withheld during 2018. Also in 2018, Pierre paid $455 that was due when he filed his 2017 state income tax return and made
William, a high school teacher, earns about $50,000 each year. In December 2018, he won $1 million in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax
Mason Gregg's car was destroyed by a flood that occurred in a Federally declared disaster area. Unfortunately, his insurance had lapsed two days before he incurred the loss. Mason uses his car for
Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2018 (the loss occurred in a Federally declared disaster area). He expects $12,000 of the
Cheryl incurred $8,700 of medical expenses in November 2018. 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
It is 2018. Bob and Nancy are married and file a joint return. They are both under age 50 and employed, with wages of $50,000 each. Their total AGI is $110,000. Neither of them is an active
In die current year, Barlow' moved from Chicago to Miami to start a new job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Barlow' was not reimbursed for
Analyze S. 1549 (115th Congress) introduced by Senator John Thune to provide a new' approach to provide freelance (“gig") workers independent contractor status. Also see his press release of July
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 2018 is $192,000, and they
Answer the following independent questions with respect to traditional IRA contributions for 2018: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 2018, 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 2018, she is contracted by a national hardware chain to help implement revised human resource policies in
On July 1, 2014, 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 2014,19,000 miles in 2015, 20,000 miles in 2016, and 15,000
Jackson uses his automobile 90% for business and during 2018 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.Business parking
(n 2018, Ava, an employee, has AGI of $58,000 and the following itemized deductions:Home office expenses .................................................................$ 1,200Union dues and work
In 2018, 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
In 2018, Robert entertains four key clients and their spouses at a nightclub. Business discussions occurred over dinner and prior to die entertainment beginning. Expenses were $200 (limo charge),
Lara uses the standard mileage method for determining auto expenses. During 2018, 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 $122,000 at his job in 2018. How much can he contribute to a traditional IRA or to a Roth IRA in 2018?
In each of the following situations, indicate whether the 50% reduction for meals applies.a. Each year, the employer awards its top salesperson an ali-expense-paid trip to Jamaica.b. The employer has
In 2016, 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
Sophia and Jacob are married and file a joint return. Their 2017 tax return included a Form 2106 (Employee Business Expenses) for each of them. Their 2018 tax return, however, included a
Which statement below is correct?a. Real property is depreciated using the half-year convention.b. Residential real estate is depreciated over a 39-year life.c. One-half month of depreciation is
Data, Inc., purchased and placed in service $5,000 of office furniture on August 24, year 3- This is the only asset purchase during the year. Section 179 expensing was not elected. Using the excerpt
Data, Inc., purchased and placed in service a $5,000 computer on August 24, year 3- Tills is the only asset purchase during die year. Section 179 expensing was not elected. The computer was sold
Data, Inc., purchased and placed in service a $5,000 computer on August 24, year 3- This is the only asset purchase during the year. Section 179 expensing was not elected. Using the excerpt of the
Stem Corp, bought a machine in February of year 7 for $20,000. Then Stem bought furniture in November of year 7 for $30,000. Both machines were placed in service for business purposes immediately
Cox Construction, a company in its 10th year of business, purchased a piece of equipment on April 1, year 9, for $20,000. Cox has used it for business purposes since the initial purchase date. The
Michael Sima, a sole proprietor craftsman, purchased an amount of equipment in the current year that exceeded the maximum allowable § 179 depreciation election limit by $20,000. Sima’s total
Do depreciation deductions vary by entity type or by industry? Go to the IRS Tax Statistics page (www.irs.gov/statistics) and review' the spreadsheets containing data for corporations, partnerships,
In 2014, Jed James began planting a vineyard. The costs of the land preparation, labor, root stock, and planting were capitalized. The land preparation costs do not include any nondepreciable land
Your client, Dave's Sport Shop, sells sports equipment and clothing in three retail outlets in New York City. During 2018, the CFO decided that keeping track of inventory' using a combination of
Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her
Oleander Corporation, a calendar year entity, begins business on March 1, 2018. The corporation incurs startup expenditures of $64,000. If Oleander elects § 195 treatment, determine the total amount
Jamie purchased $100,000 of new office furniture for her business in June of the current year. Jamie understands that if she elects to use ADS to compute her regular income tax, there will be no
In 2018, 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 Ide $48,500. If Dennis leased the car for five years, the lease
Sally purchased a newr computer (5-year property') on June 1, 2018, 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
On May 28, 2018, Mary purchased and placed in service a new $20,000 car. Tlie car w as used 60% for business, 20% for production of income, and 20% for personal use in 2018. In 2019, the usage
On March 15, 2018, 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.
On June 5, 2017, Leo purchased and placed in service a new’ car that cost $20,000. The business use percentage for the car is always 100%. Leo claims any available additional first-year
On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2018. He used the car 80% of the time for
Jabari Johnson is considering acquiring an automobile at the beginning of 2019 that he will use 100% of the time as a taxi. The purchase price of the automobile is $35,000. Johnson has heard of cost
On June 5, 2017, 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 2018, 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
Lori, who is single, purchased 5-year class property for $200,000 and 7-year class property' for $420,000 on May 20, 2018. Lori expects the taxable income derived from her business (without regard to
Janice acquired an apartment building on June 4, 2018, for $1.6 million. The value of the land is $300,000. Janice sold the apartment building on November 29, 2024.a. Determine Janice's cost
On May 5, 2018, 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, 2018, Terry purchased and placed in service a building that cost $2 million. An appraisal determined that 25% of the total cost was attributed to the value of the land. The bottom floor
On August 2, 2018, Wendy purchased a new office building for $3.8 million. On October 1, 2018, she began to rent out office space in the building. On July 15, 2022, Wendy sold the office building.a.
Debra acquired the following new assets during 2018.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, 2018, 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, 2018, for $130,000. Orange does not elect immediate expensing under § 179- Orange claims any available additional first-year
In 2015, Jose 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 2018, when the fair market value of
On November 4, 2016, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2016 and 2017, respectively, Blue took $642 and $5,128 of cost
On March 25, 2018, 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 September 30, 2018, 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 2018 § 197 amortization
On April 5, 2018, Kinsey places in service a new automobile that cost $36,000. 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 2018. 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, 2018. It is the only asset that Diana acquires during 2018. Diana does not elect immediate expensing under §
Andre acquired a computer on March 3, 2018, 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, 2013, for $1 million. Calculate Lopez’s cost recovery deduction for 2018 if the building is:a. Classified as residential rental real estate.b. Classified as
Hamlet acquires a 7-year class asset on November 23, 2018, for $100,000. Hamlet does not elect immediate expensing under § 179- He does not claim any available additional first-year depreciation.
Euclid acquires a 7-year class asset on May 9, 2018 for $80,000. Euclid does not elect immediate expensing under § 179- She does not claim any available additional first-year depreciation. Calculate
In May 2018, 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
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 2017, a hurricane damaged many of the trees
During 2018, John was the chief executive officer and a shareholder of .Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2015, John and Maze, as co-borrowers, obtained a $100,000 loan
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood Lane, Salt Lake City, l.T 84101. Mason’s Social Security number is 111-11-1111. Ruth’s Social Security number Is 123-45-6789. Mason
4 Assume that in addition to the information in Problem 39, Nell had the following items in 2018:Personal casualty gain on an asset held for four months ............................$ 10,000Personal
Nell, single and age 38, had the following income and expense items in 2018:Nonbusiness bad debt ....................................................$ 6,000Business bad debt
Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a partnership). Timothy is married, and Prada is single. Each contributes
During 2018, 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 2018. Blue had the following expenses in connection with the project:The new product will
Heather owns a two-story building. The building is used 40% for business use and 60% for personal use. During 2018, a fire caused major damage to the building and its contents. Heather purchased the
Abby, a single taxpayer, purchased 10,000 shares of § 1244 stock several years ago at a cost of $20 per share. In November of the current year, Abby received an offer to sell the stock for $12 per
Jocelyn and Esteban file a joint return. For the current year, they had the following items:Salaries
Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business income of $225,000 and business deductions of $575,000, resulting in a loss of $350,000. What are
Sandstorm Corporation decides to develop a new line of paints. The project begins in 2018. Sandstorm incurs the following expenses in 2018 in connection with the
Belinda was involved in a boating accident in 2018. 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
Noelle's diamond ring was stolen in 2017. She originally paid $8,000 for the ring, but it was worth considerably more at the time of the theft. Noelle filed an insurance claim for the stolen ring,
On May 9, 2016, Calvin acquired 250 shares of stock in Aero Corporation, a new startup company, for $68,750. Calvin acquired the stock directly from Aero, and it is classified as § 1244 stock (at
Last year Aleshia identified $15,000 as a non business bad debt. In that tax year, before considering the tax implications of the non business bad debt, Aleshia had $100,000 of taxable income, of
Discuss the rationale behind the excess business loss provision.
Amos began a business, Silver LLC (a single-member LLC), on July 1, 2015. The business extracts and processes silver ore. During 2018, as a result of a decline in demand for silver ore, Amos expects
In 2015, 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 2015. John

Showing 2000 - 2100 of 2880

First
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
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