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south western federal taxation

Questions and Answers of South Western Federal Taxation

Paige. age 17, is a dependent of her parents. Paige earned $3,900 pet sitting and $4,100 in interest on a savings account. What are Paige’s 2018 taxable income and tax liability?
Taylor, age 18, is a dependent of her parents. For 2018, she records the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City
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
Which of the following individuals are required to file a 2018 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
Use the Tax Rate Schedules to compute Morgan's 2018 Federal income tax liability. Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend, age 36), Flo (a
Using the Tax Rate Schedules, compute the 2018 tax liability for Charlotte. Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her.
Walter and Nancy provide 60% of the support of their daughter Irene Critical Thinking (age 18) and son-in-law John (age 22). John is a full-time student at a local Decision Making university, while
Determine the amount of the 2018 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
Compute 2018 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,
Simon, age 12, generates $4,800 interest income and no earned income for 2018. He incurs no investment expenses. Determine the following.a. Simon’s net unearned income.b. Simon’s total Federal
Compute the 2018 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.
Paul and Sonja, who are married, reported 2018 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 2018 standard deduction for the following taxpayers.a. Margie 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
Caden and Lily are divorced on March 3, 2017. 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
Magda maintains a household that includes her eldest son (age 30) and one of Magda's cousins (age 28). The cousin is a dependent but her son is not. Explain.
In march 2018, Jim asks you to prepare his federal income tax returns for tax years 2015,2016 , and 2017. In discussing this matter with him, you discover that he also has not filed for tax year
For tax year 2015, 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.
Brianna, a calendar year taxpayer, files her income tax return for 2017 on February 3, 2018. Although she makes repeated inquiries, she does not receive her refund from the IRS until May 28, 2018. Is
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
For her tax class Yvonne must prepare a research paper discussion the tax aspects of qualified stock options. Explain to Yvonne how she can research this topic using various tax research resources.
Find a federal or state proposal for a soda tax or sweet ended beverage tax. Provide the bill number and a brief explanation. Also apply the AICPA's principles of good tax policy to support your
In July 2016, the IRS issued regulations on longevity annuities that can help people prolong their retirement savings, easing their concern of outliving their savings. Conduct research on this topic,
Pickle, a U.S. citizen, died this year. Earlier this year, Pickle made taxable gifts of $290,000 that are not included in Pickle€™s gross estate. On date of Pickle€™s death, his
Tom and AliceHoneycutt, ages 35 and 36, respectively, live at 101 Glass Road, Delton,MI 49046. Tom is a county employee, and Alice is a self-employed accountant. Tom’s Social Security number is
Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1112. Devon does not want $3 to go to the Presidential Election Campaign
Lloyd owns a beach house (four years) and a cabin in the mountains (six years). His adjusted basis is $300,000 in the beach house and $315,000 in the mountain cabin. Lloyd also rents a townhouse in
Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2017, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on
Cowabunga Corp. had a highly profitable year 4, during which it purchased $1,000,000 in tangible personal property and elected to claim the highest depreciation expense allowed for tax purposes under
On January 1, 2008, Stephanie Bridges acquired depreciable real property for $50,000. She used straight-line depreciation to compute the asset’s cost recovery. The asset was sold for $96,000 on
Jasmine owned rental real estate that she sold to her tenant in an installment sale. Jasmine acquired the property in 2005 for $400,000; took $178,000 of depreciation on it; and sold it for $210,000,
Tan Corporation purchased depreciable tangible personal property for $100,000 in 2015 and immediately expensed the entire cost under § 179. In 2017, when the property was worth $80,000, Tan
Dedriea contributes to her wholly owned corporation some tangible personal property she had used in her sole proprietorship business and depreciated. She had acquired the property for $566,000 and
On June 1, 2013, 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 2017. Data on these property dispositions are as follows:a. Determine the amount and the character of the recognized
Siena Industries (a sole proprietorship) sold three § 1231 assets during 2017. Data on these property dispositions are as follows:a. Determine the amount and the character of the recognized gain
Keshara has the following net § 1231 results for each of the years shown. What would be the nature of the net gains in 2016 and 2017? Tax Year Net 5 1231 Loss Net 5 1231 Gain $18,000 2012 2013
Asok’s AGI for 2017 is $133,050. Included in this AGI is a $45,000 25% longterm capital gain and a $13,000 0%/15%/20% long-term capital gain. Asok is single, uses the standard deduction, and has
For 2017, Wilma has properly determined taxable income of $36,000, including $3,000 of unrecaptured § 1250 gain and $8,200 of 0%/15%/20% gain. Wilma qualifies for head-of-household filing status.
Jane and Blair are married taxpayers filing jointly and have 2017 taxable income of $97,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a
For 2017, Ashley has gross income of $38,350 and a $5,000 long-term capital loss. She claims the standard deduction. Ashley is 35 years old and unmarried with two dependent children. How much of
Helena has the following long-term capital gains and losses for 2017: $65,000 28% gain, $53,000 28% loss, $28,000 25% gain, and $24,000 0%/15%/20% loss. She also has a $33,000 short-term loss and a
Paul has the following long-term capital gains and losses for 2017: $62,000 28% gain, $21,000 28% loss, $18,000 25% gain, and $64,000 0%/15%/20% gain. He also has a $53,000 short-term loss and a
Elaine Case (single with no dependents) has the following transactions in 2017:AGI (exclusive of capital gains and losses) ..................... $240,000Long-term capital gain
Dennis sells short 100 shares of ARC stock at $20 per share on January 15, 2017. He buys 200 shares of ARC stock on April 1, 2017, at $25 per share. On May 2, 2017, he closes the short sale by
Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock for a total of $60,000 on November 15, 2013. She died on August 10, 2017, and the shares were
Consuela was a tenant in a campus apartment. She is a student at State University. Her lease began on August 1, 2017, and was due to expire on July 31, 2018. However, her landlord sold the building,
Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2016. The bonds had been issued with $80,000 of original issue discount because Peach was in financial
Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay the loan when it was due and then declared bankruptcy. The loan is totally uncollectible. Melaney
Maria meets all of the requirements of § 1237 (subdivided realty). In 2017, she begins selling lots and sells four separate lots to four different purchasers. She also sells two contiguous lots to
Enzo is a single taxpayer with the following gains and losses for 2017:$2,100 short-term capital loss.$24,000 long-term capital gain from sale of stock.$14,000 § 1231 gain that is all unrecaptured
Elliott has the following capital gain and loss transactions for 2017.After the capital gain and loss netting process, what is the amount and character of Elliott€™s gain or loss? $ 1,500
Coline has the following capital gain and loss transactions for 2017.After the capital gain and loss netting process, what is the amount and character of Coline€™s gain or loss? Short-term
Shen purchased corporate stock for $20,000 on April 10, 2015. On July 14, 2017, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on
On May 9, 2017, Glenna purchases 500 shares of Ignaz Company stock for $7,500. On June 30, 2017, she writes a call option on the stock, giving the grantee the right to buy the stock for $9,000 during
Thomas receives tangible personal property as an inheritance from a decedent who died in 2017. The property was depreciated by the deceased, and Thomas will also depreciate it. At the date of the
If depreciable equipment used in a business is sold at a recognized gain on July 10, 2017, and it was purchased on August 21, 2016, does § 1245 depreciation recapture apply to the asset?
Review Examples 49 and 51 in the text. In both examples, the taxpayer’s AGI is $129,400 even though in Example 51 there is $700 of nonrecaptured § 1231 loss from 2016. Explain why the two AGI
Steven established a sole proprietorship in 2012. He sold § 1231 assets at a loss in 2015 and 2016. He had only sold § 1231 assets at a gain before 2015. In 2017, he could sell a § 1231 asset at a
An individual taxpayer had a net § 1231 loss in 2017. Could any of this loss be treated as a long-term capital loss? Why or why not?
Hakim’s rental building was not insured when it was destroyed by a hurricane. His adjusted basis for the building was substantial, but was less than he had paid for the building in 2013. The
Kellye purchased her home in 2012 for $140,000. After living in it for five years, she sold it in 2017 for $170,000, its market value. What is the tax treatment of the sale of Kellye’s home?a. A
Your client, Jacob, turned 66 years old this year. Jacob has no heirs and has decided that he would like to sell a life insurance policy to fund a trip to Africa that he has wanted to take.Jacob knew
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111).
Some corporations offer their employees restricted stock, whereas other corporations offer restricted stock units. Search the internet to find the differences between these two types of restricted
Using newspapers, magazine articles, and other resources, prepare a report on stock appreciation rights to present to your class.
Jacob Patterson is limited from making a fully deductible $5,500 IRA contribution because of his income limitation. Instead, he makes a $3,500 nondeductible IRA contribution to his traditional IRA.
Jim Raby transfers one-half of his compensatory stock options (ISOs and nonqualified stock options) to his ex-wife as part of a divorce settlement.Discuss the tax aspects of this transfer.Partial
Your client, Casey Farber, is the CEO of a publicly traded corporation. This year, her compensation consisted of $600,000 in cash and $600,000 of stock. The stock received was part of a restricted
On November 19, 2015, Rex is granted a nonqualified stock option to purchase 100 shares of Tan Company. On that date, the stock is selling for $8 per share, and the option price is $9 per share. Rex
Rosa exercises ISOs for 100 shares of Copper Corporation common stock at the option price of $100 per share on May 21, 2017, when the fair market value is $120 per share. She sells the 100 shares of
On July 2, 2014, Black Corporation sold 1,000 of its common shares (worth $14 per share) to Earl, an employee, for $5 per share. The sale was subject to Earl’s agreement to resell the shares to the
On February 20, 2012, Tom (an executive of Hawk Corporation) purchased 100shares of Hawk stock (selling at $20 a share) for $10. A condition of the transaction was that Tom must resell the stock to
Dan, a professional basketball player, is to receive a bonus of $2 million for signing an employment contract. An NQDC plan is established to postpone the income beyond Dan’s peak income years. In
Samuel, age 32, loses his job in a corporate downsizing. As a result of his termination, he receives a distribution of the balance in his § 401(k) account of $20,000 ($25,000 - $5,000 withholding)
Gene, age 34, and Beth, age 32, have been married for nine years. Gene, who is a college student, works part-time and earns $1,500. Beth is a high school teacher and earns a salary of $34,000. Their
Louis is a participant in a SIMPLE IRA of his employer Brown, Inc. During 2017, he contributes 8% of his salary of $63,000, and his employer contributes 3%. What is the total amount that will be
Dana, age 54, has a traditional deductible IRA with an account balance of $107,600, of which $77,300 represents contributions and $30,300 represents earnings. In 2017, she converts her traditional
Answer the following independent questions with respect to a deductible IRA and § 401(k) contributions for 2017:a. Govind, age 31, earns a salary of $26,000 and is not an active participant in any
In 2017, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan. During 2017, Magenta Corporation contributed $13,200 to the plan.a. Calculate Magenta’s
Blonde Corporation has a calendar year retirement plan covering its participants. William, age 21, is hired on January 31, 2016, and he meets the service requirement over the next 12 months
On April 5, 2015, Gustavo was granted an NQSO for 200 shares of common stock at $50 per share. On the date of the grant, there was no readily ascertainable fair market value for the option. Gustavo
Zaire Corporation granted an ISO for 250 shares of its stock to Bruno on July 20, 2016, for service rendered. The option price was $130 and the fair market value was $130 on the date of the grant.
On May 31, 2012, Andro Corporation sold 500 shares of its stock to Nombeko, an employee, for $100 per share. No special election is made. At the time of the sale, the fair market value of the stock
In 2017, Cao’s compensation before his employer’s contribution to a SEP is $66,000. Up to what amount can Cao’s employer contribute and deduct in 2017?
Myers, who is single, has compensation income of $69,000 in 2017. He is an active participant in his employer€™s qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of
Joanna, age 44, defers $23,000 in a qualified § 401(k) plan in 2017.a. What amount must be returned to Joanna and by what date?b. In what year will the amount be taxed?c. What percent of the tax
Zack, a sole proprietor, has earned income of $85,000 in 2017 (after the deduction for one-half of self-employment tax). What is the maximum contribution Zack may make to a defined contribution Keogh
During 2017, Learphart Corporation contributes $35,000 to its qualified pension plan. Normal cost for this year is $15,000, and the amount necessary to pay retirement benefits on behalf of employee
Determine the percentage of vesting for the following employees.a. Glenda has five years of service completed as of September 23, 2017, her employment anniversary date. If her defined benefit plan
Which of the following would be considered a tax benefit or advantage of a qualified retirement plan?a. Certain lump-sum distributions may be subject to capital gain treatment.b. Employer
Harvey Pehrson, who is age 71, is going to receive a lump-sum distribution from a qualified plan in 2017. He has asked you to provide him with a description of the alternatives available to him for
Penny plans to retire in 2017 at age 70. Identify any issues that Penny faces with respect to distributions from her qualified retirement plan.
Determine whether each of the following independent statements best applies to a defined contribution plan(DCP), a defined benefit plan (DBP), both(B), or neither (N):a. The amount to be received at
The following facts apply to Newton, a single individual, for 2017:W–2 income ............................................................................$110,000Traditional IRA contribution
Chatterjee is an executive with XYZ Corp. In 2016, XYZ gave Chatterjee 1,000 nonqualified stock options, each with an option price of $60, when the price of XYZ stock was $80. In 2017 Chatterjee
Which of the following is excluded from gross income on an individual’s 2017 tax return?a. 2017 settlement from an employment discrimination lawsuitb. Seller of the Year award, in the form of a
Claire is a self-employed individual who owns and runs Claire’s Creations LLC. In 2017, she had $225,000 in net self-employment earnings, including a deduction for 50% of self-employment tax, prior
Ven Company is a retailer. In 2017, its before-tax net income for financial reporting purposes was $600,000. This included a $150,000 gain from the sale of land held for several years as a possible
At the end of 2018, Magenta Manufacturing Company discovered that construction cost had been capitalized as a cost of the factory building in 2013 when it should have been treated as a cost of
In 2017, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method. The ending inventory for 2016 was computed as follows:Item C was damaged goods, and the replacement

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