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south western federal taxation

Questions and Answers of South Western Federal Taxation

Compute the taxable income for 2015 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2013. Salary Interest on bonds issued by City
Determine the amount of the standard deduction allowed for 2015 in the following independent situations. In each case, assume that the taxpayer is claimed as another person’s dependent.a. Curtis,
For tax year 2015, determine the number of personal and dependency exemptions in each of the following independent situations:a. Leo and Amanda (ages 48 and 46, respectively) are husband and wife and
During 2015, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as
Sam and Elizabeth Jefferson file a joint return and have three children—all of whom qualify as dependents. If the Jeffersons have AGI of $332,000, what is their allowable deduction for personal and
Wesley and Myrtle (ages 90 and 88, respectively) live in an assisted care facility and for 2014 and 2015 received their support from the following sources:a. Which persons are eligible to claim the
Taylor, age 18, is claimed as a dependent by her parents. For 2015, she has the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from
Walter and Nancy provide 60% of the support of their daughter (age 18) and son-in-law (age 22). The son-in-law (John) is a full-time student at a local university, while the daughter (Irene) holds
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of
Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but
Which of the following individuals are required to file a tax return for 2015? Should any of these individuals file a return even if filing is not required? Why or why not?a. Patricia, age 19, is a
Roy and Brandi are engaged and plan to get married. During 2015, Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable
In each of the following independent situations, determine Winston’s filing status for 2015. Winston is not married.a. Winston lives alone, but he maintains a household in which his parents live.
Christopher died in 2013 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
Paige, age 17, is claimed as a dependent on her parents’ 2015 return, on which they report taxable income of $120,000 (no qualified dividends or capital gains). Paige earned $3,900 pet sitting and
Terri, age 16, is claimed as a dependent on her parents’ 2015 return. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs.a. What is Terri’s taxable income?b.
During 2015, Inez had the following transactions involving capital assets:a. If Inez is in the 35% bracket, how much income tax results?b. If Inez is in the 15% bracket, how much income tax results?
During 2015, Chester had the following transactions involving capital assets:a. If Chester is in the 33% bracket, how much income tax results?b. If Chester is in the 15% bracket, how much income tax
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, while Wanda is employed part-time as a
Each year, Tom and Cindy Bates normally have itemized deductions of $10,000, including a $4,000 pledge payment to their church. Upon the advice of a friend, they do the following: In early January
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2012. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2014, he had the
Walters, an individual, received the following in 20X13:Considering only the above, what is Walters’ 20X13 gross income?a. $35,000b. $36,250c. $15,000d. $16,250 W-2 income Federal tax refund for
On Oct 1, 20X13, Cruz purchased an annuity for $90,000 in post-tax dollars, effective immediately, that pays Cruz $500 a month until death. At the date of purchase Cruz’s official life expectancy
On December 29, 2015, an employee received a $5,000 check from her employer’s client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30,
In 20X12 Randall suffered bodily injury while at work. On his 20X12 tax return Randall deducted related medical expenses of $10,000; and $5,000 in 20X13. In 20X14 Randall won a worker’s
The following pertain to Joyce in 20X14:What total amount from the above may be excluded from Joyce’s 20X14 gross income?a. $5,650b. $350c. $5,150d. $850 Medical insurance premiums paid by
Pierce, a married individual, received the following in 20X14:Considering only the above, what is Pierce’s 20X14 gross income?a. $49,800b. $34,800c. $30,000d. $24,800 Worker's compensation
Cole, a 48-year-old married individual, received the following in 20X14:In addition, Cole spent $500 on lottery scratch-off cards in 20X14. All of the cards were losers except for one, from which
Manish is a student who began working part-time as a restaurant waiter in October of 20X14. He earned the following tips in 20X14, with each month’s tips reported in a schedule submitted to the
In 20X14 Adams, an individual, changed residences and converted her former residence into a passive rental activity. In 20X14 Adams lived in the former residence for 60 days, incurred $7,000 in
Ali owns 100 shares of Brown Corporation stock. He purchased the stock at five different times and at five different prices per share as indicated:On April 28, 2015, Ali will sell 40 shares of Brown
In 20X14 Colossus Corporation incurred a net capital loss in the amount of $25,000. Colossus had the following net capital gains in the previous five years:20X13 - $7,00020X12 - $2,00020X11 -
Near the end of 2015, Byron realizes that he has a net short-term capital loss of $13,000 for the year. Byron has taxable income (not including the loss) of $123,000 and is single. He owns numerous
Prepare the 2013 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for the
Harriet C. Harper, age 74, died as a result of an automobile accident on June 6, 2013. At the time of her death, Harriet lived at 1520 Marlin Drive, Clearwater, FL 33758. She was predeceased by her
James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia
Max Martin (111-11-1111), David Dorn (123-45-6789), and Sandra Smith (987-65-4321) are, respectively, 55%, 35%, and 10% owners of Cotton, Inc. (12-3456789), a textile manufacturing company located at
Ryan Ross (111-11-1111), Oscar Oleander (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal members in ROCK the Ages, LLC. ROCK serves as agents and managers for
On February 12, 2002, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: • Kingfisher’s
On November 1, 2005, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: • Pet Kingdom’s
Matthew B. (age 42) and Shelli R. (age 48) Thomson are married and live at 7605 Walnut Street, Kansas City, MO 64114. Matthew is a chemist employed by Sargent Pharmaceuticals, Inc., and Shelli is a
Will S. (age 42) and Mari N. (age 41) Frost are married and live at 426 East Twin Oaks Road, Sioux Falls, SD 57105. Will is the regional manager for a restaurant chain (Moveable Feast), and Mari is a
Create no more than three PowerPoint slides, summarizing your state’s definitions of and rules for using the following terms. Hint: Your state might not use these terms at all, or it might use a
Politicians are encouraged or required to place their assets in a blind trust while they are in office. Such trusts are designed to eliminate the possibility or appearance of a conflict of interest
Sanchez incurred the following items.Business income
Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2014 tax year. The trustee accumulates all accounting income for the year.
The Strauss Trust must file a Form 1041 for the first time, because it has recognized about $18,000 of gross income. Corpus assets are transferred to the trust on August 30. Considering only the
Cecil inherits a farm from his father and, as executor of the estate, makes a § 2032A special use valuation election. Five years later, the farm is disposed of.a. How is the disposition reported to
In your state, what is the designation of the court that handles the administration of an estate? What are the statutory guidelines on fees that an executor is allowed for probating an estate?
In each of the following independent situations, indicate whether the alternate valuation date can be elected. Explain why or why not. All deaths occur in 2013.
In terms of Federal tax consequences, why are lifetime transfers to charity preferable to testamentary transfers?
Regarding the formula for the Federal estate tax (see Figure 27.2), comment on the following.a. The gross estate includes only property interests owned by the decedent at the time of death.b. The
A new out-of-state client, Robert Ball, has asked you to prepare a Form 709 for a large gift he made in 2013. When you request copies of any prior gift tax returns he may have filed, he responds,
A registered tax return preparer must obtain a Preparer Tax Identification Number (PTIN) from the IRS before the tax filing season. The annual renewal for the PTIN includes several requirements
Blanche Creek (111 Elm Avenue, Plymouth, IN 46563) has engaged your firm because she has been charged with failure to file her 2013 Federal Form 1040. Blanche maintains that the “reasonable
Compute the failure to pay and failure to file penalties for John, who filed his 2013 income tax return on December 20, 2014, paying the $10,000 amount due at that time. On April 1, 2014, John
You overhear Matheus say, “I am so glad to be divorced from my cheating wife Larissa. She keeps two sets of books in her design business, and I wish the IRS would find out about it.” Is Matheus a
Describe how the IRS monitors and regulates the transfer pricing activities of U.S. businesses. Find at least two initiatives or devices the IRS uses in this regard. Send your results in a one-page
Continue with the facts of Problem 54. What are the Federal income tax withholding requirements with respect to Martinho’s sale? Who pays the withheld amount to the U.S. Treasury?Data From Problem
Partin, Inc., a foreign subsidiary of Jones, Inc., a U.S. corporation, reports pretax income of 200,000 euros for the current year. Partin accrues 60,000 euros in foreign taxes on this income. The
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, 80 yen is equal to $1 U.S. (¥80:$1).
Joy Marcus owns several income-producing assets, including a stock portfolio and a small services proprietorship. She wants to start a new corporation in the country Molto, where the income tax rates
Weinke is a business organized in Austria, where the local currency is the euro. Nevertheless, Weinke’s U.S. branch uses the U.S. dollar as its functional currency. How can this be?
Many states offer a tax credit for expenditures made in-state for new manufacturing, communications, agricultural, and energy-saving equipment. For your state and one of its neighbors, summarize in a
Identify three states considered to be in the same economic region as your own. For each of the three states, answer the following questions. Answers to most can be found at www.taxadmin.org.• What
Read the “tax footnote” of five publicly traded U.S. corporations. Find the effective state/local income tax rates of each. Create a PowerPoint presentation (maximum of five slides) for your
For your state and one of its neighbors, find the following sales/use tax rules. Place your data in a chart and e-mail your findings to your professor.a. What are the requirements for the
Send an e-mail to the secretary of revenue for your home state, proposing adoption of at least two of the following provisions that do not currently exist.a. Exempt computer and communications
Use Figure 24.1 to provide the required information for Warbler Corporation, whose Federal taxable income totals $10 million.Warbler apportions 70% of its business income to State C. Warbler
Perch, Inc., an exempt organization, has unrelated business taxable income of $4 million.a. Calculate Perch’s UBIT.b. Prepare an outline of a presentation you are going to give to the new members
The Living Museum is a tax-exempt organization. Dolphin Corporation, a wholly owned subsidiary of the Living Museum, sells boats. Dolphin remits all of its earnings each year to its parent. Is
Which of the following organizations qualify for exempt status?a. Tulane University (a private university).b. Virginia Qualified Tuition Program.c. Red Cross.d. Disneyland.e. Ford Foundation.f.
Make 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 they
During 2014, Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000. Whindy holds an $8,000 unexpired NOL carryforward from a C
Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Both shareholders have a $400,000 stock basis as of January 1, 2014. At the
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, 2014. During 2015, Lonergan, Inc., distributes $140,000 to its
Indicate whether each of the following items is used in computing the nonseparately stated income or loss for an S corporation.a. Amortization of organizational expenditures.b. Dividends received
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2013. He asks you if they can make a new S election now, in November 2014. Draft a memo for
The three shareholders of an S corporation have binding compensation contracts with the corporation, with one of the shareholders having excessive payments (resulting in a constructive dividend).
Which of the following are requirements to be an S corporation?a. Limited to a maximum of 100 shareholders.b. Has no resident alien shareholders.c. Has only one class of stock.d. May have no straight
Which of these taxes applies to an S corporation?a. Alternative minimum tax.b. Accumulated earnings tax.c. Personal holding company tax.d. Michigan state corporate income tax.
Download a copy of the legislation with which your state began to allow the formation of limited liability companies. What types of business activities can an LLC conduct in your state?
Use the search feature on your favorite business news site on the Web (e.g., CNN, Bloomberg, or Fox News) and search for news on partnerships, LLCs, or limited partnerships. What entities did you
In each of the following independent cases in which the partnership owns no hot assets, indicate:• Whether the partner recognizes gain or loss.• Whether the partnership recognizes gain or
Assume the same facts as in Problem 55. On the first day of the third tax year, the partnership sold the equipment for $150,000. The gain on the sale is allocated equally to the partners. The
Assume the same facts as in Problem 53. Assume that Burgundy, Inc.’s annual guaranteed payment is increased to $120,000 starting on January 1, 2015, and the LLC’s taxable income for 2014 and 2015
Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed payment
Assume the same facts as in Problem 50, except that Suz-Anna was formed as an LLC instead of a general partnership.a. How would Suz-Anna’s ending liabilities be treated?b. How would Suzy’s basis
Assume the same facts as in Problem 50 and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis.a. What is Suzy’s capital account balance
How would your answers in Problem 48 change if partnership revenues were $100,000 instead of $150,000?Data From Problem 48:The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is
The KL Partnership is owned equally by Kayla and Lisa. Kayla’s basis is $20,000 at the beginning of the tax year. Lisa’s basis is $16,000 at the beginning of the year. KL reported the following
Assume the same facts as in Problem 45. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is she required
Amy and Mitchell are equal partners in the accrual basis AM Partnership. At the beginning of the current year, Amy’s capital account has a balance of $300,000, and the partnership has recourse
Assume the same facts as in Problem 43, with the following exceptions:• Reece purchased the land five years ago for $120,000. Its fair market value was $90,000 when it was contributed to the
Phoebe and Parker are equal members in Phoenix Investors, LLC. They are real estate investors who formed the LLC several years ago with equal cash contributions.Phoenix then purchased a parcel of
On July 1 of the current year, the R & R Partnership (an LLLP) was formed to operate a bed-and-breakfast. The partnership paid $3,000 in legal fees for drafting the partnership agreement and
Continue with the facts presented in Problem 35.a. Construct a balance sheet for SD LLC assuming that Drew’s services are completed immediately after forming SD. The balance sheet should reflect
Sam and Drew are equal partners in SD LLC formed on June 1 of the current year. Sam contributed land that he inherited from his uncle in 2006. Sam’s uncle purchased the land in 1981 for $30,000.
Assume the same facts as in Problem 33, except that Mike sells his land to a third party for $100,000 and then contributes that cash to the partnership. The partnership locates equivalent land that
What is a guaranteed payment? How is it reported on Form 1065 and its various schedules? How is it reported to and by the partner?Form 1065:

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