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business
taxation of individuals

Questions and Answers of Taxation of Individuals

Susan is granted a 20 -year lease on a property, paying a premium of £76, 000. Explain how tax relief will be given in relation to this premium if:(a) she uses the property for trading purposes,
In 2017-18, Victor rents out a roo m in his house and receives rents of £ 8,150. He incurs allowable expenses of £820. No "rent -a-room" elections are currently in force. What elections (if any)
Yvonne owns four cottages, all let furnished with a view to profit. None of the cottages is ever let to the same tenant for more than 31 consecutive days. In 2017-18 the number of days each cottage
Andrew owns a house which he lets to tenants. Rent is payable quarterly in advance on 1 January, 1 April, 1 July and 1 October. The rent was £8,000 per annum until it was increased to £8,800 per
Simon owns an apartment which he lets to tenants. The apartment was let throughout tax year 2017-18 at a weekly rental of £320. The expenses incurred by Simon in relation to this apartment during
In 2017-18, a landlord receives a premium of £12,000 when granting a lease to a tenant.Compute the amount of this premium which is chargeable to income tax if the length of the lease is:(a) 60
In 2017-18, Jasper is granted a 10 -year lease on a property, paying a premium of£15,000. He uses the property for trading purposes. Compute the tax relief which he will be allowed in respect of the
Georgina owns three holiday flats, all of which s he lets furnished with a view to profit.None of the flats is ever let to the same tenant for more t han 31 consecutive days. In 2017-18 the number of
In 2017-18, Peter is granted a 12 -year lease on a property, paying a premium of £40,000 to his landlord. He immediately grants a 4 -year sub-lease to Paula, receiving a premium of £14,000.
Melissa owns a house which she lets to tenants. The house was let througho ut tax year 2017-18 at a rent of £600 per month . Her allowable expenditure in 2017-18 was £900 and she had property
In 2017-18, Alfred had business profits of £15,8 70 and received net debenture interest of £1,520. He acquired the debentures on 1 July 2017 and accrued interest (gross) on 5 April 2018 was £950.
For each of the following savers, identify the further ISA investments that may be made during tax year 2017-18:(a) Alexander saves £500 in a cash ISA on 26 April 2017.(b) Bianca saves £6,000 in
An interest in possession trust with one life tenant has the following income in 2017-18:(a) Compute the trustees' income tax liability for 2017-18.(b) How much income does the life tenan t receive
Assume that a discretionary trust has the same income and expenses in 2017 -18 as the trust described in the above example. Assume also that a payment of £ 8,250 was made to a beneficiary during the
Edward has the following income in 2017-18: Bank interest Loan stock interest (net) Dividends received 2,250 14,520 50,600 He makes 800 of Gift Aid donations during 2017 -18. Compute the amount of
Anne's income for 2017-18 is as follows:Compute her income tax liability for the year. Bank interest: Interest on deposit account Interest credited to cash ISA Dividends received Retirement pension
Bernice (who is not a Scottish taxpayer) has the following income in 2017-18:She makes a qualifying EIS investment of £20,000 in May 2017 . Compute her income tax liability for 2017-18, assuming
An interest in possession trust with two life tenants has the following income in tax year 2017-18:Property expenses incurred in the year were £2,220 and general administration expenses amounted to
Malcolm's gross annual salary is £57,500. He also receives an annual bonus based on his employer's profits for the calendar year. H is bonus for the year t o 31 December 2016 was £8,350 (which he
Which of the following forms of income from employment would be exempt from income tax in 2017-18?(a) Free meals in the company canteen.(b) Removal expenses of £4,500.(c) £1,000 given to an
Which of the following expenses incurred by an employee would be deductible when computing employment income for tax purposes?(a) Travel between work and home. (b) Travel between work sites.(c)
On 21 March 2018 , Penny is made redundant by her employer. She receives statutory redundancy pay of £4,750 and an ex gratia payment of £32,000 from her employer as compensation for loss of
Kim lives in a house provided by her employer. The house cost her employer £2 42,500 in 2015 and a further £27,500 w as spent on improvements in 2016.The house has a gross rateable value of £3,700
Throughout 2017-18, Niall is provided by his employer with a diesel -engined motor car which had a list price of £24,200 when new a nd has an emission rating of 15 7g/km.Niall's employer pays all of
On 1 June 2017 , Stephen was provided by his employer with an interest -free loan of£20,000. He repaid £5,000 of this loan on 1 January 2018 and repaid another £3,000 on 1 March 2018. Compute the
Jim is the managing director of a company and earns a basic salary in 2017 -18 of£225,000. He receives benefits from the company during the year as follows:(a) He is provided with the use of a
(a) A motor car with a retail price of £21,000 is leased for four years at a cost of £300 per month. The car is used only for trade purposes and has an emission rating of 152g/km. How much of the
Linda's income statement for the year ended 31 March 2018 is as follows:Notes:(a) Linda draws a salary of £200 per week from th e business. This is included in the wages and salaries figure.(b)
Imran owns a business which operates from rented premises. He has a 10 -year lease on the premises and paid a premium of £7,000 in order to obtain the lease. His income statement for the year to 31
Ewan began trading on 1 April 2017. A brief summary of his income statement for the year to 31 March 2018 (prepared on the accruals basis) is as follows: Sales Less: Cost of sales: Purchases Less:
Under the current year basis, for which tax years would the following accounting years form the basis period?(a) year to 31 October 2017 (b) year to 31 March 2018(c) year to 30 April 2019 (d) year to
Frank began trading on 1 July 2015 . Identify the basis periods for his first four tax years if he:(a) chooses 30 June as his annual accounting date and prepares his first accou nts for the year to
Greta com mences trading on 1 January 2016 and chooses 30 June as her annual accounting date. Her first accounts are made up f or the 18 mont hs to 30 June 2017 and show an adjusted trading profit of
Hitesh has been trading for many years, preparing accounts to 31 January each year. His last full year of tradin g is the year to 31 January 2017. Identify the basis periods for the last three tax
Phillip starts trading on 1 June 2013 and ceases trading on 31 July 2018. He has adjusted trading profits as follows 41 1 June 2013 to 30 September 2014 year to 30 September 2015 year to 30 September
Ivy begins trading as a farmer on 1 January 201 5, making up annual accounts to 31 December. Her adjusted trading profits/(losses) in the opening years are as follows: (a) (b) year to 31 December
Ken starts trading on 1 October 2012 and chooses 30 April as his accounting date. He ceases trading on 31 January 2018 and has adjusted trading profits as follows: 7 months to 30 April 2013 year to
Belinda began trading on 1 March 2013 and chose 31 December as her accounting date.Her first accounts were fo r the period to 31 Decemb er 2013. She eventually decided to change her accounting date
Roger began trading on 1 January 2011 , preparing accounts to 30 April each year. His first accounts were for the 16 months to 30 April 2012. In 2014 he decided to change his accounting date to 30
Brad and Angelina are a wealthy couple who have three children, Fred, Bridget, and Lisa. Two of the three children, Fred and Bridget, are from Brad’s previous marriages. On Christmas this year Brad
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom’s will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his
Briefly describe the two different methods for apportioning R&E to foreign source taxable income in the computation of the foreign tax credit limitation.
Happy Hippos (HH) is a manufacturer and retailer of New England crafts. HH is headquartered in Camden, Maine. HH provides services has sales, employees, property, and commercial domicile as
Cuyahoga County, Ohio has a sales tax rate of 7.75 percent. Determine the state, local, and transit (a local transportation district) portions of the rate. You can find resources on the State of Ohio
While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat (GTE),
Carrie D’Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2014, D’Lake, Green, and Divot form the
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca
Using the same facts in problem 47, assume Ernesto agrees to sell his stock in BLI to Amy and Brian for $400,000.a. What amount of gain or loss does BLI recognize if the transaction is structured as
Wolverine Corporation made a distribution of $500,000 to Rich Rod, Inc. in partial liquidation of the company on December 31 of this year. Rich Rod, Inc. owns 100% of Wolverine Corporation. The
A shareholder receives appreciated noncash property from his corporation and assumes a liability attached to the property. How does the liability assumption affect the amount of dividend he reports
True or False. A calendar-year corporation has positive current E&P of $100 and accumulated negative E&P of $200. A cash distribution of $100 to the corporation’s sole shareholder at
Spartan Builders Corporation is a builder of high end housing with locations in major metropolitan areas throughout the Midwest. At June 30, 2014, the company has deferred tax assets totaling $10
Access the 2012 Annual Report for Google and answer the following questions. You can access the annual report at http://www.google.com.a. Using information from the company’s Income Statement and
Access the 2012 Annual Report for Google and answer the following questions. You can access the annual report at http://www.google.com.a. Using information from the company’s Income Statement and
You have been assigned to compute the income tax provision for Tulip City Flowers, Inc. (TCF) as of December 31, 2014. The Company’s federal income tax rate is 34%. The Company’s Income Statement
You have been assigned to compute the income tax provision for Motown Memories, Inc. (MM) as of December 31, 2014. The Company’s federal income tax rate is 34%. The Company’s Income Statement for
ASC requires a company to disclose those components of its deferred tax assets and liabilities that are considereda. Relevantb. Significantc. Importantd. Major
XYZ is a calendar-year corporation that began business on January 1, 2014. For 2014, it reported the following information in its current year audited income statement. Notes with important tax
Timpanogos Inc. is an accrual-method calendar-year corporation. For 2014, it reported financial statement income after taxes of $1,149,000. Timpanogos provided the following information relating to
Compute HC Inc.’s current year taxable income given the following information relating to its 2014 activities. Also, compute HC’s Schedule M-1 assuming that HC’s federal income tax expense for
Compute MV, Corp.’s 2014 taxable income given the following information relating to its year 1 activities. Also, compute MV’s Schedule M-1 assuming that MV’s federal income tax expense for book
WCC, Inc. has a current year (2014) net operating loss of $100,000. It is trying to determine whether it should carry back the loss or whether it should elect to forgo the carryback. How would you
James and Kate Sawyer were married on New Year’s Eve of 2013. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city’s top salons. James lives in Atlanta
Derek and Meagan Jacoby recently graduated from State University and Derek accepted a job in business consulting while Meagan accepted a job in computer programming. Meagan inherited $75,000 from her
Assume Rita’s consulting business generated $13,000 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense deduction.a. What
For her 90th birthday, Jamie (a widow) purchased a new home on September 1, 2008 and appropriately claimed a first-time home buyer credit of $7,500 on her 2008 tax return. Jamie followed the
Paris participates in her employer’s nonqualified deferred compensation plan. For 2014, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her
Marissa participates in her employer’s nonqualified deferred compensation plan. For 2014, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and
Explain the nontax similarities and differences between qualified defined contribution plans and nonqualified deferred compensation plans from an employer’s perspective.
Explain the tax similarities and differences between qualified defined contribution plans and nonqualified deferred compensation plans from an employer’s perspective.
Why would someone saving for college consider investing in something other than a 529 plan?
How are life insurance proceeds taxed if a policy is cashed out early?
How are life insurance proceeds taxed when paid after the insured individual’s death?
Indicate the amount (if any) that Michael can deduct as ordinary and necessary business deductions in each of the following situations and explain your solution.a. From time to time, Michael rents a
What is the difference between earned and unearned income?
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has
Using the IRS Web site (www.irs.gov), how large is the current estimated “tax gap” (i.e., the amount of tax underpaid by taxpayers annually)? What group of taxpayers represents the largest
Nola is a tax novice and has a fairly simple tax question. Besides tax services, what are some sources that she can use to answer her question?
In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $150,000 is $28,925 plus 28 percent of the taxable income over $148,850. What does the $28,925
Can both employees and self-employed taxpayers claim the home office deduction? Explain.
Does the deductible amount of a taxpayer’s home mortgage interest potentially depend on when the taxpayer executed the mortgage? Explain.
What is the limitation on a deductible IRA contribution for 2019?
In 2019, Jasmine and Thomas, a married couple, have taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have
In 2019, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported
Augustana received $100,000 of qualified dividends this year. Under what circumstances might the entire $100,000 of income not be taxed at the same rate?
In 2019, for a taxpayer with $50,000 of taxable income, without doing any actual computations, which filing status do you expect to provide the lowest tax liability? Which filing status provides the
Doug Jones submitted his 2019 tax return on time and elected to file a joint tax return with his wife, Darlene. Doug and Darlene did not request an extension for their 2019 tax return. Doug and
Where does the qualified business income (QBI) deduction fit into the individual income tax formula and what type of deduction is it?

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