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Most businesses, institutions, and organizations gather information from and about their customers, constituents, or members. Many businesses also want information about potential customers and may... Carnival Corporation & PLC is a dual-listed corporation, i.e., a corporate structure that joins separate corporations in a common economic enterprise. The dual-listed corporation (DLC) was formed by... Jose Vargas and Luis Felipe Villalobos were a two-man team independently contracted to Eves Express, Inc., to drive tractor-trailers. FMI, Inc. is a federally licensed motor carrier that conducts... In February 2011, Paula Stenlund traveled to Panama City with her husband. While in Panama City, the Stenlunds were guests at the Panama City Marriott Hotel. Before and during the trip to Panama... T. Christian Cooper was a partner to Sanders and Richard Campbell d/b/a The Mullen Company. In 2001, Cooper helped bring about a management agreement between The Mullen Co. and Newnan Crossing... Defendant Practice approached the Hospital about its desire to employ Dr. Rasheed and asked the Hospital to help facilitate his recruitment. The three entered into an agreement that Dr. Rasheed would... Karl is a single taxpayer and has listed his brother, Jonas, as a dependent (qualifying relative). Head of household filing status seems preferable for Karl. What questions should you ask Karl to... Byers acquired and owned substantial tracts of ranchland, including the family ranch where Byers lived. For some time, Byerss son (and, thus, Boutons brother) managed most of the ranching operations.... Vincent Simmons appeals from the trial courts order awarding to his wife, Dorothy Simmons, a one-half interest in land that he inherited from his parents. Vincent contends that the land is the... From 2004 to 2010, Edward Weaver was the CEO of Vendstar, a corporation that sold candy-vending machines to approximately 7,000 customers who spent a total of about $62 million on the investments.... David Milam, a member of the Delta Tau Delta fraternity at the University of Kentucky, had leased a room at the fraternity house. University of Kentucky Police Detective John McBride received a tip... In 2000, Donald Stern incorporated a startup company named Grail in order to market a new and revolutionary chip design that Stern had invented. While witnesses expressed the view that Sterns... Appellant is a temporary worker staffing company servicing client companies throughout the El Paso region. Jamrowski was a temporary worker for one of Appellants client companies. Although the... Which of the following statements related to standard and itemized deductions is correct? a. A taxpayer may only deduct the lower of itemized deductions or the standard deduction. b. A taxpayer may... Which of the following entities is not likely to be a tax-paying entity? a. A single taxpayer over the age of 65 b. A single taxpayer under the age of 65 c. A corporation d. A partnership Typically a partnership reports its taxable income or loss on: a. Form 1040 b. Form 1120 c. Form 1040X d. Form 1065 Lupita dies in 2022 but has a $1 million life insurance policy that lists her spouse, MBaku as the beneficiary. MBaku elects to receive all $1 million in a lump sum and spends $200,000 immediately on... The distinction between qualified dividends and ordinary dividends is: a. There is no distinction. b. Ordinary dividends are taxed at preferential rates. c. Qualified dividends are taxed at... Kate acquires a principal residence in 2017 for $200,000 secured by a $180,000 mortgage. In 2022, Kate misses work for three months. Her employer stops paying her after ten days. In 2022 when the... Mike, a single taxpayer, has $10,000 of student loans forgiven in 2022 under a federal student loan forgiveness program. His total student loan balance was $34,000. His 2022 AGI is $55,000. How much... In the current year, Mary started a profitable housekeeping business as a sole proprietor. She has ten housekeepers working for her and spends her time selling their services and coordinating her... Which of the following is not considered commuting miles? a. The miles from a taxpayers home to their regular place of work b. The miles to a taxpayers home from a regular second job c. The miles... Kendra and Lloyd get married on July 1, 2022 and will file jointly in 2022. Both of them owned a home prior to marriage, but they agree that they wish to no live together in one of the homes. Kendras... Bonita earns $31,000 from her job, and she has $1,000 of interest income. She has itemized deductions of $35,000. There are no casualty or theft losses in the itemized deductions. What is Bonitas net... Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate held for investment b. Net earnings of a self-employed lawyer c. Distributive share of earnings of a... Barry is a single, 40-year-old software engineer earning $140,000 a year and is not covered by a pension plan at work. How much can he put into a Roth IRA in 2022? Bob is a single, 40-year-old doctor earning $190,000 a year and is not covered by a pension plan at work. What is the maximum deductible contribution into a Traditional IRA in 2022? Dori is 58 years old and retired in 2022. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA? Linda installed a special pool for the hydrotherapeutic treatment of severe arthritis, as prescribed by her doctor. The cost of installing the pool was $20,000, and her insurance company paid $5,000... Kathy, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church. Kathy does not itemize deductions. What is the nature of any deduction for... Which of the following generate self-employment income for partners/members? a. Partnership income allocated to a limited partner b. Long-term capital gains allocated to an LLC member c. Income... A loss from the sale or exchange of property will be disallowed in which of the following situations? a. A transaction between a partnership and a partner who owns 40 percent of the partnership... Kendra is an attorney and owns 60 percent of a law partnership. Kendra sells land to the partnership for $50,000 in the current tax year. She bought the land for $100,000 eight years ago when real... Joe, Ben, and Melissa are partners in Collins Partnership. All three use a calendar year-end for their individual taxes. Collins Partnerships year-end is likely to be: a. October 31 since that is... Which of the following circumstances will not cause a partnership to close its tax year early? a. The partnership terminates by agreement of the partners. b. The business activity of the partnership... Laura is a non-passive general partner in the Douglass Partnership. At the start of 2022, her outside basis in Douglass is $10,000. During 2022, Douglass allocates loss of $8,000 to Laura and makes a... TYVM Partnership allocates ordinary business income, long-term capital gains, and guaranteed payments of $13,000, $1,000, and $7,000, respectively, to Ariana Extensa, a general partner. Based on this... Explain the difference in the treatment of liabilities between a general partner and a limited partner. Carlotta is an employee and generates wages of $150,000 in 2022. Which of the following best describes the rate of tax associated with the Medicare portion of FICA taxes? a. 7.65 percent payable by... Thibodeau Corporation pays Loretta $3,300 for providing services to Thibodeau during 2022. The nature and scope of the relationship between Thibodeau and Loretta is one of employer-employee. Which of... Typically, estimated payments for individual taxpayers are due on the following dates: a. Twice a year on April 15 and September 15 b. Four installments on April 15, June 15, September 15, and... Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His insurance company pays him $140,000 and he immediately invests in a... Fred and Sarajane exchanged land in a qualifying like-kind exchange. Fred gives up land with an adjusted basis of $11,000 (fair market value of $16,000) in exchange for Sarajanes land with a fair... An office machine with a market value of $10,000 used by Josie in her accounting business was completely destroyed by fire. The adjusted basis of the machine was $8,000 (original basis of $14,000... Which of the following taxpayers would be subject to the Section 1231 lookback rule? a. Gun-Joh sold depreciable business property held for more than one year at a gain this year and has Section 1231... Pat sells land for $20,000 cash and a $80,000 four-year note with a reasonable interest rate. If her basis in the property is $30,000 and she receives the $20,000 down payment and the first $20,000... Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $5,000 on property that had a $14,000 basis and a... Jeanie acquires an apartment building in 2011 for $280,000 and sells it for $480,000 in 2022. At the time of sale there is $60,000 of accumulated straight-line depreciation on the apartment building.... Which of the following is not considered a limit on the immediate expensing election of Section 179? a. Fifty percent of qualified improvement property b. Total Section 179-eligible property acquired... During 2022, Peters Corporation sells rental real property for $180,000, which was acquired in 2001 for $160,000. Peters has claimed straight-line depreciation on the building of $50,000. What is the... Griffin Inc. reimburses employees for travel and business expenses using an accountable plan. As a result: a. Griffin must include all reimbursements as compensation and withhold appropriately. b.... Barbara purchased a new Honda Clarity electric vehicle in 2022 for $36,000. Her federal tax credit will be: a. $0 b. $2,500 c. $5,000 d. $7,500 e. $10,000 In 2022, Jeff spends $6,000 on solar panels to heat water for his main home. What is Jeffs credit for his 2022 purchases? Mike bought a solar electric pump to heat his pool at a cost of $2,500 in 2022. What is Mikes credit? If an estate is being terminated but has an NOL carryforward on the final income tax return, which of the following best describes the tax options for the NOL? a. It expires unused. b. It can be... Helen was a retired 77-year-old teacher who died in 2022. In 2022, Helens pension paid her $45,000 up to her date of death and $13,000 afterward. Which of the following statements best describes... Which of the following is not a form of relief from tax liability available to a spouse or ex-spouse? a. Protective custody relief b. Innocent spouse relief c. Separation of liability relief d.... Ben and Jennifer get divorced in 2022. Which of the following statements is true regarding the tax consequences of the divorce? a. Ben will be able to deduct any alimony paid to Jennifer in future... If a taxpayer discovers a math error on their tax return in which two lines were added incorrectly: a. Conventional wisdom is that they simply wait for the IRS to send them a notice addressing the... Christine and Doug are married. In 2022, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no other income and work for the same employers for all of 2022. How much... Skylar is single and earns $410,000 in salary during 2022. What is the amount of 0.9 percent Medicare tax for high-income taxpayers that his employer must withhold from his wages? a. $1,890 b. $1,800... E Corporation is a subchapter S corporation owned by three individuals with calendar year-ends. The corporation sells a sports drink as its principal product and has similar sales each month. What... Daniel just became a selfemployed consultant. Prior to this year he was always an employee. He comes to discuss his new business with you. As his tax accountant, you should: a. Discuss setting up a... A bond is issued in 2020 at its face value of $10,000 with an interest rate of 5 percent. In 2022, the bond is sold when prevailing interest rates have increased. When recognizing gross income from... On September 22, 2022, Jerry purchases a corporate bond. The bond pays interest each sixth months on June 30 and December 31 of each year. On December 31, 2022, Jerry receives an interest payment of... Both spouses are responsible, jointly and individually, for paying the full amount of any tax, interest, or penalties due on a joint return. Which of the following is correct in reference to the... If a U.S. Tax Court agrees with the taxpayer on appeal that the IRS position was largely unjustified, which of the following is correct? a. The taxpayer must still pay administrative and litigation... The IRS does not have to furnish the taxpayer with information concerning which of the following items? a. The way the taxpayers return was selected for audit b. The procedures for appealing an IRS... Which of the following have privileged communication with a client in a noncriminal tax matter? a. CPAs b. Enrolled agents c. Attorneys d. a and c e. a, b, and c In which of the following situations does the burden of proof in a tax matter not automatically shift to the IRS? a. The IRS uses statistics to reconstruct an individuals income. b. A court... If a tax preparer notes an error on a clients tax return, under Circular 230, the tax preparer should: a. Report the mistake to the IRS immediately b. Prepare an amended tax return and file such... Which of the following has a six-year statute of limitations? a. Depreciation b. Salaries c. Travel and entertainment d. A return in which the taxpayer omitted gross income in excess of 25 percent of... Which of the following does not result in a minimum $55 fine for an income tax preparer? a. Failure to provide a tax preparer identification number b. Cashing a refund check for a customer c. Failing... If a taxpayers 2022 individual income tax return is due on April 18, 2023 and was filed on June 3, 2023, the statute of limitations would normally run out on: a. April 18, 2025 b. June 3, 2024 c.... If a taxpayers 2022 individual income tax return is due on April 18, 2023 and was filed on March 3, 2023, the statute of limitations would normally run out on: a. April 18, 2025 b. March 3, 2024 c.... The taxpayer penalty for writing a check to pay for taxes that has insufficient funds is: a. The same amount the bank charges the IRS for a returned check b. 5 percent of the amount of the total tax... A taxpayer incorrectly reports income and has a substantial understatement of income tax in the amount of $20,000 (but no fraud). The accuracy-related penalty for this error is: a. $20,000 b. $1,000... Which of the following best describes the interest and interest rates for under and overpayments of income tax liability? a. The underpayment rate is higher than the overpayment rate. b. The interest... Martha inadvertently failed to file her tax return for eleven months. The tax due on the return was $1,000. Her failure to file penalty will be: a. 55 percent of the tax due b. 25 percent of the tax... Which of the following is the most common type of audit for an individual taxpayer? a. Office audit b. Correspondence audit c. Telephone audit d. Field audit e. Service center audit Alternative dispute resolution has many positive features. It can be faster and cheaper than litigation. And unlike litigation, the process can be confidential and the parties can control the... In 1995, Bre-X Minerals burst from the ranks of Canadas junior mining companies to become the toast of markets across North America. It was considered a cant miss by gold analysts at many of the top... Kennedy, Logan, and Morgan were avid hockey fans. They decided to put together an expression of interest for the purchase of a 50% interest in an NHL hockey team. They discussed some of the terms... The gravestone of the late baseball great Jackie Robinson is inscribed with this advice: A life is not important except in the impact it has on other lives. Will your life be meaningful only if you... Indian spiritual, political, and civil rights leader Mahatma Gandhi viewed moral responsibility quite differently from Sartre. Gandhis view: All humanity is one undivided and indivisible family, and... Kelly Gregson(a real estate agent) contacted Rhonda Meadows (a corporate lawyer) to get a listing for the sale of Meadowss home. Meadows did not list the property but allowed Gregson to show it to... Mr. Smith is the owner and operator of a consultation company. Due to a downturn in business, he decided to terminate the employment contract of Ms. Jones. Smith softened the blow by giving Jones... Mr. White woke up one morning to find that the interior of his car had been consumed in a fire, rendering the vehicle a total write off. He promptly made a claim under his car insurance policy. Soon... Ace Manufacturing Ltd agreed to manufacture and sell 5000 chairs to a convention centre. The contract contained detailed specifications for the chairs, and provided that the purchase price of $200000... Write out each of the following syllogistic forms, using S and P as the subject and predicate terms of the conclusion, and M as the middle term. (Refer to the chart of the four syllogistic figures,... Douglas Pools Inc. operates a pool company in Toronto. In order to finance the business, Douglas Pools negotiated a line of credit with the Bank of Montreal to a maximum indebtedness of $300 000. The... Despite building successful drug companies while yet in his early 30s, Shkrelis exploitation of the drug market outraged the public and some members of Congress. In 2015, his company, Turing... Russias commodity-based economy has struggled for the past decade as oil and natural gas prices have stalled worldwide, and Western nations have imposed economic sanctions on Russia for its Crimean... Studies examining privatization performance have generated mixed results, but under the right conditions, privatization can operate in the public interest. Look, for example, at private prisons,... Finland turns out to be the happiest place on Earth, according to a 2019 United Nations global study. The top five countries on the happiness list are European states with strong welfare principles:... Translate each of the following into the logical notation of propositional functions and quantifiers, in each case using the abbreviations suggested and making each formula begin with a quantifier,... Sam Polk, a 30-year-old hedge fund trader, walked away from his $3.6 million Wall Street bonus convinced that he was addicted to wealth and pursuing a meaningless life. He had been angry that his... In 2017, five accountants at KPMG, including a former managing partner for audit quality, were charged with misappropriating and using information from the Public Company Accounting Oversight Board... a. In January 2020, Major League Baseball Commissioner Rob Manfred issued a report on arguably the most significant scandal since the steroid abuses of the 2000s. The Houston Astros were fined $5... Does the gig economy take advantage of independent contractors? Discuss your reasons.
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