Questions from General Taxation

Q: Kristen, the regional manager for a national hardware chain, is

Kristen, the regional manager for a national hardware chain, is based in Atlanta. During March and April of this year, she has to replace temporarily the district manager in Jackson (Mississippi). Dur...

Q: Allie forms Broadbill Corporation by transferring land (basis of $125

Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporating Broadbill, Allie...

Q: In June of this year, Dr. and Mrs. Bret

In June of this year, Dr. and Mrs. Bret Spencer traveled to Denver to attend a three-day conference sponsored by the American Society of Implant Dentistry. Bret, a practicing oral surgeon, participate...

Q: On Thursday, Justin flies from Baltimore (his home office)

On Thursday, Justin flies from Baltimore (his home office) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and retur...

Q: Veronica is a key employee of Perdiz Corporation, an aerospace engineering

Veronica is a key employee of Perdiz Corporation, an aerospace engineering concern located in Seattle. Perdiz would like to establish an office on the east coast of Florida and wants Veronica to be in...

Q: Upon losing his job as a plant manager in Quincy, Massachusetts

Upon losing his job as a plant manager in Quincy, Massachusetts, Anthony incurs $6,200 in job search expenses. Having no success in finding new employment in the same type of work, Anthony moves to Cl...

Q: Elijah is employed as a full-time high school teacher.

Elijah is employed as a full-time high school teacher. The school district for which he works recently instituted a policy requiring all of its teachers to start working on a master’s degree. Pursuant...

Q: In each of the following independent situations, determine how much,

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...

Q: During the year, Brenda has the following expenses related to her

During the year, Brenda has the following expenses related to her employment: Airfare ……………………………………………………………………………………. $8,500 Meals………………………………………………………………………………………. 4,000 Lodging ………………………………………………...

Q: Charles has AGI of $94,000 during the year and

Charles has AGI of $94,000 during the year and the following expenses related to his employment: Lodging while in travel status……………………………………………. $5,000 Meals during travel…………………………………………………………… 4,0...