Questions from Federal Taxation

Q: What are the chief responsibilities of the following? a.

What are the chief responsibilities of the following? a. The IRS commissioner b. The IRS chief counsel c. The National Taxpayer Advocate d. Local taxpayer advocates

Q: In each of the following scenarios should Ferris Corporation elect to forgo

In each of the following scenarios should Ferris Corporation elect to forgo the carryback of its $60,000 year 2017 NOL? Ferris is subject to a 16 percent cost of capital. Corporate tax rates are as in...

Q: What is a research memo designed to do?

What is a research memo designed to do?

Q: In each of the following scenarios should Harris Corporation accelerate $100

In each of the following scenarios should Harris Corporation accelerate $100,000 of gross income into 2017, its first year subject to the AMT? Harris is subject to a 14 percent cost of capital. The co...

Q: Paris Corporation holds a $100,000 unrealized net capital gain

Paris Corporation holds a $100,000 unrealized net capital gain and a capital loss carryforward that will expire in the current year. Paris is subject to a 14 percent cost of capital. Its marginal tax...

Q: Maris Corporation put into service $100,000 of equipment that

Maris Corporation put into service $100,000 of equipment that qualifies for its state’s 10 percent research credit. To the extent that the credit is claimed, no cost-recovery deductions are allowed. M...

Q: Joan filed her unextended 2017 tax return on November 15, 2018

Joan filed her unextended 2017 tax return on November 15, 2018, paying the $5,000 amount due at that time. Joan has no reasonable cause for failing to file the return by October 15 or for failing to p...

Q: It is late 2017, and you are a successful executive working

It is late 2017, and you are a successful executive working in New York for a large company. Tomorrow morning you will have the opportunity to negotiate receiving a $100,000 bonus at the end of the ye...

Q: Rex incurred $8,000 of employment-related meal and

Rex incurred $8,000 of employment-related meal and entertainment expenses during the year. Rex’s employer is trying to determine whether to reimburse Rex directly for the expenses (and claim the $4,00...

Q: List three of the items included in one of the Taxpayer Bills

List three of the items included in one of the Taxpayer Bills of Rights.