Questions from Federal Taxation

Q: Where may private letter rulings be found?

Where may private letter rulings be found?

Q: In 2017, Alva received dividends on her stocks as follows:

In 2017, Alva received dividends on her stocks as follows: Amur Corporation (a French corporation whose stock is traded on an established U.S. securities market)…………………………………………$60,0...

Q: Liz and Doug were divorced on December 31 of the current year

Liz and Doug were divorced on December 31 of the current year after 10 years of marriage. Their current year’s income received before the divorce was as follows: Doug’s salary………………………………………………………………...

Q: Nell and Kirby are in the process of negotiating their divorce agreement

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?...

Q: Alicia and Rafel are in the process of negotiating a divorce agreement

Alicia and Rafel are in the process of negotiating a divorce agreement. They both worked during the marriage and contributed an equal amount to the marital assets. They own a home with a fair market v...

Q: Roy decides to buy a personal residence and goes to the bank

Roy decides to buy a personal residence and goes to the bank for a $150,000 loan. The bank tells him that he can borrow the funds at 4% if his father will guarantee the debt. Roy’s father, Hal, owns a...

Q: Ridge is a generous individual. During the year, he made

Ridge is a generous individual. During the year, he made interest-free loans to various family members when the Federal rate was 3%. What are the tax consequences of the following loans by Ridge: a. O...

Q: Indicate whether the imputed interest rules should apply in the following situations

Indicate whether the imputed interest rules should apply in the following situations. Assume that all of the loans were made at the beginning of the tax year unless otherwise indicated. a. Mike loaned...

Q: Vito is the sole shareholder of Vito, Inc. He is

Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2017, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2018, he borrowed an additional $10,000. Both...

Q: Pam retires after 28 years of service with her employer. She

Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer’s qualified pension fund. She elects to receive her retirement benefits as an a...