Questions from Federal Taxation

Q: “All income must be reported, and all deductions are allowed

“All income must be reported, and all deductions are allowed unless specifically disallowed in the Code.” Discuss.

Q: Classify each of the following expenditures as a deduction for AGI,

Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not deductible: a. Sam gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c....

Q: George is a U.S. citizen who is employed by

George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2017, George began working in London. He worked there until January 31, 2018, when he transferred t...

Q: Classify each of the following expenditures as a deduction for AGI,

Classify each of the following expenditures as a deduction for AGI, a deduction from AGI, or not deductible: a. Amos contributes to his H.R. 10 plan (i.e., a retirement plan for a self-employed indivi...

Q: Larry and Susan each invest $10,000 in separate investment

Larry and Susan each invest $10,000 in separate investment activities. They each incur deductible expenses of $800 associated with their respective investments. Explain why Larry’s expenses might be p...

Q: Boston Clothing Limited was a private company that experienced cash flow difficulties

Boston Clothing Limited was a private company that experienced cash flow difficulties and hired new management to turn the company around. The company then went public and the shares sold at $15 per s...

Q: Mary Kate owns a building that she leases to an individual who

Mary Kate owns a building that she leases to an individual who operates a grocery store. Rent income is $10,000, and rental expenses are $6,000. On what Form 1040 schedule or schedules are the income...

Q: Use www.congress.gov or another reliable website to find

Use www.congress.gov or another reliable website to find a proposal for a carbon tax or a financial transactions tax. Draft a summary of the tax, and analyze it against five of the principles of good...

Q: What is the difference between an excise tax and a general sales

What is the difference between an excise tax and a general sales tax? a. Do all states impose a general sales tax? b. Does the Federal government impose a general sales tax?

Q: Clear, Inc., is a bottled water distributor. Clear’s delivery

Clear, Inc., is a bottled water distributor. Clear’s delivery trucks frequently are required to park in no-parking zones to make their deliveries. If the trucks are occasionally ticketed, can Clear de...