Questions from Federal Taxation

Q: Lynn is a salesperson who entertains clients at business luncheons. A

Lynn is a salesperson who entertains clients at business luncheons. A business relationship exists for the entertainment, and there is a reasonable expectation of business benefit. However, no busines...

Q: If an individual belongs to a country club and uses the facility

If an individual belongs to a country club and uses the facility primarily for business entertainment of customers, what portion of the club dues is deductible?

Q: Bass Corporation purchases 10 tickets to the Super Bowl in February 2017

Bass Corporation purchases 10 tickets to the Super Bowl in February 2017 for entertaining its customers. Due to unusually high demand, the tickets have to be purchased from scalpers for $15,000 (10 ×...

Q: Dan, a full-time employee of Beta, Inc.,

Dan, a full-time employee of Beta, Inc., also owns 10% of its outstanding stock. The other 90% is owned by his three brothers. During the year, the president of Beta came to Dan, expressing grave conc...

Q: a. Discuss the two requirements for an employee expense reimbursement plan

a. Discuss the two requirements for an employee expense reimbursement plan to be treated as an accountable plan. b. How are expenses and reimbursements treated under an accountable plan? c. How are...

Q: Martin is a tax accountant employed by a public accounting firm.

Martin is a tax accountant employed by a public accounting firm. He incurs the following expenses: CPA review course ………………………. $ 400 Law school tuition and books …………….. 4,000 Accounting continui...

Q: Discuss whether any of the following individuals are entitled to an office

Discuss whether any of the following individuals are entitled to an office-in-home deduction: a. Maggie is a self-employed management consultant who maintains an office in her home exclusively used f...

Q: Compare and contrast the tax advantages accruing to employers and employees from

Compare and contrast the tax advantages accruing to employers and employees from the establishment of a qualified pension or profit-sharing plan versus a nonqualified deferred compensation arrangement...

Q: What is the difference between a defined benefit pension plan and a

What is the difference between a defined benefit pension plan and a defined contribution pension plan?

Q: Austin Corporation is proposing the establishment of a pension plan that will

Austin Corporation is proposing the establishment of a pension plan that will cover only employees with salaries in excess of $150,000. No other employees are covered under comparable qualified plans....