Questions from Federal Taxation

Q: Jeremy is an executive for Columbia Corporation, which is going through

Jeremy is an executive for Columbia Corporation, which is going through a restructuring of its corporate headquarters operations. Columbia has offered to relocate Jeremy from its New York headquarters...

Q: : Juan, a self-employed medical doctor, maintains an

Juan, a self-employed medical doctor, maintains an office in his home where he maintains patient records and performs billing procedures. Most of his time is spent visiting patients and performing su...

Q: David is on the audit staff of a national accounting firm.

David is on the audit staff of a national accounting firm. He has been with the firm for three years and is a CPA. David has applied and been accepted into a prestigious MBA program. The program is tw...

Q: Mike incurs the following employment-related expenses in the current year

Mike incurs the following employment-related expenses in the current year: Actual automobile expenses……………………………………………$ 2,500 Moving expenses (deductible under Sec. 217)……………………4,000 Entertainment ex...

Q: Monique is a self-employed manufacturer’s representative (i.e

Monique is a self-employed manufacturer’s representative (i.e., an independent contractor) who solicits business for numerous clients and receives a commission based on sales. She incurs the following...

Q: In each of the following independent cases, determine the amount of

In each of the following independent cases, determine the amount of the charitable contribution and the limitation that would apply. In each case, assume that the donee is a qualified public charity....

Q: Five years ago, Brian and his brother Boyd formed Stewart Corp

Five years ago, Brian and his brother Boyd formed Stewart Corp., a golf apparel manufacturing corporation. At that time, Brian contributed $300,000 to the corporation in exchange for 50% of its stock....

Q: Mary is an employee of ABC Corporation and incurs $3,

Mary is an employee of ABC Corporation and incurs $3,600 of unreimbursed employment-related travel and entertainment expenses during the current year. These business expenses include the following: A...

Q: Marilyn, a business executive who lives and works in Cleveland,

Marilyn, a business executive who lives and works in Cleveland, accepts a temporary out-of-town assignment in Atlanta for a period of ten months. Marilyn leaves her husband and children in Cleveland a...

Q: In the current year, Mike’s AGI is $50,000

In the current year, Mike’s AGI is $50,000. Mike has no miscellaneous itemized deductions other than the employment-related expenses listed below. Mike attends a professional trade association convent...