Questions from Federal Taxation

Q: Assume the same facts as in Problem I:13-54

Assume the same facts as in Problem I:13-54 except the taxpayer is a corporate taxpayer with a 34% tax rate and answer the ten true-false questions. From problem 54: Consider three office buildings pl...

Q: Molly, whose tax rate is 39.6%, sells an

Molly, whose tax rate is 39.6%, sells an apartment complex for $4.5 million with 10% of the price allocated to land. The apartment complex was purchased in 1993. She has no other sales or exchanges du...

Q: Assume the same facts as in Problem I:13-56

Assume the same facts as in Problem I:13-56 except the taxpayer is a corporation instead of an individual. a. What is the recognized gain on the sale of the building and the character of the gain? b...

Q: Raquel owns land used in her trade or business for more than

Raquel owns land used in her trade or business for more than one year. The basis is $10,000 and its FMV is $40,000. Her tax rate is 33% and her AGI is $250,000. She makes no other charitable contribut...

Q: Glen, whose tax rate is 33%, sells each of the

Glen, whose tax rate is 33%, sells each of the following assets for $200,000. Each case is an independent case.

Q: List three methods of searching the major tax service databases.

List three methods of searching the major tax service databases.

Q: Bob owns farmland with a $600,000 basis, and

Bob owns farmland with a $600,000 basis, and he elects to expense $100,000 of expenditures incurred for soil and water conservation purposes. Bob sells the farmland after farming for seven years and f...

Q: In 2011, Jack purchased undeveloped oil and gas property for $

In 2011, Jack purchased undeveloped oil and gas property for $900,000 and paid $170,000 for intangible drilling and development costs. He elected to expense the intangible drilling and development cos...

Q: Berkeley Corporation has a policy of furnishing new automobiles to the athletic

Berkeley Corporation has a policy of furnishing new automobiles to the athletic department of the local university. The automobiles are used for short periods of time by the extremely popular head bas...

Q: Holly has recognized a $9,000 STCL. She has

Holly has recognized a $9,000 STCL. She has no other recognized capital gains and losses in 2017. She is considering the sale of a Sec. 1231 asset held for four years at a $5,000 gain in 2017. She had...