Questions from Federal Taxation

Q: Which of the following itemized deductions are deductible when computing the alternative

Which of the following itemized deductions are deductible when computing the alternative minimum tax for individuals? a. Charitable contributions b. Mortgage interest on a loan used to acquire a per...

Q: Tony, who is single and 58 years old, is considering

Tony, who is single and 58 years old, is considering early retirement from his salaried job. He currently has $90,000 salary and also earns $50,000 profit from a consulting business. What advice would...

Q: Theresa is a college professor who wants to work for a consulting

Theresa is a college professor who wants to work for a consulting firm during the summer. She will be working on special projects relating to professional development programs. What advantages might a...

Q: Discuss the underlying rationale for the following tax credit items:

Discuss the underlying rationale for the following tax credit items: a. Foreign tax credit b. Research credit c. Business energy credit d. Premium tax credit e. Dependent care credit f. Earned i...

Q: If Congress is considering a tax credit or deduction as an incentive

If Congress is considering a tax credit or deduction as an incentive to encourage certain activities, is a $40 tax credit more valuable than a $200 tax deduction for a taxpayer with a 15% marginal rat...

Q: Discuss the limitations that have been imposed on the general business tax

Discuss the limitations that have been imposed on the general business tax credit, including the following: a. Overall ceiling limitation based on the tax liability b. Priority of general business a...

Q: Sarah, a married taxpayer who files a joint return, is

Sarah, a married taxpayer who files a joint return, is considering a foreign assignment for two years. In 2017, she will earn $120,000 in the foreign country. Sarah has no other income. She will be el...

Q: Describe the tax costs to a taxpayer who does not purchase health

Describe the tax costs to a taxpayer who does not purchase health insurance coverage for 2017. Assume the taxpayer is single, 40 years old, has no dependents, has household income of $55,000, and does...

Q: According to the Statements on Standards for Tax Services, what belief

According to the Statements on Standards for Tax Services, what belief should a CPA have before taking a pro-taxpayer position on a tax return?

Q: Queen Corporation has been in business since 1989. During the preceding

Queen Corporation has been in business since 1989. During the preceding year, the company had 25 full-time employees and gross receipts of $8,000,000. During the current year, Queen spent $15,000 to i...