Questions from Federal Taxation

Q: Pamela (an individual) owns 100% of P Corporation’s stock

Pamela (an individual) owns 100% of P Corporation’s stock and 100% of R Corporation’s stock. P owns 100% of S Corporation’s stock and 49% of T Corporation’s stock. S owns the remaining 51% of T’s stoc...

Q: P Corporation purchases all of S Corporation’s stock in the current year

P Corporation purchases all of S Corporation’s stock in the current year. Both corporations are includible corporations. S is P’s only subsidiary. Explain their federal income tax return filing altern...

Q: How do the stock ownership requirements for an affiliated group of corporations

How do the stock ownership requirements for an affiliated group of corporations differ from those for a controlled group?

Q: P Corporation owns 100% of the stock of S1 and S2

P Corporation owns 100% of the stock of S1 and S2 Corporations. S1 owns 51% of S3 Corporation’s stock, and unrelated persons own the remaining 49%. S2 is a foreign corporation. Explain why the corpora...

Q: Explain why the consolidated return Treasury Regulations are legislative regulations.

Explain why the consolidated return Treasury Regulations are legislative regulations.

Q: P Corporation owns all the stock of S and T Corporations,

P Corporation owns all the stock of S and T Corporations, and the three corporations elected to file a consolidated tax return for the prior year. What circumstances would allow the corporations to fi...

Q: Define the following terms: a. Intercompany transaction.

Define the following terms: a. Intercompany transaction. b. Intercompany item. c. Corresponding item. d. Recomputed corresponding item. e. Matching rule. f. Acceleration rule.

Q: P and S1 Corporations have filed consolidated tax returns for several years

P and S1 Corporations have filed consolidated tax returns for several years. S1 acquires all of S2 Corporation’s stock at the close of business on June 15 of the current year. Which of the following c...

Q: Ted decides to incorporate his medical practice. He uses the cash

Ted decides to incorporate his medical practice. He uses the cash method of accounting. On the date of incorporation, the practice reports the following balance sheet: All the current liabilities wou...

Q: P, S1, and S2 Corporations comprise a consolidated group.

P, S1, and S2 Corporations comprise a consolidated group. The group members use the accrual method of accounting. For each of the following intercompany transactions that occur during the current year...