Questions from Federal Taxation

Q: Crane Corporation incurs a $75,000 NOL in the current

Crane Corporation incurs a $75,000 NOL in the current year. In which years can Crane use this NOL if it makes no special elections? When might a special election to forgo the carryback of the NOL be b...

Q: What special restrictions apply to the deduction of a loss realized on

What special restrictions apply to the deduction of a loss realized on the sale of property between a corporation and a shareholder who owns 60% of the corporation’s stock? What restrictions apply to...

Q: Describe the three types of controlled groups.

Describe the three types of controlled groups.

Q: Why do special restrictions on using the progressive corporate tax rates apply

Why do special restrictions on using the progressive corporate tax rates apply to controlled groups of corporations? List five restrictions on claiming multiple tax benefits that apply to controlled g...

Q: What are the major advantages and disadvantages of filing a consolidated tax

What are the major advantages and disadvantages of filing a consolidated tax return?

Q: Explain how the IRS has interpreted the phrase “in control immediately

Explain how the IRS has interpreted the phrase “in control immediately after the exchange” for purposes of a Sec. 351 exchange.

Q: What are the tax advantages of substituting fringe benefits for salary paid

What are the tax advantages of substituting fringe benefits for salary paid to a shareholder-employee?

Q: Explain the tax consequences to both the corporation and a shareholder-

Explain the tax consequences to both the corporation and a shareholder-employee if an IRS agent determines that a portion of the compensation paid in a prior tax year exceeds a reasonable compensation...

Q: What corporations must pay estimated taxes? When are the estimated tax

What corporations must pay estimated taxes? When are the estimated tax payments due?

Q: What is a “large” corporation for purposes of the estimated

What is a “large” corporation for purposes of the estimated tax rules? What special rules apply to such large corporations?