Questions from Federal Taxation

Q: Bryce, a bank official, is married and files a joint

Bryce, a bank official, is married and files a joint return. During 2017 he engages in the following activities and transactions: a. Being an avid fisherman, Bryce develops an expertise in tying flie...

Q: Holly inherited $10,000 of City of Atlanta bonds in

Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of $500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings bonds that...

Q: Under Sec. 280A, how will a taxpayer report the income

Under Sec. 280A, how will a taxpayer report the income and expenses of a vacation home if it is rented out for only 12 days during the year?

Q: If a taxpayer files his or her tax return and receives a

If a taxpayer files his or her tax return and receives a tax refund from the IRS, does this mean that the IRS feels that the return is correct and will not be subject to a future audit.

Q: Is the principal goal of tax planning to absolutely minimize the amount

Is the principal goal of tax planning to absolutely minimize the amount of taxes that a taxpayer must pay?

Q: Why is the distinction between deductions for AGI and deductions from AGI

Why is the distinction between deductions for AGI and deductions from AGI important for individuals?

Q: How many dependency exemptions are the following taxpayers entitled to, assuming

How many dependency exemptions are the following taxpayers entitled to, assuming the people involved are U.S. citizens? Which dependents qualify for the child credit? a. Andrew supports his cousin Ma...

Q: Assume that Jill is engaged in painting as a hobby. During

Assume that Jill is engaged in painting as a hobby. During the year, she earns $1,000 from sales of her paintings and incurs $1,300 expenses for supplies and lessons. Jill’s salary from her job is $70...

Q: Many homeowners itemize deductions while many renters claim the standard deduction.

Many homeowners itemize deductions while many renters claim the standard deduction. Explain.

Q: What types of taxpayers are more likely to be audited by the

What types of taxpayers are more likely to be audited by the IRS?