Questions from Federal Taxation

Q: Quinn Corporation is subject to tax in States G, H,

Quinn Corporation is subject to tax in States G, H, and I. Quinn’s compensation expense includes the following. Officers’ salaries are included in the payroll fac...

Q: Create a PowerPoint outline describing the major exemptions and exclusions from the

Create a PowerPoint outline describing the major exemptions and exclusions from the sales/use tax base of most states. Use your slides to discuss this topic with your accounting students’ club.

Q: ABC, Inc., a domestic corporation, reports $50 million

ABC, Inc., a domestic corporation, reports $50 million of taxable income, including $15 million of general limitation foreign-source taxable income, on which ABC paid $5 million in foreign income taxe...

Q: For each of the following organizations, determine its UBTI and any

For each of the following organizations, determine its UBTI and any related UBIT. a. AIDS, Inc., an exempt charitable organization that provides support for individuals with AIDS, operates a retail me...

Q: Wellness, Inc., a § 501(c)(3)

Wellness, Inc., a § 501(c)(3) organization, makes lobbying expenditures of $340,000 this year. Exempt purpose expenditures were $600,000 for the first six months of the year and $950,000 for the last...

Q: Describe how a partnership reports its income for tax purposes. Who

Describe how a partnership reports its income for tax purposes. Who makes most elections related to partnership income and deductions? What theory underlies this treatment?

Q: State E applies a throwback rule to sales, while State F

State E applies a throwback rule to sales, while State F does not. State G has not adopted an income tax to date. Clay Corporation, headquartered in E, reported the following sales for the year. All o...

Q: Compare the provision for the non-recognition of gain or loss

Compare the provision for the non-recognition of gain or loss on contributions to a partnership (i.e., § 721) with the similar provision related to corporate formation (i.e., § 351). What are the majo...

Q: On January 2 of the current year, Fenton and Myers form

On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows: Within 30 days of formation, FM collects the receivables and sells the inventory fo...

Q: How does a partnership calculate depreciation on property that is contributed by

How does a partnership calculate depreciation on property that is contributed by a partner? If the partnership incurs additional costs that must be capitalized (i.e., transfer taxes related to changin...