Questions from Federal Taxation


Q: Marino inherits antique pottery from the estate of his grandmother on March

Marino inherits antique pottery from the estate of his grandmother on March 10, 2017. He immediately sells the pottery for $15,000 to a collector who had made the offer to the executor of the estate...

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Q: What is meant by the term owner-partner?

What is meant by the term owner-partner?

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Q: How does being an owner-partner affect the amount that can

How does being an owner-partner affect the amount that can be contributed to a Keogh plan?

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Q: Are all taxpayers (including spouses of active participants) allowed a

Are all taxpayers (including spouses of active participants) allowed a deduction for a contribution to an individual retirement account? Explain.

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Q: How does a simplified employee pension plan differ from a Keogh plan

How does a simplified employee pension plan differ from a Keogh plan? From a qualified pension plan?

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Q: What requirements must a taxpayer meet to establish a simplified employee pension

What requirements must a taxpayer meet to establish a simplified employee pension plan?

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Q: Compare the different funding options available to an employer under a SIMPLE

Compare the different funding options available to an employer under a SIMPLE-IRA plan and a SIMPLE-401(k) plan. Discuss how these funding options affect the amount the employee and employer can cont...

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Q: How is the required minimum distribution (RMD) from a pension

How is the required minimum distribution (RMD) from a pension plan determined?

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Q: Generally, at what age can pension plan distributions begin? When

Generally, at what age can pension plan distributions begin? When must they begin? Explain any exceptions to these general rules.

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Q: Discuss the penalty provisions associated with qualified pension plans, Keoghs,

Discuss the penalty provisions associated with qualified pension plans, Keoghs, and IRAs.

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