Questions from Federal Taxation

Q: Myron graduates from college this year and lands a job with the

Myron graduates from college this year and lands a job with the Collingwood Corporation in Dallas. After accepting the job, he flies to Dallas to find an apartment. Myron uses $2,000 his grandmother...

Q: During the current year, the Coetzer Corporation hires Marcelo, and

During the current year, the Coetzer Corporation hires Marcelo, and agrees to reimburse him for all his moving costs. Marcelo submits the following expenses to Coetzer for reimbursement: Transportat...

Q: A.J. is the vice president for Keane Products,

A.J. is the vice president for Keane Products, a marketing consulting firm. On a business trip to New York City, he meets with three executives from Keane’s top account. After the meeting, A.J. take...

Q: Marla had $2,100 in state income taxes withheld from

Marla had $2,100 in state income taxes withheld from her 2017 salary. When she files her 2017 state income tax return, her actual state tax liability is $2,300.

Q: Karl is the vice president of finance for Wyatt Industries. Last

Karl is the vice president of finance for Wyatt Industries. Last month, he took a client to an afternoon baseball game. The box-seat tickets cost $30 each. Because the client had a plane flight after...

Q: Marcel is the former chief executive officer and chairman of the board

Marcel is the former chief executive officer and chairman of the board of Donovan Technology. He is a member of the board of directors and has the title of chairman emeritus. Marcel and his wife enj...

Q: For each of the following situations, explain whether a deduction should

For each of the following situations, explain whether a deduction should be allowed for entertainment expenses: a. Neil owns a real estate agency and has an annual Christmas party at his house. The p...

Q: Gilbert got married this year. Because he couldn't afford a wedding

Gilbert got married this year. Because he couldn't afford a wedding reception, his employer gave him the $5,000 he needed to pay for it. Identify the tax issue(s) posed by the facts presented. Deter...

Q: For each of the following situations, explain whether a deduction should

For each of the following situations, explain whether a deduction should be allowed for entertainment expenses: a. Gayle, a dentist, invites 50 of her best patients to her daughter's wedding reception...

Q: Pablo is a computer sales representative and spends only 4 days a

Pablo is a computer sales representative and spends only 4 days a month in the office. His office is 18 miles from home. Pablo spends 3 nights a month traveling to his out-of-town clients. a. What p...