Questions from Federal Taxation

Q: Determine whether the taxpayer in each of the following situations has realized

Determine whether the taxpayer in each of the following situations has realized income. Explain why there has or has not been a realization, and determine the amount of income to be reported: a. Ramro...

Q: Shannon signs a $100,000 contract to develop a plan

Shannon signs a $100,000 contract to develop a plan for integrating the computer operations of State University in December. Under the contract, she receives a $30,000 advance against future payments...

Q: Determine whether the taxpayer in each of the following situations has a

Determine whether the taxpayer in each of the following situations has a claim of right to the income received: a. Trigger, Inc., receives a $5,000 stud fee for services rendered by one of its prized...

Q: Chapter 1 discussed how gross income is equal to all income received

Chapter 1 discussed how gross income is equal to all income received, less exclusions. Which concepts form the basis for this calculation of gross income? Explain.

Q: Does the tax treatment of below market-rate loans violate any

Does the tax treatment of below market-rate loans violate any income tax concepts? If so, how? Explain.

Q: Elwood had to retire early because of a job-related injury

Elwood had to retire early because of a job-related injury. During the current year, he receives $10,000 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that...

Q: Hermano and Rosetta are a retired couple who receive $10,

Hermano and Rosetta are a retired couple who receive $10,000 in Social Security benefits during the current year. They also receive $3,000 in interest on their savings account and taxable pension pay...

Q: Upon returning from lunch, you find the following message on your

Upon returning from lunch, you find the following message on your voice mail: This is Jarrett Ogilvie. I'm not one of your clients, but I need some advice. I received a statement in the mail from th...

Q: Will and Janine are divorced during the current year. Will is

Will and Janine are divorced during the current year. Will is to have custody of their two children and will receive their house as part of the divorce settlement. The house, which Will and Janine b...

Q: Erica and Raphael are divorced during the current year. Because Erica

Erica and Raphael are divorced during the current year. Because Erica made millions in the record industry while Raphael served as the homemaker and primary caretaker to baby Dexter, Erica agrees to...