Questions from Federal Taxation

Q: Linda, age 37 who files as a single taxpayer, had

Linda, age 37 who files as a single taxpayer, had AG! of $280,000 for 2018. She incurred the following expenses and losses during the year: Calculate Linda's allowable itemized deductions for the ye...

Q: a. In each of the following independent situations, determine the

a. In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved i...

Q: Mason performs various home repair services for Isabella. In determining whether

Mason performs various home repair services for Isabella. In determining whether Mason is an employee or an independent contractor, comment on the relevance of each of the factors listed below. a. Ma...

Q: In determining Blue Corporation's current E & P for the current tax

In determining Blue Corporation's current E & P for the current tax year, how should taxable income be adjusted as a result of the following transactions? a. A capital loss carryover from one year ago...

Q: Wesley and Camilla (ages 90 and 88, respectively) live

Wesley and Camilla (ages 90 and 88, respectively) live in an assisted care facility and for 2017 and 2018 received their support from the following sources: a. Which persons are eligible to treat We...

Q: During the current year, Paul, the vice president of a

During the current year, Paul, the vice president of a bank, made gift5 in the following amounts. In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming...

Q: Ramon had AG! of $180,000 in 2018.

Ramon had AG! of $180,000 in 2018. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable...

Q: Sam and Drew are equal n1en1bers of the SD LLC, formed

Sam and Drew are equal n1en1bers of the SD LLC, formed on June 1 of the current year. Sam contributed land that he inherited from his uncle Garza in 2009. Garza had purchased the land in 1984 for $30,...

Q: Barney Chang and Aldrin, Inc., a don1estic C corporation,

Barney Chang and Aldrin, Inc., a don1estic C corporation, have Digging Deeper decided to form BA LLC. The new entity will produce a product that Barney recently developed and patented. Barney and Aldr...

Q: In 2018, Kathleen Tweardy incurs $30,000 of interest

In 2018, Kathleen Tweardy incurs $30,000 of interest expense related to her investments. Her investment income includes $7,500 of interest, $6,000 of qualified dividends, and a $12,000 net capital gai...