Questions from Federal Taxation

Q: George is a U.S. citizen who is employed by

George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2018, George began working in London. He worked there until January 31, 2019, when he transferred t...

Q: Burgundy, Inc., and Violet Gomez are equal partners in the

Burgundy, Inc., and Violet Gomez are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed pa...

Q: In January of the current year, Wanda transferred machinery worth $

In January of the current year, Wanda transferred machinery worth $200,000 (adjusted basis of $30,000) to a controlled corporation, Oriole, Inc. The transfer qualified under§ 351. Wanda had deducted $...

Q: Which of the following items are exclusions from gross income?

Which of the following items are exclusions from gross income? a. Alimony payments received from a divorce settlement in 2016. b. Damages award received by the taxpayer for personal physical injury-no...

Q: Casey is in the 12% marginal tax bracket, and Jean

Casey is in the 12% marginal tax bracket, and Jean is in the 35% marginal tax bracket. Their employer is experiencing financial difficulties and cannot continue to pay for the company's health insuran...

Q: If the beginning balance in Swan, Inc.'s OAA is

If the beginning balance in Swan, Inc.'s OAA is $6,700 and the following transactions occur, what is Swan's ending OAA balance?

Q: Kristen, an independent management consultant, is based in Atlanta.

Kristen, an independent management consultant, is based in Atlanta. During March and April of 2018, she is contracted by a national hardware chain to help implement revised human resource policies in...

Q: Orange, Inc., a calendar year corporation in Clemson, South

Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2018. The con1pany generated a $74,000 NOL in 2017 and another NOL of $43,000 in 2018. Orange stoc...

Q: In each of the following independent situations, determine the dividends received

In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. The corporate shareholders own less than 20% of the stock in the corpor...

Q: Sean Moon is president, secretary, treasurer, sole director,

Sean Moon is president, secretary, treasurer, sole director, and sole shareholder of Streetz, an S corporation real estate company. He n1anages all aspects of the con1pany's operations, and he is the...