Questions from Federal Taxation


Q: Elijah is employed as a full-rin1e high school teacher.

Elijah is employed as a full-rin1e high school teacher. The school district for which he works recently instituted a policy requiring all of its teachers to start working on a master's degree. Pursuan...

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Q: Tim is a real estate broker \Vho specializes in con1mercial real

Tim is a real estate broker \Vho specializes in con1mercial real estate. Although he usually buys and sells on behalf of others, he also maintains a portfolio of property of his own. He holds this pro...

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Q: In each of the following independent situations, determine how much,

In each of the following independent situations, determine how much, if Critical Thinking any, qualifies as a deduction for AG! underĀ§ 222 (targeted tuition and related expenses). a. Lily is single an...

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Q: Continue to consider the case of the taxpayer in Problem 32.

Continue to consider the case of the taxpayer in Problem 32. Is it acceptable to you if Norris purposely shifts its sales force an1ong the states to reduce its tax liabilities' In your response, first...

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Q: Gull Corporation, a cash method, calendar year C corporation,

Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2018. Gull incurred the following expenses during its first year of operations (November 1, 2...

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Q: Continue with the facts of Problem 34. Using the format of

Continue with the facts of Problem 34. Using the format of compute state taxable income for HippCo, assuming also that the taxpayer recognized $225,000 of net rent income during the year from a wareho...

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Q: PinkCo, Inc., operates in two states, both of which

PinkCo, Inc., operates in two states, both of which equally weight the three apportionment factors. PinkCo reports the following results for the year. Compute the apportionment percentage for both sta...

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Q: On March 2, 2018, the two 50% shareholders of

On March 2, 2018, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident alien...

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Q: Oak Corporation holds the following general business credit carryovers.

Oak Corporation holds the following general business credit carryovers. If the general business credit generated by activities during 2018 equals $36,000 and the total credit allowed during the curr...

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Q: In January 2017, Iris Corporation purchased and placed in service a

In January 2017, Iris Corporation purchased and placed in service a certified historic structure building that houses retail businesses. The cost was $300,000, of which $25,000 applied to the land. In...

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