Questions from Federal Taxation

Q: Alison incurs the following research expenditures. /

Alison incurs the following research expenditures. a. Determine the amount of qualified research expenditures. b. Assuming that the base amount is $50,000, determine Alison's incremental research ac...

Q: In March 2018, Serengeti exercised an ISO that had been granted

In March 2018, Serengeti exercised an ISO that had been granted by his employer, Thunder Corporation, in December 2015. Serengeti acquired 5,000 shares of Thunder stock for the exercise price of $65 p...

Q: Brennen sold a machine used in his sole proprietorship for $180

Brennen sold a machine used in his sole proprietorship for $180,000. The machine was purchased eight years ago for $340,000. Depreciation up to the date of the sale for regular income tax purposes was...

Q: Pineview Company, a single member LLC, placed a $5

Pineview Company, a single member LLC, placed a $5,000 asset that is ineligible for full expensing in service on June 1, 2018. The asset has a three-year MACRS class life; no bonus depreciation was ta...

Q: Cherry Corporation, a calendar year C corporation, is formed and

Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2018. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Che...

Q: Compute the income tax liability for each of the following unrelated calendar

Compute the income tax liability for each of the following unrelated calendar year C corporations. a. In 2017, Darter Corporation has taxable income of $68,000. b. In 2017, owl Corporation has taxable...

Q: Myers, who is single, reports compensation income of $70

Myers, who is single, reports compensation income of $70,000 in 2018. He is an active participant in his employer's qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of the $5,...

Q: Meredith, who is single, would like to contribute $5

Meredith, who is single, would like to contribute $5,500 to her Roth IRA. What is the maximum amount that Meredith can contribute if her AGI is $121,000?

Q: Discuss the application of a general sales tax. a.

Discuss the application of a general sales tax. a. Do all states impose a general sales tax? b. Does the Federal government impose a general sales tax?

Q: Stanford owns and operates two dry cleaning businesses. He travels to

Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does...