Questions from Federal Taxation

Q: Use the following data to calculate Chiara's AMT base in 2018.

Use the following data to calculate Chiara's AMT base in 2018. Chiara will itemize deductions and will file as a single taxpayer.

Q: Gearry and Olinto organized The Worthington Corp., which issued voting common

Gearry and Olinto organized The Worthington Corp., which issued voting common stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows: The buildin...

Q: Gearry and Olinto organized The Worthington Corp., which issued voting common

Gearry and Olinto organized The Worthington Corp., which issued voting common stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows: The buildin...

Q: Ron, David, and Mary formed Widget, Inc. Ron

Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 2001o. Ron contributed land with an FMV of $70,000 and an adjusted basis of $20,0...

Q: In the current year, Acorn, Inc., had the following

In the current year, Acorn, Inc., had the following items of income and expense: The dividends were received from a corporation of which Acorn owns 30%. In Acorn's current-year corporate income tax...

Q: Hirsch, Incorporated, is a calendar year corporation that has had

Hirsch, Incorporated, is a calendar year corporation that has had revenues of less than $500,000 since inception. In 2017, Hirsch had a net operating loss that \Vas able to be used in full via a carry...

Q: On January 1, year 5, Olinto Corp., an accrual

On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and m...

Q: Fox Corp. owned 2,000 shares of Duffy Corp.

Fox Corp. owned 2,000 shares of Duffy Corp. stock that it bought in year 0 for $9 per share. In year 8, when the fair market value of the Duffy stock was $20 per share, Fox distributed this stock to a...

Q: Ridge Corp., a calendar year C corporation, made a non

Ridge Corp., a calendar year C corporation, made a non liquidating cash distribution to its shareholders of $1,000,000 with respect to its stock. At that time, Ridge's current and accumulated earnings...

Q: Jane is the sole shareholder of Buttons, Inc. Buttons has

Jane is the sole shareholder of Buttons, Inc. Buttons has a deficit of $60,000 in accumulated earnings and profits (E & P) at the beginning of the current year. Current E & P is $35,000. If Buttons pa...