Questions from Federal Taxation

Q: Explain what is meant by the following citations. a.

Explain what is meant by the following citations. a. Rev.Proc. 2001-10, 2001-1 C.B. 272. b. Rev.Rul. 2011-14, 201 1-27 I.R.B. 31. c. Ltr.Rul. 201125030.

Q: In the current year, Jeanette, an individual in the 24

In the current year, Jeanette, an individual in the 24% marginal tax bracket, recognized a $20,000 long-term capital gain. Also in the current year, Parrot Corporation, a calendar year C corporation,...

Q: In January of the current year, Don and Steve each invested

In January of the current year, Don and Steve each invested $100,000 cash to form a corporation to conduct business as a retail golf equipment store. On January 5, they paid Bill, an attorney, to draf...

Q: To which U.S. Court of Appeals would a person

To which U.S. Court of Appeals would a person living in each of the following states appeal from the U.S. Tax Court' a. Texas. b. Colorado. c. Georgia. d. Montana. e. New York.

Q: Tammy, a single taxpayer, has a part-time job

Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership interest. In addition, she owns and operates LittleCo, a sole proprietorship that is a qualified trade o...

Q: Assume the same facts as in Problem 29, except that Tammy

Assume the same facts as in Problem 29, except that Tammy does not have a part-time job at BigCo. How, does this affect her qualified business income deduction?

Q: Assume the same facts as in Problem 31, except that Susan's

Assume the same facts as in Problem 31, except that Susan's business pays $60,000 of W-2 wages and reports net income of $200,000 (all of which is qualified business income). Susan also has a part-tim...

Q: Benton Company (BC), a calendar year entity, has one

Benton Company (BC), a calendar year entity, has one owner, who is in the 37% Federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). BC's gross income is $395,00...

Q: Stella Watters is a CPA and operates her own accounting firm (

Stella Watters is a CPA and operates her own accounting firm (Watters CPA LLC). As a single member LLC, Stella reports her accounting firm operations as a sole proprietor. Stella has QBI from her acco...

Q: Troy Kennedy (1635 Maple Street, Syracuse, NY 13201)

Troy Kennedy (1635 Maple Street, Syracuse, NY 13201) exchanges property (basis of $200,000 and fair market value of $850,000) for 75% of the stock of Red Corporation. The other 25% is owned by Sarah M...