Questions from Federal Taxation

Q: Locate the following cited items, and give a brief description of

Locate the following cited items, and give a brief description of the topic or opinion in the item. a. § 6694(a). b. Reg.§ I.6694-I(b) c. Rev.Rul. 86-55, 1986-1 C.B. 373. d. PLR 8022027.

Q: Using the legend provided, classify each of the following tax sources

Using the legend provided, classify each of the following tax sources. a. Sixteenth Amendment to the Constitution. b. Tax treaty between the United States and China. c. Temporary Regulations (issued...

Q: Your client, Heron Corporation, has a deficit in accumulated E

Your client, Heron Corporation, has a deficit in accumulated E & P $300,000. Starting this year, it expects to generate annual E & P of $150,000 for the next four years and would like to distribute th...

Q: Jennifer is a CPA and a single taxpayer using the standard deduction

Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before...

Q: Grouse Corporation, a calendar year C corporation, had taxable income

Grouse Corporation, a calendar year C corporation, had taxable income of $1.4 million, $1.2 million, and $700,000 for 2016, 2017, and 2018, respectively. Grouse has taxable income of $1.6 million for...

Q: Elliot operates his clothing store as a single member LLC (which

Elliot operates his clothing store as a single member LLC (which he reports as a sole proprietorship). In 2018, his proprietorship generates net income of $280,000, he pays W-2 wages of S 170,000, and...

Q: Juniper, Inc., exchanges some real estate (basis of $

Juniper, Inc., exchanges some real estate (basis of $800,000 and fair market value of $1 million) for other real estate owned by Birch, Inc., (basis of $1.2 million and fair market value of $900,000)...

Q: Using the legend provided, classify the overall objective of the particular

Using the legend provided, classify the overall objective of the particular tax provision. a. Like-kind exchange treatment. b. An increase in the individual tax rate. c. The S corporation election....

Q: In the current year, Pelican, Inc., a calendar year

In the current year, Pelican, Inc., a calendar year C corporation, incurs $l0,000 of meals and entertainment expenses that it deducts in computing net income per the corporation's financial statements...

Q: In the current year, Pelican, Inc., incurs $50

In the current year, Pelican, Inc., incurs $50,000 of nondeductible fines and penalties. Its depreciation expense is $245,000 for financial statement purposes and $310,000 for tax purposes. How is thi...