Questions from Federal Taxation

Q: Discuss at what point in time a theft loss generally is recognized

Discuss at what point in time a theft loss generally is recognized.

Q: Discuss the circumstances under which the cost of repairs to the damaged

Discuss the circumstances under which the cost of repairs to the damaged property can be used to measure the amount of a casualty loss.

Q: In 2018, Kelsey sustained a loss on the theft of a

In 2018, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. Evaluate the tax consequences of treating the pai...

Q: Kelly decided to invest in Lime, Inc, common stock after

Kelly decided to invest in Lime, Inc, common stock after reviewing Lime,s public disclosures， including recent financial statements and a number of process releases issued by Lime. On August 7, 2016,...

Q: Paula has sales that qualify to be reported on the installment basis

Paula has sales that qualify to be reported on the installment basis. In year 2, installment sales were $40,000 with a cost of $30,000. In year 3, installment sales were $50,000 with a cost of $25,000...

Q: Discuss under what circumstances a company would elect to amortize research and

Discuss under what circumstances a company would elect to amortize research and experimental expenditures rather than use the expense method.

Q: Amos began a business, Silver LLC (a single-member

Amos began a business, Silver LLC (a single-member LLC), on July 1 2015. The business extracts and processes silver ore. During 2018, as a resu1t of a decline in demand for silver ore, Amos expects to...

Q: Discuss the rationale behind the excess business loss provision.

Discuss the rationale behind the excess business loss provision.

Q: Discuss whether unreimbursed employee business expenses can create an NOL for an

Discuss whether unreimbursed employee business expenses can create an NOL for an individual taxpayer.

Q: Discuss whether the deductions for AGI can be treated as nonbusiness deductions

Discuss whether the deductions for AGI can be treated as nonbusiness deductions in computing an individual's NOL.