Questions from Federal Taxation


Q: Ron, a cash basis taxpayer, sells his business accounts receivable

Ron, a cash basis taxpayer, sells his business accounts receivable of $100,000 of Felicia for $70,000 (70% of the actual accounts receivable). Discuss the amount and classification of Ron's bad debt d...

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Q: Discuss when a bad debt deduction can be taken for a nonbusiness

Discuss when a bad debt deduction can be taken for a nonbusiness debt.

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Q: Discuss the treatment of a business bad debt when the business also

Discuss the treatment of a business bad debt when the business also has long-term capital gains.

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Q: Sean is in the business of buying and selling stocks and bonds

Sean is in the business of buying and selling stocks and bonds. He has a bond of Green Corporation for which he paid $200,000. The bond is currently worth only $50,000. Discuss whether Sean can take a...

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Q: Discuss the tax treatment of the sale of 1244 stock at a

Discuss the tax treatment of the sale of 1244 stock at a gain

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Q: It is 2017. Bob and Nancy are married and file a

It is 2017. Bob and Nancy are married and file a joint return. They are both under age 50 and employed, with wages of $50,000 each. Their total AGI is $110,000. Neither of them is an active participan...

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Q: Jim discovers that his residence has extensive termite damage. Discuss whether

Jim discovers that his residence has extensive termite damage. Discuss whether he may take a deduction for the damage to his residence.

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Q: The value of Terrah's personal residence has declined significantly because of a

The value of Terrah's personal residence has declined significantly because of a recent forest fire in the area where she lives. The fire was a Federally declared disaster. Terrah's house suffered no...

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Q: Discuss whether property that is classified as personal use is subject to

Discuss whether property that is classified as personal use is subject to cost recovery.

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Q: Discuss when § 179 expense must be recaptured.

Discuss when § 179 expense must be recaptured.

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