Questions from Federal Taxation

Q: Sophia and Jacob are married and file a joint return. Their

Sophia and Jacob are married and file a joint return. Their 2017 tax return included a Form 2106 (Employee Business Expenses) for each of them Their 2018 tax return, however, included a Schedule C. In...

Q: Review the advantages and disadvantages of the Simplified Method for determining the

Review the advantages and disadvantages of the Simplified Method for determining the office in the home deduction. Create a brief summary of your findings, and e-mail it to your instructor.

Q: Who can claim the qualified business income (QBI) deduction?

Who can claim the qualified business income (QBI) deduction?

Q: What are the general rules surrounding the QBI deduction? How is

What are the general rules surrounding the QBI deduction? How is it computed?

Q: Define each of the following terms, and exp1ain how each is

Define each of the following terms, and exp1ain how each is used in determining the QBI deduction: a. Modified taxab1e income b. Qua1的ed business income. c. Qualified trade or business. d. "Specified...

Q: Regarding the tax implications of various retirement plans, comment on the

Regarding the tax implications of various retirement plans, comment on the following: a. The difference between Keogh (H.R. 10) and traditional deductible IRA p1ans. b. The difference between traditio...

Q: What tax return reporting procedures must be followed by an employee under

What tax return reporting procedures must be followed by an employee under the following circumstances? a. Expenses and reimbursements are equal under an accountable plan. b. Reimbursements at the app...

Q: Milton is a resident of Mobile (Alabama) and is employed

Milton is a resident of Mobile (Alabama) and is employed by Scaup Corporation. Because Scaup closed its Mobile office, Milton no longer has any nondeductible commuting expenses although he continues t...

Q: On March 1 of year 0, Judy was granted an incentive

On March 1 of year 0, Judy was granted an incentive stock option (ISO) to purchase 50 shares of her employer's stock for $10 per share. The FMV of the stock on the date of the grant was $12 per share....

Q: In 2016. Emma purchased an automobile, which she uses for

In 2016. Emma purchased an automobile, which she uses for both business and personal purposes. Although Emma does not keep records as to operating expenses (e.g., gas, oil, and repairs), she can prove...