Questions from Federal Taxation

Q: Compute the number of dependents in each of the following independent situation

Compute the number of dependents in each of the following independent situation: a. Reginald, a U.S. citizen and resident, contributes 100% of the support of his parents who are citizens of Canada and...

Q: Determine number of dependents in each of the following independent situations,

Determine number of dependents in each of the following independent situations, and identify whether the dependent is a qualifying child or a qualifying relative. a. Andy maintains a household that in...

Q: During 2018, Jenny, age 14, lives in a household

During 2018, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as follows:...

Q: Determine the effects of the following on a cash basis taxpayer’s gross

Determine the effects of the following on a cash basis taxpayer’s gross income for 2018 and 2019. a. On the morning of December 31, 2018, the taxpayer received a $1,500 check from a customer. The taxp...

Q: Marlene, a cash basis taxpayer, invests in Series EE U

Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2018 gross income: a....

Q: Belinda was involved in a boating accident in 2018. Her speedboat

Belinda was involved in a boating accident in 2018. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroye...

Q: Walter and Nancy provide 60% of the support their daughter (

Walter and Nancy provide 60% of the support their daughter (age 18) and son-in-law (age 22). The son-in-law (John) is a full-time student at a local university, while the daughter (Irene) holds variou...

Q: Which of the following items can be found in the Federal Register

Which of the following items can be found in the Federal Register. a. Letter Ruling. b. Action on Decision. c. Revenue Procedure. d. Temporary Regulation. e. Technical Advice Memorandum.

Q: Rank the items below from most reliable to least reliable:

Rank the items below from most reliable to least reliable: a. Letter Ruling. b. Legislative Regulation. c. Code Section. d. Revenue Ruling. e. Proposed Regulation. f. Interpretive Regulation. g. Recen...

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 U.S. Constitution. b. Tax treaty between the United States and India. c. Revenue Procedure. d. An...