Questions from Federal Taxation

Q: Troy, a cash basis taxpayer, is employed by Eagle Corporation

Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy is a full-time employee of the corporation and receives a salary of $60,000 per year. He also receives a...

Q: Using the legend provided class each of the following statements:

Using the legend provided class each of the following statements: a. Sue writes a $707 check for a charitable contribution on December 28, 2018, but does not mail the check to the charitable organiz...

Q: Christopher died in 2016 and is survived by his wife， Chloe

Christopher died in 2016 and is survived by his wife， Chloe and their 18 year-old son, Dylan. Chloe is the executor of Christopher's estate and maintains the household in which she...

Q: Nadia died in 2017 and is survived by her husband, Jerold

Nadia died in 2017 and is survived by her husband, Jerold (age 44); her married son, Travis (age 22); and her daughter-in-law, Macy (age 18). Jerold is the executor of his wife's estate. He maintains...

Q: In each of the following independent situations, determine Winston's filing status

In each of the following independent situations, determine Winston's filing status for 2018. Winston is not married. a. Winston lives alone, but he maintains a household in which his parents live. The...

Q: Al is a medical doctor who conducts his practice as a sole

Al is a medical doctor who conducts his practice as a sole proprietor. During 2018, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 201...

Q: During the year, Tucker had the following personal causality gains and

During the year, Tucker had the following personal causality gains and losses (after deducting the $100 floor): What are the tax consequences of these items to Tucker?

Q: During 2018, Inez (a single taxpayer) had the following

During 2018, Inez (a single taxpayer) had the following transactions involving capital assets. a. If Inez is in the 32% bracket, how much income tax results? b. If Inez is in the 12% bracket (and h...

Q: During 2018, Chester (a married taxpayer filing a joint return

During 2018, Chester (a married taxpayer filing a joint return) had the following transactions inv0lving capital assets: a. If Chester is in the 32% bracket, how much income tax results? b. If Ches...

Q: Each year, Tom and Cindy Bates norma11y have itemized deductions of

Each year, Tom and Cindy Bates norma11y have itemized deductions of $20,000, including a $4,000 p1edge payment to their church. Upon the advice of a friend, they do the following: in early January 201...