Questions from Federal Taxation

Q: On September 30, 2018, Priscilla purchased a business. Of

On September 30, 2018, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 is allocated to goodwill. Calculate Priscilla's 2018 § 197 amortization dedu...

Q: Javiera and Magda are married and file a joint return. They

Javiera and Magda are married and file a joint return. They had the following income and deductions for 2019: a. What is Javiera and Magda's taxable income for 2019? b What is Javiera and Magda's NO...

Q: Soong, single and age 32, had the following items for

Soong, single and age 32, had the following items for the tax year 2018: • Salary of $ 30,000. • Interest income from U.S. government bonds of $2,000. • Dividends from a foreign corporation of $ 500 •...

Q: Nell, single and age 38, had the following income and

Nell, single and age 38, had the following income and expense items in 2018: Determine Nell's AGI for 2018.

Q: Assume that in addition to the information in Problem 49, Nell

Assume that in addition to the information in Problem 49, Nell had the following items in 2018: The casualty gains and losses are net of the $100-per-event floor. Determine Nell's AGI for 2018. Dat...

Q: Assume that in addition to the information in Problems 49 and 50

Assume that in addition to the information in Problems 49 and 50, Nell had the following items in 2018: The casualty loss is net of the $100-per-event floor. Determine Nell's taxable income and NOL...

Q: Jed, age 55, is married with no children. During

Jed, age 55, is married with no children. During 2018, Jed had the following income and expense items: a. Three years ago, Jed loaned a friend $10,000 to help him purchase a new car In June of the cur...

Q: In 2015, Jose purchased a house for $325,000

In 2015, Jose purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the land). He used the house as his personal residence. In March 2018, when the fair market value of the...

Q: Orange Corporation acquired new office furniture on August 15, 2018,

Orange Corporation acquired new office furniture on August 15, 2018, for $130,000. Orange does not elect immediate expensing under 179. Orange claims any available additional first-year depreciation a...

Q: Weston acquires a new office machine (7-year class asset

Weston acquires a new office machine (7-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under 179. He cl...