Questions from Federal Taxation

Q: Stork Associates paid $60,000 for a 20-seat

Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regu1ar seats to these games range from $80 to $250 each. At one game, an employee of Stor...

Q: Melanie is employed full-time as an accountant for a national

Melanie is employed full-time as an accountant for a national hardware chain. She recently started a private consulting practice, which provides tax advice, and financial planning to the general publi...

Q: Which of the following is a deduction for AGI? a

Which of the following is a deduction for AGI? a. Charitable contributions b. Alimony paid c. Tax preparation fees d. Mortgage interest paid on your primary residence

Q: In 2018, Ava, an employee, has AGI of $

In 2018, Ava, an employee, has AGI of $58000 and the following itemized deductions: What is Ava's total itemized deduction related to these items?

Q: Christine is a full-time teacher of the fourth grade at

Christine is a full-time teacher of the fourth grade at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On the submission of adequate substantiation, Vireo reimburses...

Q: Shelly has $200,000 of QBI from her local jewelry

Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W- 2 wages and has $20,000 of qualified property. Shelly's spouse earned $74,00...

Q: Peter Samuels owns and manages his single-member LLC that provides

Peter Samuels owns and manages his single-member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Amy. His LLC rep...

Q: Donald owns a wide variety of commercial rental properties held in a

Donald owns a wide variety of commercial rental properties held in a single-member LLC. Donald's LLC reports rental income of $1,500,000. The LLC pays no W- 2 wages; rather, it pays a management fee t...

Q: Scott and Laura are married and will file a joint tax return

Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a specified services" business) that reports net income of $300,000. The proprietorship pays W-2 wage...

Q: Stella Watters is a CPA who operates her own accounting firm (

Stella Watters is a CPA who operates her own accounting firm (Watters CPA LLC). As a single-member LLC, Stella reports her accounting firm operations as a sole proprietor. Stella has QBI from her acco...