Questions from Federal Taxation

Q: Taupe, a calendar year taxpayer, has a long term capital

Taupe, a calendar year taxpayer, has a long term capital loss of $4,000 and a short-term capital loss of $4,000. How are these items handled for tax purposes if Taupe is: a. An individual? b. A C corp...

Q: Robin had the following transactions in 2018: /

Robin had the following transactions in 2018: Robin also had a net long-term capital loss in 2017 of $2,000, which it could not use, and ordinary income of $13,000. What are the tax consequences in...

Q: On December 6, 2018, Kestrel Company (a calendar year

On December 6, 2018, Kestrel Company (a calendar year taxpayer) authorizes a cash donation of $50,000 to the Memphis Public Library. The pledge is carried out as follows: $15,000 on December 12, 2018;...

Q: During 2018, Siskin Corporation (a Corporation) had the following

During 2018, Siskin Corporation (a Corporation) had the following transactions: In June 2018, Siskin made a contribution to a qualified charitable organization of $10,500 in cash (not included in an...

Q: Auburn Company manufactures and sells furnishing for hospitals (e.g

Auburn Company manufactures and sells furnishing for hospitals (e.g., special needs bathroom fixtures). In the current year, it donates some of its inventory to a newly constructed hospice. The hospic...

Q: Determine the dividends received deduction for each of the following independent situations

Determine the dividends received deduction for each of the following independent situations. Assume that the percentage of stock owned in the corporation paying the dividend is 30% for Green Corporati...

Q: Puffin Corporation was formed on July 1 of the current tax year

Puffin Corporation was formed on July 1 of the current tax year and incurred qualifying organizational expenditures. It uses a calendar year and wants to accelerate any deductions that are available....

Q: In each of the following independent situations determine the C corporation’s Federal

In each of the following independent situations determine the C corporation’s Federal income tax liability for calendar year 2018.

Q: Puce, a calendar year C corporation, had the following Schedule

Puce, a calendar year C corporation, had the following Schedule M-1 transactions on its Form 1120 for the current year: What is Puce Corporation's net income per books for the current year?

Q: On February 24, 2018, Allison’s building, with an adjusted

On February 24, 2018, Allison’s building, with an adjusted basis of $1.3 million (and used in her trade or business), is destroyed by fire. On March 31, 2018, she receives an insurance reimbursement o...