Questions from Federal Taxation

Q: Gary, who is sing1e, sells his principal residence (owned

Gary, who is sing1e, sells his principal residence (owned and occupied by him for seven years) in November 2018 for a realized gain of $148,000. He had purchased a more expensive new residence eight m...

Q: The Pheasant Partnership had the following transactions in the current year:

The Pheasant Partnership had the following transactions in the current year: a. What is Pheasant's ordinary income (or loss)? b. What are Pheasant's separately stated items?

Q: Aiden has a 35% capital interest in the Oro Partnership and

Aiden has a 35% capital interest in the Oro Partnership and is entitled to a yearly guaranteed payment of $40，0∞00. As of January 1, 2018, Aiden's basis in the par...

Q: As of January 1, 2017, Norman has a basis of

As of January 1, 2017, Norman has a basis of $85,000 in his 30% capital interest in the Plata Partnership. He and the partnership use the calendar year for tax purposes. The partnership incurs an oper...

Q: Del Mar Corporation (EIN 33-1234567) was formed and

Del Mar Corporation (EIN 33-1234567) was formed and began operations on January 1, 2018. The corporate address is 463 E. Pershing Blvd. Cheyenne, WY 82001. Del Mar uses the accrual basis of accounting...

Q: Pebble Securities is a corporation that buys and sells financial assets.

Pebble Securities is a corporation that buys and sells financial assets. It purchases notes receivable from manufacturers that need cash immediately and cannot wait to collect the notes. Pebble pays a...

Q: For calendar year 2018, Jean was a self-employed consultant

For calendar year 2018, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2018....

Q: Jackson uses his automobile 90% for business and during 2018 drove

Jackson uses his automobile 90% for business and during 2018 drove a total of 14,000 business miles. Information regarding his car expenses is listed below What is Jackson's deduction in 2018 for th...

Q: Ed, an employee of the Natural Color Company, suffered from

Ed, an employee of the Natural Color Company, suffered from a rare disease that was very expensive to treat. The local media ran several stories about Ed's problems, and the family created a website t...

Q: Determine the gross income of the beneficiaries in the following cases:

Determine the gross income of the beneficiaries in the following cases: a. Justin's employer was downsizing and offered employees an amount equal to one year's salary if the employee would voluntarily...