Questions from Federal Taxation

Q: Download IRS Form 8919 (Uncollected Social Security and Medicare Tax on

Download IRS Form 8919 (Uncollected Social Security and Medicare Tax on Wages) from the IRS website. According to the instructions, who should file this form?

Q: Marcia, a shareholder in a corporation with stores in five states

Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2017 Although the stock of the corporation was not tr...

Q: Carol is a successful physician who owns 100% of her incorporated

Carol is a successful physician who owns 100% of her incorporated medical practice. She and her spouse, Dick, are considering the purchase of a commercial office building located near the local commun...

Q: Shen purchased corporate stock for $20,000 on April 10

Shen purchased corporate stock for $20,000 on April 10, 2016. On July 14, 2018, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on N...

Q: Jiang receives tax-exempt interest of $33,000 on

Jiang receives tax-exempt interest of $33,000 on private activity bonds. She properly excludes the $33,000 from her gross income for regular income tax purposes [under ~ 103(a) and (b)(l)]. Jiang asks...

Q: On his 2017 Federal income tax return, Walter deducted state income

On his 2017 Federal income tax return, Walter deducted state income taxes of $8,000 for amount withheld and estimated tax payments made in 2017 When he filed his 2017 state income tax return in April...

Q: Find an article or a website that discusses why some policy makers

Find an article or a website that discusses why some policy makers wanted to repeal both the corporate and individual AMT provisions from the Internal Revenue Code. Discuss the justification for elimi...

Q: The IRS provides a web-based tool to help taxpayers determine

The IRS provides a web-based tool to help taxpayers determine whether they are eligible for the earned income tax credit. Locate this tool at the IRS website. Then apply the facts related to a hypothe...

Q: What are the most significant credits claimed by individual taxpayers? How

What are the most significant credits claimed by individual taxpayers? How do the credits claimed differ by income class? To answer these questions, go to the IRS Tax Statistics page (www.irs.govjstat...

Q: Many see the "step-up in basis at death"

Many see the "step-up in basis at death" rule of 1014 as an expensive tax loophole enjoyed by the wealthy. Find the latest estimates of the revenue loss to the Treasury that is attributable to this ru...