Questions from Federal Taxation

Q: Aubry, a cash basis and calendar year taxpayer, decides to

Aubry, a cash basis and calendar year taxpayer, decides to reduce his taxable income for 2021 by buying $65,000 worth of supplies for his business on December 27, 2021. The supplies will be used up in...

Q: At the beginning of the current year, Henry purchased a ski

At the beginning of the current year, Henry purchased a ski resort for $10,000,000. Henry does not own the land on which the resort is located. The Federal government owns the land, and Henry has the...

Q: Identify the requirements that must be met in order to aggregate businesses

Identify the requirements that must be met in order to aggregate businesses for purposes of the QBI deduction.

Q: Paul wholly owns and operates an office supplies business and a printing

Paul wholly owns and operates an office supplies business and a printing/ shipping business through separate entities. The office supplies business and printing/shipping business share centralized pur...

Q: Interpret each of the following citations: a. 14 T

Interpret each of the following citations: a. 14 T.C. 74 (1950). b. 592 F.2d 1251 (CA–5, 1979). c. 95–1 USTC ¶50,104 (CA–6, 1995). d. 75 AFTR2d 95–110 (CA–6, 1995). e. 223 F.Supp. 663 (W.D. Tex., 1963...

Q: In each of the following situations, indicate whether the 50%

In each of the following situations, indicate whether the 50% reduction for meals applies. Assume the year is 2023. a. Each year, the employer awards its top salesperson an all-expense-paid trip to Ja...

Q: Regarding the statute of limitations on additional assessments of tax by the

Regarding the statute of limitations on additional assessments of tax by the IRS, determine the applicable period in each of the following situations. Assume a calendar year individual with no fraud o...

Q: In March 2021, Kuni asks you to prepare his Federal income

In March 2021, Kuni asks you to prepare his Federal income tax returns for tax years 2018, 2019, and 2020. In discussing this matter with him, you discover that he also has not filed for tax year 2017...

Q: What is the taxpayer’s gross income in each of the following situations

What is the taxpayer’s gross income in each of the following situations? a. Darrin received a salary of $50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid...

Q: Donald was killed in an accident while he was on the job

Donald was killed in an accident while he was on the job. Darlene, Donald’s wife, received several payments as a result of Donald’s death. What is Darlene’s gross income from the items listed below? a...