Questions from Federal Taxation

Q: In 2021, your client, Clear Corporation, changed from the

In 2021, your client, Clear Corporation, changed from the cash to the accrual method of accounting for its radio station. The company had a positive § 481 adjustment of $2,400,000 as a result of the c...

Q: Pedro comes to your office and indicates that he received $61

Pedro comes to your office and indicates that he received $61,000 from a qualified retirement plan in 2021 before he was 59½ years old. He is not disabled or eligible for any of the other statutory ex...

Q: Locate IRS data about taxable IRA distributions, specifically reporting the annual

Locate IRS data about taxable IRA distributions, specifically reporting the annual number of returns with distributions and their amounts. Comment about the data for the most recent three years, using...

Q: Prepare two PowerPoint slides for each of the following items to present

Prepare two PowerPoint slides for each of the following items to present to your school’s Accounting Club. a. What is an inherited IRA? b. If you inherit an IRA, can you make additional contributions...

Q: Jacob purchased business equipment for $56,000 in 2018 and

Jacob purchased business equipment for $56,000 in 2018 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $26,000. What is the amount and character of Jacob’s g...

Q: Find the full IRS RMD table, and compute the 2022 required

Find the full IRS RMD table, and compute the 2022 required minimum distribution in each of the following situations. a. Anya’s IRA balance is $215,000, and she is 76 years old. b. Anya is 78 years old...

Q: Prepare an outline of a speech on the topic “Should a

Prepare an outline of a speech on the topic “Should a Millennial Establish a Roth IRA and Contribute to It?” for your school’s Investment Club.

Q: During 2021, Jayden Steele received a distribution of $24,

During 2021, Jayden Steele received a distribution of $24,000 on stock he owns in Razorbill Corporation. He had planned to report this amount as dividend income until he talked to his father-in-law, J...

Q: Scott and Brooke are the sole shareholders of Tananger Company, a

Scott and Brooke are the sole shareholders of Tananger Company, a calendar year S corporation. After several loss years, in December 2021, Tananger is forced to borrow $300,000 for working capital pur...

Q: Does your state impose income tax on an S corporation in addition

Does your state impose income tax on an S corporation in addition to imposing tax on the shareholders? Elaborate.