Questions from General Taxation

Q: In which of the following cases should the employees report income?

In which of the following cases should the employees report income? a. The employer provides an annual picnic for employees and their families to celebrate Independence Day. b. Employees can use the...

Q: Gabor Family Enterprises, a closely-held family corporation, plans

Gabor Family Enterprises, a closely-held family corporation, plans to offer a stock option plan as an incentive to its employees, but it does not want its stock owned by anyone who is not a member of...

Q: What is the overall charitable contribution deduction limitation? How are charitable

What is the overall charitable contribution deduction limitation? How are charitable contributions in excess of the current year’s limit treated?

Q: How do alternative minimum tax rates compare to the regular income tax

How do alternative minimum tax rates compare to the regular income tax rates?

Q: How do alternative minimum tax itemized deductions differ from the regular income

How do alternative minimum tax itemized deductions differ from the regular income tax itemized deductions?

Q: Which itemized deductions must exceed a basic minimum (floor) before

Which itemized deductions must exceed a basic minimum (floor) before the taxpayer’s taxable income is reduced for the excess?

Q: Explain the Golsen rule.

Explain the Golsen rule.

Q: Which of the following costs must be included in inventory by a

Which of the following costs must be included in inventory by a manufacturer under the UNICAP rules? a. Factory insurance b. Advertising c. Payroll taxes for factory employees d. Research and ex...

Q: Marvin, an attorney, is a cash-basis, calendar

Marvin, an attorney, is a cash-basis, calendar-year taxpayer. Marvin’s two daughters each own 50 percent of the stock of Marvil Corporation, a calendar-year, accrual-basis corporation. During year 1,...

Q: Aloha Airlines is required by law to have its aircraft engines tested

Aloha Airlines is required by law to have its aircraft engines tested and recertified after 5,000 flight hours. Molokai Maintenance performs the engine tests and recertification for $2,200 per aircraf...