Questions from General Taxation

Q: Go to the IRS Web site (www.irs.gov

Go to the IRS Web site (www.irs.gov) and locate the form that a corporation uses to make an S election and its related instructions. Summarize the information required on the form. Do the instructions...

Q: Go to the IRS Web site (www.irs.gov

Go to the IRS Web site (www.irs.gov) and locate the instructions for Form 709. Can spouses who elect to gift split file a joint gift tax return? Explain how they must file.

Q: Locate and read Publication 550: Investment Income and Expenses. How

Locate and read Publication 550: Investment Income and Expenses. How do you report a wash sale?

Q: List at least 10 differences between taxable income and accounting income.

List at least 10 differences between taxable income and accounting income.

Q: You are a self-employed individual thinking about buying or leasing

You are a self-employed individual thinking about buying or leasing a car to use in your business. What information is needed to properly evaluate this lease versus purchase decision?

Q: Explain the look-back procedure for Section 1231 assets. Why

Explain the look-back procedure for Section 1231 assets. Why did this particular provision evolve?

Q: Your friend is thinking about starting up a new Internet business and

Your friend is thinking about starting up a new Internet business and would like to know how Web site development costs are treated for tax purposes. What are some of the costs involved in Web site de...

Q: Is the treatment of purchased goodwill the same for tax and for

Is the treatment of purchased goodwill the same for tax and for GAAP? Explain.

Q: If the netting process for capital gains really has no impact on

If the netting process for capital gains really has no impact on corporations, why do you think it still remains as part of the tax law?

Q: In 2017, Gregory, a single person, had $375

In 2017, Gregory, a single person, had $375,000 of ordinary taxable income. He sold Section 1202 stock at a taxable gain of $45,000, his art collection at a taxable gain of $102,000, and stock at a ta...