Questions from General Taxation

Q: Why do you think Congress enacted the kiddie tax? Do you

Why do you think Congress enacted the kiddie tax? Do you think it is achieving its goal? Can you think of a better way to achieve this goal?

Q: Linda inherited a car from her Uncle Ted, who had purchased

Linda inherited a car from her Uncle Ted, who had purchased the car two years ago for $38,000. The car’s value was $30,000 at the date of Ted’s death. What is Linda’s basis for the car?

Q: Cynthia, a sole proprietor has a loss this year and would

Cynthia, a sole proprietor has a loss this year and would like to claim no depreciation this year and then take double depreciation next year. Can she elect to do this?

Q: How is the amount realized on a sale or exchange determined?

How is the amount realized on a sale or exchange determined?

Q: How are assets classified to determine their tax treatment on disposition?

How are assets classified to determine their tax treatment on disposition? What are other ways to classify assets?

Q: What events qualify as asset dispositions?

What events qualify as asset dispositions?

Q: What type of loss would be recognized on the sale of receivables

What type of loss would be recognized on the sale of receivables to a factor at 80 percent of the face value?

Q: What types of realty qualify for like-kind exchange treatment?

What types of realty qualify for like-kind exchange treatment? What kinds of personalty qualify for like-kind exchange treatment?

Q: Core Carpet Factory purchased a $40,000 binding machine (

Core Carpet Factory purchased a $40,000 binding machine (seven year property) six months ago that they expected to use for at least ten years. They began to use the machine immediately. Unfortunately,...

Q: What is the unextended due date for the income tax return of

What is the unextended due date for the income tax return of a corporation whose fiscal year ends on February 28? What is its extended due date? In what months must it make estimated payments for the...