Questions from General Taxation

Q: What additional tests must employee-owned property satisfy before the employee

What additional tests must employee-owned property satisfy before the employee can claim depreciation?

Q: How are net short-term capital gains of individuals treated?

How are net short-term capital gains of individuals treated? How are net short-term capital gains of corporations treated?

Q: Determine the amount of the capital gain or loss in each of

Determine the amount of the capital gain or loss in each of the following transactions and state whether the gain or loss is long term or short term. a. 100 shares of Bilco stock bought for $8,000 on...

Q: Explain how a corporation’s income is subject to double taxation.

Explain how a corporation’s income is subject to double taxation.

Q: Bob and Ray started a tree trimming business that recently became profitable

Bob and Ray started a tree trimming business that recently became profitable. They each buy a $250,000 life insurance policy on themselves. They then exchange ownership of the policies to provide fund...

Q: List five desirable characteristics of the corporate form of business.

List five desirable characteristics of the corporate form of business.

Q: Indicate whether a taxpayer can claim deductions for depreciation or amortization for

Indicate whether a taxpayer can claim deductions for depreciation or amortization for the following: a. Land used in the taxpayer’s ranching business. b. An automobile used in business. The taxpayer...

Q: What is a corporation’s overall charitable contribution deduction limitation?

What is a corporation’s overall charitable contribution deduction limitation?

Q: What are the carryover periods for corporate net operating losses?

What are the carryover periods for corporate net operating losses?

Q: What averaging conventions exist under MACRS? How does a taxpayer determine

What averaging conventions exist under MACRS? How does a taxpayer determine which averaging convention should be used?