Questions from General Taxation

Q: What is the income limit for claiming a passive loss deduction under

What is the income limit for claiming a passive loss deduction under the passive activity real property business exception to material participation?

Q: Explain the functional-use test. Explain the taxpayer-use

Explain the functional-use test. Explain the taxpayer-use test.

Q: Explain the principal difference between an LLP and an LLC.

Explain the principal difference between an LLP and an LLC.

Q: What are the three categories into which business losses are separated?

What are the three categories into which business losses are separated? What type of business interest is always considered a passive activity?

Q: What is income in respect of a decedent, and how is

What is income in respect of a decedent, and how is it taxed?

Q: What distinguishes a simple trust from a complex trust?

What distinguishes a simple trust from a complex trust?

Q: Discount Auto Company sold an automobile at a $2,000

Discount Auto Company sold an automobile at a $2,000 discount to an unrelated customer. Is this a gift?

Q: Sharon transferred property into an irrevocable trust, but she retained the

Sharon transferred property into an irrevocable trust, but she retained the right to change the beneficiaries. What circumstances are required for this transfer to be a completed gift?

Q: What is the gift tax annual exclusion and why was it enacted

What is the gift tax annual exclusion and why was it enacted?

Q: Determine the credit for the gift and estate tax exclusion if the

Determine the credit for the gift and estate tax exclusion if the indexed exclusion in 2017 is $5,500,000.