Questions from General Taxation

Q: Jennifer plans to establish a trust in which she will place all

Jennifer plans to establish a trust in which she will place all her income-producing investments. She will be the income beneficiary for the balance of her life, with her son having a remainder intere...

Q: Jorge is a resident and citizen of Spain. He invests $

Jorge is a resident and citizen of Spain. He invests $500,000 in Miami Beach real estate. When Jorge died in 2017, he owned $6,000,000 in assets in Spain in addition to the Miami Beach real estate.

Q: At the time of Frank’s death, he had received $6

At the time of Frank’s death, he had received $6,000 in credit card bills that had not been paid.

Q: The Lincoln Trust is a simple trust whose only investments are in

The Lincoln Trust is a simple trust whose only investments are in corporate bonds producing interest income. The trustee is thinking about moving some of the investments into municipal bonds.

Q: When Chet died on March 12, 2017, he owned $

When Chet died on March 12, 2017, he owned $900,000 in stock of ABC Corporation and $100,000 in City of Omaha bonds. The ABC Corporation declared a cash dividend on March 1 that was payable to shareho...

Q: The Cabot Corporation has had financial problems for several years. The

The Cabot Corporation has had financial problems for several years. The two shareholders have discussed liquidating the corporation, but they are concerned that they will have to pay a large tax bill...

Q: Locate and read Publication 544: Sales and Other Disposition of Assets

Locate and read Publication 544: Sales and Other Disposition of Assets. How is a like-kind exchange reported? If there is a recognized gain, how is that reported?

Q: Locate and read Publication 547: Casualties, Disasters, and Thefts

Locate and read Publication 547: Casualties, Disasters, and Thefts. Where is a casualty loss on a personal-use asset reported? Where is a casualty gain on personal-use property reported?

Q: Explain the general provisions applicable to a partner transferring property to a

Explain the general provisions applicable to a partner transferring property to a partnership in exchange for a partnership interest.

Q: When a business rents tangible property for use in its business,

When a business rents tangible property for use in its business, it may incur up-front costs to acquire the lease on the property. How do you think these leasehold costs are treated for tax purposes?...