Questions from General Taxation

Q: Corgill Corporation sold land that it used for storing old equipment.

Corgill Corporation sold land that it used for storing old equipment. Corgill owned the land for seven years and it had a basis of $234,000. Corgill received $50,000 cash and a note for $100,000 and t...

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

Go to the IRS Web site at www.irs.gov and print Form 4562. Using the following information, complete this form to the extent possible. Barclays Corporation, a calendar-year taxpayer, had taxable inc...

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

Go to the IRS Web site (www.irs.gov) and print out copies of Schedule C for Form 1040, Schedule SE, Form 4562, Form 4797, and the first page of Form 1040. Using the information in comprehensive prob...

Q: Locate and print Form 4684 (Casualties and Thefts). Enter the

Locate and print Form 4684 (Casualties and Thefts). Enter the following information and complete the form to the extent possible: Howser Corporation, a calendar-year corporation, discovered in Janua...

Q: Comprehensive Individual Return Problem. Cletus and Josepha Mayor have been married

Comprehensive Individual Return Problem. Cletus and Josepha Mayor have been married for twelve years and currently live at 2907 Seven Oaks Lane, Columbia, SC 29210. Their Social Security numbers are...

Q: Refer to the information in problems 25 and 35. a

Refer to the information in problems 25 and 35. a. Go to the IRS Web site (www.irs.gov) and print out the first page and Schedule K for Form 1065. Use the information in problem 25 to complete thes...

Q: Maria Sanchez, the sole proprietor of a consulting business, has

Maria Sanchez, the sole proprietor of a consulting business, has gross receipts of $720,000. Expenses paid by her business are: Advertising…………………&h...

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

Go to the IRS Web site (www.irs.gov) and print Schedule D for Form 1040 and Form 8949. Compute the net effect of the following asset sales on Gineen Tibeau’s taxable income using Form 8949 and...

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

Go to the IRS Web site (www.irs.gov) and print Form 4797: Sales of Business Property. Complete Form 4797 for the following sales of machinery on December 20, year 6:  

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

Go to the IRS Web site (www.irs.gov), print the first page of Form 1120, and enter the following information. Then determine Chelsea Corporation’s tax owed or refund due if it made estimated t...