Questions from General Taxation

Q: Would your answer to Question 10 change if Jake also rented his

Would your answer to Question 10 change if Jake also rented his house (at fair market value) to his brother and his family for 7 days? Data from Question 10: Jake has a vacation rental house at the...

Q: Explain the two instances in which taxpayers may choose to deduct foreign

Explain the two instances in which taxpayers may choose to deduct foreign taxes as an itemized deduction rather than as a credit.

Q: How can the gain from the sale of property be characterized?

How can the gain from the sale of property be characterized? Why is it important to correctly characterize the gain on the sale of property?

Q: Two kinds of education tax credits are available. Name them and

Two kinds of education tax credits are available. Name them and briefly discuss the criteria necessary to claim each of the credits.

Q: Why are the income and losses (or expenses) separately stated

Why are the income and losses (or expenses) separately stated to the partner, shareholder or owner, and on what form(s) are they reported?

Q: Why are charitable contributions stated separately on the K-1 but

Why are charitable contributions stated separately on the K-1 but not deducted on a partnership return?

Q: Who completes Form W-4, and what is its purpose

Who completes Form W-4, and what is its purpose? What information does it provide to employers?

Q: What is a capital gain distribution, and how is it taxed

What is a capital gain distribution, and how is it taxed?

Q: What type of compensation is subject to employer withholding?

What type of compensation is subject to employer withholding?

Q: What determines whether land is a capital asset? How else can

What determines whether land is a capital asset? How else can land be classified?