Questions from General Taxation

Q: In 2017, the president of the United States declared a federal

In 2017, the president of the United States declared a federal disaster due to brush fires in the Southwest. Lisa lives in that area and lost her home in the fires. What choice does she have regardi...

Q: In 2017, the Rinaldis’ vacation cottage was severely damaged by an

In 2017, the Rinaldis’ vacation cottage was severely damaged by an earthquake. They had AGI of $110,000 in 2017. Following is information related to the cottage: Cost basis………………………………………..$95,000 F...

Q: Which expense, incurred and paid in 2017, can be claimed

Which expense, incurred and paid in 2017, can be claimed as a miscellaneous itemized deduction subject to the 2% of AGI floor? a. Self-employed health insurance. b. Unreimbursed moving expenses. c. E...

Q: Raquel, who works in medical sales, drives her own vehicle

Raquel, who works in medical sales, drives her own vehicle to various locations for client sales meetings. Her employer reimburses her $400 each month for various business expenses and does not expec...

Q: Explain the circumstances in which a corporation can use the accrual basis

Explain the circumstances in which a corporation can use the accrual basis or the cash basis of accounting.

Q: Explain the difference between organizational expenses and start-up expenditures.

Explain the difference between organizational expenses and start-up expenditures. In what circumstances are they deductible?

Q: Is a taxpayer allowed to take the §121 exclusion for a

Is a taxpayer allowed to take the §121 exclusion for a vacation home that was never rented? Explain.

Q: For purposes of the corporate alternative minimum tax, explain the application

For purposes of the corporate alternative minimum tax, explain the application of the AMT exemption amount and its phaseout.

Q: Can a partner have a salary from a partnership? Why?

Can a partner have a salary from a partnership? Why? What is a guaranteed payment?

Q: What is a related-party loss, and why is it

What is a related-party loss, and why is it disallowed?