Questions from General Taxation

Q: Judy acquired passive Activity A in January 2012 and Activity B in

Judy acquired passive Activity A in January 2012 and Activity B in July 2013. Until 2017, Activity A was profitable. Activity A produced a loss of $50,000 in 2017 and a loss of $75,000 in 2018. She ha...

Q: Kim has a basis in her partnership interest of $12,

Kim has a basis in her partnership interest of $12,000 when she receives a distribution from the partnership of $6,000 cash, and equipment with a basis of $8,000 ($12,000 FMV). a. How much gain or l...

Q: How is income reported from an installment sale? What are the

How is income reported from an installment sale? What are the components of the payments received in an installment sale, and how is the gross profit percentage calculated?

Q: Discuss the rules concerning the sale of a personal residence. Include

Discuss the rules concerning the sale of a personal residence. Include in your discussion, the specifics regarding the ownership test and the use test.

Q: What is Schedule L, and what is its purpose?

What is Schedule L, and what is its purpose?

Q: If a taxpayer moves within two years after moving into a new

If a taxpayer moves within two years after moving into a new home and uses the exclusion on his former home, is any gain taxable on the sale of the new home? Under what conditions can some of the excl...

Q: Under what circumstances can a parent-subsidiary group file a consolidated

Under what circumstances can a parent-subsidiary group file a consolidated income tax return?

Q: When must a corporate tax return be filed? Can a corporation

When must a corporate tax return be filed? Can a corporation receive an extension of time to file a return and, if so, what is the length of the extension?

Q: Why might a parent-subsidiary group choose to file, or

Why might a parent-subsidiary group choose to file, or not to file, a consolidated income tax return?

Q: What are the two tests used to determine whether a group of

What are the two tests used to determine whether a group of corporations is a brother-sister group?