Questions from General Taxation

Q: On what dates are estimated payments due for a calendar year corporation

On what dates are estimated payments due for a calendar year corporation? What are the dates for a corporation with a fiscal year ending August 31?

Q: Explain the rules associated with the carryback and carryforward of net operating

Explain the rules associated with the carryback and carryforward of net operating losses.

Q: Are medical expenses treated differently for AMT purposes than for regular tax

Are medical expenses treated differently for AMT purposes than for regular tax purposes? If so, explain.

Q: In what circumstances does a corporation record a gain related to a

In what circumstances does a corporation record a gain related to a distribution to a shareholder?

Q: What is Schedule M-1, and what is its purpose

What is Schedule M-1, and what is its purpose?

Q: In 2017, Andrew contributed equipment with an adjusted basis of $

In 2017, Andrew contributed equipment with an adjusted basis of $20,000 and a FMV of $18,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrew’s share o...

Q: On February 1, 2017, a 39-year-old

On February 1, 2017, a 39-year-old widow buys a new residence for $150,000. Three months later, she sells her old residence for $310,000 (adjusted basis of $120,000). Selling expenses totaled $21,000....

Q: Dominique is a manager for a regional bank. He is being

Dominique is a manager for a regional bank. He is being relocated several states away to act as a temporary manager while a new branch is interviewing for a permanent manager. He will leave on May 1,...

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

Go to the IRS Web page (www.irs.gov) and print page 5 of a Form 1120. Complete Schedule M-1 for each of the following cases: a. Corporate financial statement net income of $52,000 including tax expe...

Q: Carson had the following itemized deductions in 2017: State

Carson had the following itemized deductions in 2017: State income taxes………………………………………….$1,500 Charitable contributions……………………………………9,900 Mortgage interest (personal residence)……………12,000 Medical e...