Questions from General Taxation

Q: Reid’s personal residence is condemned on September 12, 2017, as

Reid’s personal residence is condemned on September 12, 2017, as part of a plan to add two lanes to the existing highway. His adjusted basis is $300,000. He receives condemnation proceeds of $340,000...

Q: Using the information from Problem 54, calculate the amount of tax

Using the information from Problem 54, calculate the amount of tax liability in each instance. Data from question 54: Determine taxable income in each of the following instances. Assume that the cor...

Q: Virginia is an accountant for a global CPA firm. She is

Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2017, and will be out of t...

Q: List three major purposes the tax system is meant to serve:

List three major purposes the tax system is meant to serve:

Q: Jim (age 50) and Martha (age 49) are

Jim (age 50) and Martha (age 49) are married with three dependent children. They file a joint return for 2016. Their income from salaries totals $49,500, and they received $10,125 in taxable interest,...

Q: Frank, age 35, and Joyce, age 34, are

Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2016. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deduc...

Q: Christine is a single 50-year-old taxpayer with no

Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability. Please show your work.

Q: Nicoula is a server at a La Jolla restaurant. Nicoula received

Nicoula is a server at a La Jolla restaurant. Nicoula received $1,200 in unreported tips during 2016 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including...

Q: For each of the following situations (none of the taxpayers claim

For each of the following situations (none of the taxpayers claim dependents), indicate whether the taxpayer(s) is (are) required to file a tax return for 2016. Explain your answer. a. Helen is a sing...

Q: Determine from the tax table in Appendix A, the amount of

Determine from the tax table in Appendix A, the amount of the income tax for each of the following taxpayers for 2016: Taxpayer(s) Filing Status Taxable Income Income Tax Allen Single $21,000...