Questions from General Taxation

Q: Bontaine Publications, an accrual basis, calendar year corporation, publishes

Bontaine Publications, an accrual basis, calendar year corporation, publishes and sells weekly and monthly magazines to retail bookstores and newsstands. The sales agreement provides that the retailer...

Q: For 2019, Ms. Deming earned wages totaling $225,

For 2019, Ms. Deming earned wages totaling $225,000. Calculate any .9 percent additional Medicare tax owed, assuming that: a. Ms. Deming is single. b. Ms. Deming files a joint return with her husban...

Q: CheapTrade, an accrual basis, calendar year corporation, operates a

CheapTrade, an accrual basis, calendar year corporation, operates a discount securities brokerage business. CheapTrade accepts orders to buy or sell marketable securities for its customers and charges...

Q: Moleri, an accrual basis corporation with a fiscal taxable year ending

Moleri, an accrual basis corporation with a fiscal taxable year ending on July 31, owns real estate on which it pays annual property tax to Madison County, Texas. The county assesses the tax for the u...

Q: Jetex, an accrual basis, calendar year corporation, engages in

Jetex, an accrual basis, calendar year corporation, engages in the business of long-distance freight hauling. Every year, Jetex is required to purchase several hundred permits and licenses from state...

Q: In early 2019, Connor Inc. announced its intention to construct

In early 2019, Connor Inc. announced its intention to construct a manufacturing facility in the Shenandoah Valley. To persuade Connor to locate the facility in Augusta County, the county government co...

Q: On December 10, 2018, the representative of a national charitable

On December 10, 2018, the representative of a national charitable organization contacted the CEO of Wilkie Inc., a calendar year accrual basis corporation, to solicit a $100,000 donation. The CEO pres...

Q: Visit the website for the Federation of Tax Administrators (www.

Visit the website for the Federation of Tax Administrators (www.taxadmin.org) to find out if your state has either an individual or a corporate income tax. If so, what is the maximum tax rate?

Q: Visit the website for the Internal Revenue Service (www.irs

Visit the website for the Internal Revenue Service (www.irs.gov). What is the name of the commissioner of the IRS? Can you locate the IRS Taxpayer Assistance Center closest to your hometown?

Q: On March 1, 2019, Eve and Frank each contributed $

On March 1, 2019, Eve and Frank each contributed $30,000 cash to the newly formed EF Partnership in exchange for a 50 percent general interest. The partnership immediately borrowed $50,000 from an unr...