Questions from Individual Taxation

Q: Trevor is a single individual who is a cash method, calendar

Trevor is a single individual who is a cash method, calendar-year taxpayer. For each of the next two years (year 1 and year 2), Trevor expects to report AGI of $80,000, contribute $3,500 to charity,...

Q: Rolando purchases a golf cart from his employer, E-Z

Rolando purchases a golf cart from his employer, E-Z-Go Golf Carts, for a sizable discount. Explain the rules for determining if Rolando’s purchase results in taxable income for him.

Q: Tim suffered greatly this year. In January a freak storm damaged

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $27,000 for the boat, but he was abl...

Q: When an employer makes a below-market loan to an employee

When an employer makes a below-market loan to an employee, what are tax consequences to the employer and employee?

Q: What are the basic requirements to exclude the gain on the sale

What are the basic requirements to exclude the gain on the sale of a personal residence?

Q: What are some common examples of taxable and tax-free fringe

What are some common examples of taxable and tax-free fringe benefits?

Q: Describe the kinds of insurance premiums an employer can pay on behalf

Describe the kinds of insurance premiums an employer can pay on behalf of an employee without triggering includible compensation to the employee.

Q: How are state-sponsored 529 educational savings plans taxed if investment

How are state-sponsored 529 educational savings plans taxed if investment returns are used for educational purposes? Are the returns taxed differently if they are not ultimately used to pay for educat...

Q: Jim was injured in an accident and his surgeon botched the medical

Jim was injured in an accident and his surgeon botched the medical procedure. Jim recovered $5,000 from the doctors for pain and suffering and $2,000 for emotional distress. Determine the taxability o...

Q: Tom was just hired by Acme Corporation and has decided to purchase

Tom was just hired by Acme Corporation and has decided to purchase disability insurance. This insurance promises to pay him weekly benefits to replace his salary should he be unable to work because of...