Questions from Individual Taxation

Q: Explain why Congress sometimes mandates that businesses use particular accounting methods while

Explain why Congress sometimes mandates that businesses use particular accounting methods while other times Congress is content to require businesses to use the same accounting methods for tax purpose...

Q: Why is it not surprising that specific rules differ between tax accounting

Why is it not surprising that specific rules differ between tax accounting and financial accounting?

Q: Describe the all-events test for determining income and describe how

Describe the all-events test for determining income and describe how to determine the date on which the all-events test has been met.

Q: Compare and contrast the tax treatment for rental income received in advance

Compare and contrast the tax treatment for rental income received in advance and advance payments for services.

Q: Compare and contrast the rules for determining the tax treatment of advance

Compare and contrast the rules for determining the tax treatment of advance payments for services versus advance payments for goods.

Q: Jack operates a plumbing business as a sole proprietorship on the cash

Jack operates a plumbing business as a sole proprietorship on the cash method. Besides providing plumbing services, Jack also sells plumbing supplies to homeowners and other plumbers. The sales of plu...

Q: Compare and contrast financial accounting rules with the tax rules under UNICAP

Compare and contrast financial accounting rules with the tax rules under UNICAP (§263A). Explain whether the UNICAP rules tend to accelerate or defer income relative to the financial accounting rules....

Q: What is the kiddie tax and on whose tax return is the

What is the kiddie tax and on whose tax return is the kiddie tax liability reported? Explain.

Q: Compare and contrast the tests for accruing income and those for accruing

Compare and contrast the tests for accruing income and those for accruing deductions for tax purposes.

Q: Compare and contrast when taxpayers are allowed to deduct amounts for warranties

Compare and contrast when taxpayers are allowed to deduct amounts for warranties provided by others to the taxpayer and when taxpayers are allowed to deduct expenses associated with warranties they pr...