Questions from Individual Taxation

Q: Describe assets that are considered to be listed property. Why do

Describe assets that are considered to be listed property. Why do you think the Internal Revenue Service requires them to be “listed”?

Q: Are taxpayers allowed to claim depreciation expense on assets they use for

Are taxpayers allowed to claim depreciation expense on assets they use for both business and personal purposes? What are the tax consequences if the business use drops from above 50 percent in one yea...

Q: Discuss why Congress limits the amount of depreciation expense businesses may claim

Discuss why Congress limits the amount of depreciation expense businesses may claim on certain automobiles.

Q: Compare and contrast how a Land Rover SUV and a Mercedes Benz

Compare and contrast how a Land Rover SUV and a Mercedes Benz sedan are treated under the luxury auto rules. Also include a discussion of the similarities and differences in available §179 expense.

Q: What is a §197 intangible? How do taxpayers recover the

What is a §197 intangible? How do taxpayers recover the costs of these intangibles? How do taxpayers recover the cost of a §197 intangible that expires (such as a covenant not to compete)?

Q: Compare and contrast the tax and financial accounting treatment of goodwill.

Compare and contrast the tax and financial accounting treatment of goodwill. Are taxpayers allowed to deduct amounts associated with self-created goodwill?

Q: Dustin has a contract to provide services to Dado Enterprises. In

Dustin has a contract to provide services to Dado Enterprises. In November of year 0, Dustin billed Dado $10,000 for the services he rendered during the year. Dado is an accrual-method proprietorship...

Q: Compare and contrast the similarities and differences between organizational expenditures and start

Compare and contrast the similarities and differences between organizational expenditures and start-up costs for tax purposes.

Q: Discuss the method used to determine the amount of organizational expenditures or

Discuss the method used to determine the amount of organizational expenditures or start-up costs that may be immediately expensed in the year a taxpayer begins business.

Q: Explain the amortization convention applicable to intangible assets.

Explain the amortization convention applicable to intangible assets.