Questions from Individual Taxation

Q: Several years ago, Junior acquired a home that he vacationed in

Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior: • Personally stayed in the home for 22 days. • Rented...

Q: Lauren owns a condominium. In each of the following alternative situations

Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or nonresidence for tax purposes? a. Lauren lives in the...

Q: Steve and Stephanie Pratt purchased a home in Spokane, Washington for

Steve and Stephanie Pratt purchased a home in Spokane, Washington for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of yea...

Q: Steve and Stephanie Pratt purchased a home in Spokane, Washington for

Steve and Stephanie Pratt purchased a home in Spokane, Washington for $400,000. They moved into the home on February 1, of year 1. They lived in the home as their primary residence until November 1 of...

Q: Steve Pratt, who is single, purchased a home in Spokane

Steve Pratt, who is single, purchased a home in Spokane, Washington for $400,000. He moved into the home on February 1 of year 1. He lived in the home as his primary residence until June 30 of year 5,...

Q: Celia has been married to Daryl for 52 years. The couple

Celia has been married to Daryl for 52 years. The couple has lived in their current home for the last 20 years. On October of year 0, Daryl passed away. Celia sold their home and moved into a condomin...

Q: Sarah (single) purchased a home on January 1, 2008

Sarah (single) purchased a home on January 1, 2008 for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following a...

Q: Dawn Taylor is currently employed by the state Chamber of Commerce.

Dawn Taylor is currently employed by the state Chamber of Commerce. While she enjoys the relatively short workweeks, she eventually would like to work for herself rather than for an employer. In her c...

Q: Cool Touch Cookware (CTC) has been in business for about

Cool Touch Cookware (CTC) has been in business for about 10 years now. Dawn and Linda are each 50 percent owners of the business. They initially established the business with cash contributions. CTC m...

Q: Conceptually, what is the overall tax rate imposed on interest paid

Conceptually, what is the overall tax rate imposed on interest paid on loans from shareholders to corporations?