Questions from Individual Taxation

Q: Explain how a purchase of realty could result in a taxable gift

Explain how a purchase of realty could result in a taxable gift.

Q: Are taxpayers required to include all realized income in gross income?

Are taxpayers required to include all realized income in gross income? Explain.

Q: Describe the limitations on the deduction of transfers to charity.

Describe the limitations on the deduction of transfers to charity.

Q: Explain the purpose of adding prior taxable gifts to current taxable gifts

Explain the purpose of adding prior taxable gifts to current taxable gifts and show whether these prior gifts could be taxed multiple times over the years.

Q: Explain why the gross estate includes the value of certain property transferred

Explain why the gross estate includes the value of certain property transferred by the decedent at death, such as property held in joint tenancy with the right of survivorship, even though this proper...

Q: In reviewing the tax rate schedule for a single taxpayer, Chuck

In reviewing the tax rate schedule for a single taxpayer, Chuck notes that the tax on $75,000 is $5,183.75 plus 25 percent of the taxable income over $37,650. What does the $5,183.75 represent? &nb...

Q: Molto Stancha Corporation had zero earnings this fiscal year; in fact

Molto Stancha Corporation had zero earnings this fiscal year; in fact, they lost money. Must they file a tax return?

Q: The estate of Monique Chablis earned $450 of income this year

The estate of Monique Chablis earned $450 of income this year. Is the estate required to file an income tax return?

Q: Jamarcus, a full-time student, earned $2,

Jamarcus, a full-time student, earned $2,500 this year from a summer job. He had no other income this year and will have zero federal income tax liability this year. His employer withheld $300 of fede...

Q: Shane has never filed a tax return despite earning excessive sums of

Shane has never filed a tax return despite earning excessive sums of money as a gambler. When does the statute of limitations expire for the years in which Shane has not filed a tax return?