Questions from Individual Taxation

Q: Pierre recently received a tax penalty for failing to file a tax

Pierre recently received a tax penalty for failing to file a tax return. He was upset to receive the penalty, but he was comforted by the thought that he will get a tax deduction for paying the penalt...

Q: What does it mean to say that a married couple filing a

What does it mean to say that a married couple filing a joint tax return has joint and several liability for the taxes associated with the return?

Q: Paris was happy to provide a contribution to her friend Nicole’s campaign

Paris was happy to provide a contribution to her friend Nicole’s campaign for mayor, especially after she learned that charitable contributions are tax deductible. a. Use an available tax service to...

Q: This year Dan and Mike purchased realty for $180,000

This year Dan and Mike purchased realty for $180,000 and took title as equal tenants in common. However, Mike was able to provide only $40,000 of the purchase price and Dan paid the remaining $140,0...

Q: Matt and Lori recently were divorced. Although grief stricken, Matt

Matt and Lori recently were divorced. Although grief stricken, Matt was at least partially comforted by his monthly receipt of $10,000 alimony. He was particularly excited to learn from his friend, De...

Q: Shaun is a huge college football fan. In the past,

Shaun is a huge college football fan. In the past, he has always bought football tickets on the street from ticket scalpers. This year, he decided to join the university’s ticket program, which requir...

Q: Based on the definition of gross income in §61, related

Based on the definition of gross income in §61, related regulations, and judicial rulings, what are the three criteria for recognizing taxable income?

Q: Explain why an insolvent taxpayer is allowed to exclude income from the

Explain why an insolvent taxpayer is allowed to exclude income from the discharge of indebtedness if the taxpayer remains insolvent after receiving debt relief.

Q: How do taxpayers determine whether they should deduct their itemized deductions or

How do taxpayers determine whether they should deduct their itemized deductions or utilize the standard deduction?

Q: Benjamin, a new staff accountant for Local Firm CPAs, LLC

Benjamin, a new staff accountant for Local Firm CPAs, LLC, takes a CPA review course to help prepare for the CPA exam. Benjamin is not reimbursed for the cost of the course ($1,500), but his firm expe...