Questions from Individual Taxation


Q: Paris participates in her employer’s nonqualified deferred compensation plan. For 2016

Paris participates in her employer’s nonqualified deferred compensation plan. For 2016, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income an...

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Q: Describe the circumstances in which a taxpayer acquires a home and rents

Describe the circumstances in which a taxpayer acquires a home and rents it out and is not allowed to deduct a portion of the interest expense on the loan the taxpayer used to acquire the home.

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Q: How many levels of taxation apply to corporate earnings paid out as

How many levels of taxation apply to corporate earnings paid out as qualified fringe benefits? Explain.

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Q: How many levels of taxation apply to corporate earnings paid out as

How many levels of taxation apply to corporate earnings paid out as nonqualified fringe benefits? Explain.

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Q: If a corporation borrows money from a shareholder and pays the shareholder

If a corporation borrows money from a shareholder and pays the shareholder interest at a greater than market rate, how will the interest in excess of the market rate be treated by the IRS?

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Q: When a C corporation reports a loss for the year, can

When a C corporation reports a loss for the year, can shareholders use the loss to offset their personal income? Why or why not?

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Q: Which is the largest tax collected by the U.S.

Which is the largest tax collected by the U.S. government? What types of taxpayers are subject to this tax?

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Q: What happens to a C corporation’s net operating loss carryover after 20

What happens to a C corporation’s net operating loss carryover after 20 years?

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Q: Explain how legal entities differ in terms of the liability protection they

Explain how legal entities differ in terms of the liability protection they afford their owners.

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Q: Why are C corporations still popular despite the double tax on their

Why are C corporations still popular despite the double tax on their income?

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