Questions from Individual Taxation

Q: Fisafolia Corporation has gross income from operations of $210,000

Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2018. The corporation also has $30,000 in dividends from publicly traded domestic corporations...

Q: Beech Corporation, an accrual basis calendar year taxpayer, was organized

Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August of the current calendar tax year. During the current year, the corporation incurred the following...

Q: Olive Corporation was formed and began operations on January 1, 2018

Olive Corporation was formed and began operations on January 1, 2018. The corporation’s income statement for the year and the balance sheet at year-end are presented below. The co...

Q: Assume that Olive Corporation, in Comprehensive Problem 1, is an

Assume that Olive Corporation, in Comprehensive Problem 1, is an S corporation owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation is not subject to any special taxes. U...

Q: Steve Jackson (birthdate December 13, 1965) is a single

Steve Jackson (birthdate December 13, 1965) is a single taxpayer living at 3215 Pacific Dr., Apt. B, Pacific Beach, CA 92109. His Social Security number is 465-88-9415. In 2018, Steveâ€...

Q: David Fleming is a single taxpayer living at 169 Trendie Street,

David Fleming is a single taxpayer living at 169 Trendie Street, Apartment 6B, La Jolla, CA 92037. His Social Security number is 865-68-9635 and his birthdate is September 18, 1973. David was employed...

Q: Beverly and Ken Hair have been married for 3 years. Beverly

Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works part-...

Q: Leslie and Leon Lazo are married and file a joint return for

Leslie and Leon Lazo are married and file a joint return for 2018. Leslie’s Social Security number is 466-47-3311 and Leon’s is 467-74-4451. They live at 143 Snapdr...

Q: elly, age 38, has a $140,000 IRA

elly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for and received his balance from t...

Q: Abigail (Abby) Boxer is a single mother working as a

Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen, Abb...