Questions from Individual Taxation

Q: Harold owns a condo in Hawaii that he plans on using for

Harold owns a condo in Hawaii that he plans on using for the rest of his life. However, to ensure his sister Maude will own the property after his death, Harold deeded the remainder of the property to...

Q: Explain why the tax law imposes constructive stock ownership rules on stock

Explain why the tax law imposes constructive stock ownership rules on stock redemptions.

Q: Describe how goodwill amortized for tax purposes but not for book purposes

Describe how goodwill amortized for tax purposes but not for book purposes (i.e., no impairment) leads to temporary book-tax differences.

Q: Are companies allowed to decide who can and cannot participate in nonqualified

Are companies allowed to decide who can and cannot participate in nonqualified deferred compensation plans? Briefly explain.

Q: Do all shareholders receive the same tax treatment in a complete liquidation

Do all shareholders receive the same tax treatment in a complete liquidation of a corporation? Explain.

Q: How do self-employed taxpayers report home office deductions on their

How do self-employed taxpayers report home office deductions on their tax returns?

Q: Under what circumstances must a corporate shareholder recognize gains in a complete

Under what circumstances must a corporate shareholder recognize gains in a complete liquidation?

Q: Cuyahoga County, Ohio has a sales tax rate of 8.

Cuyahoga County, Ohio has a sales tax rate of 8.0 percent. Determine the state, local, and transit (a local transportation district) portions of the rate. You can find resources on the State of Ohio...

Q: MWC Corp. is currently in the sixth year of its existence

MWC Corp. is currently in the sixth year of its existence (2018). In 2013– 2017, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2013: ……………………………(...

Q: Cedar Corporation reported a net operating loss in 2018 of $25

Cedar Corporation reported a net operating loss in 2018 of $25,000,000. In 2019, Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar’s taxable income in 2019 and any...