Questions from Individual Taxation

Q: Would a corporation with a small amount of current year taxable income

Would a corporation with a small amount of current year taxable income (before the net operating loss deduction) and a large net operating loss carryover have a tax liability for the current year? Exp...

Q: How does the double taxation of corporate distributions affect whether an individual

How does the double taxation of corporate distributions affect whether an individual chooses to operate a business as a C corporation or as flow-through entity?

Q: In its first year of existence, SMS, an S corporation

In its first year of existence, SMS, an S corporation, reported a business loss of $10,000. Michelle, SMS’s sole shareholder, reports $50,000 of taxable income from sources other than SMS. What must y...

Q: Deductions for traditional IRAs and contributions to Roth IRAs are phased out

Deductions for traditional IRAs and contributions to Roth IRAs are phased out based on modified AGI (MAGI). In general terms how does MAGI for purposes of determining the traditional IRA deduction dif...

Q: ELS, an S corporation, reported a business loss of $

ELS, an S corporation, reported a business loss of $1,000,000. Ethan, ELS’s sole shareholder, is involved in ELS’s daily business activities and he reports $1,200,000 of taxable income from sources ot...

Q: Briefly describe the process of computing a corporation’s minimum tax credit carryover

Briefly describe the process of computing a corporation’s minimum tax credit carryover.

Q: Why might a corporation issue a stock distribution to its shareholders?

Why might a corporation issue a stock distribution to its shareholders?

Q: What is the limitation on a deductible IRA contribution for 2018?

What is the limitation on a deductible IRA contribution for 2018?

Q: In general, what causes a stock distribution to be taxable to

In general, what causes a stock distribution to be taxable to the recipient?

Q: Reveille Corporation experienced a complete loss of its lumber mill as the

Reveille Corporation experienced a complete loss of its lumber mill as the result of a fire. The company received $2 million from the insurance company. Rather than rebuild, Reveille decided to dist...