Questions from Individual Taxation

Q: On September 12, 2017, Inotek Pharmaceuticals agreed to acquire Rocket

On September 12, 2017, Inotek Pharmaceuticals agreed to acquire Rocket Pharmaceuticals, Ltd., a privately held biopharmaceutical company in a tax-deferred acquisition. The Form 8-K for Inotek (NASDAQ...

Q: On August 28, 2017, Mirna Therapeutics, Inc., completed

On August 28, 2017, Mirna Therapeutics, Inc., completed its business combination with Synlogic, Inc. The Form 8-K for Synlogic (NASDAQ ticker SYBX, cik 0001667986) describes the transaction and was fi...

Q: Rather than purchase BLI directly (as in problems 47 and 48

Rather than purchase BLI directly (as in problems 47 and 48), Amy and Brian will have their corporation, Spartan Tax Services (STS), acquire the business from Ernesto in a tax-deferred Type A merger....

Q: At the end of last year, Lisa, a 35 percent

At the end of last year, Lisa, a 35 percent partner in the five-person LAMEC Partnership, has an outside basis of $60,000 including her $30,000 share of LAMEC debt. On January 1 of the current year, L...

Q: Is business income allocated from a flow-through entity to its

Is business income allocated from a flow-through entity to its owners self-employment income? Explain.

Q: Marco, Jaclyn, and Carrie formed Daxing Partnership (a calendar

Marco, Jaclyn, and Carrie formed Daxing Partnership (a calendar-year-end entity) by contributing cash 10 years ago. Each partner owns an equal interest in the partnership. Marco, Jaclyn, and Carrie ea...

Q: Kai operates the Surf Shop in Laie, Hawaii, which designs

Kai operates the Surf Shop in Laie, Hawaii, which designs, manufacturers, and customizes surf boards. Hawaii has a hypothetical 4 percent excise tax technically paid by the seller. However, the stat...

Q: Use California Publication 1061 (2016) to determine the various tests

Use California Publication 1061 (2016) to determine the various tests California uses to determine whether two or more entities are part of a unitary group.

Q: Guido is a citizen and resident of Belgium. He has a

Guido is a citizen and resident of Belgium. He has a full-time job in Belgium and has lived there with his family for the past 10 years. In 2016, Guido came to the United States for the first time. Th...

Q: Use the facts in problem 37. If Guido meets the statutory

Use the facts in problem 37. If Guido meets the statutory requirements to be considered a resident of both the United States and Belgium, what criteria does the U.S.-Belgium treaty use to “break the t...