Questions from Individual Taxation

Q: Richard and Christine McCarthy have a 19-year-old son

Richard and Christine McCarthy have a 19-year-old son (born 10/2/2000; Social Security number 555-55-1212), Jack, who is a full-time student at the University of Key West. Years ago, the McCarthys shi...

Q: David and Darlene Jasper have one child, Sam, who is

David and Darlene Jasper have one child, Sam, who is 6 years old (birthdate July 1, 2013). The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David’s Social Security...

Q: Trish Himple owns a retail family clothing store. Her store is

Trish Himple owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 12...

Q: Lisa Kohl (birthdate 02/14/1953) is an

Lisa Kohl (birthdate 02/14/1953) is an unmarried high school principal. Lisa received the following tax documents: During the year, Lisa paid the following amounts (all of which can be substantiated):...

Q: Emily Jackson (Social Security number 765-12-4326)

Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnershipâ...

Q: Olive Corporation was formed and began operations on January 1, 2019

Olive Corporation was formed and began operations on January 1, 2019. The corporation’s income statement for the year and the balance sheet at year-end are presented below. The corpo...

Q: 25. Jim has a net operating loss in 2019. If

25. Jim has a net operating loss in 2019. If he does not make any special elections, what is the first year to which Jim carries the net operating loss? a. 2015 b. 2016 c. 2017 d. 2018 e. 2020 26. Th...

Q: 1. Which of the following is a false statement about Health

1. Which of the following is a false statement about Health Savings Accounts (HSAs)? a. Taxpayers who contribute to an HSA must carry qualifying high-deductible health insurance. b. HSAs are availabl...

Q: 11. What is the deadline for making a contribution to a

11. What is the deadline for making a contribution to a traditional IRA or a Roth IRA for 2019? a. April 15, 2020 b. April 17, 2019 c. December 31, 2019 d. October 15, 2020 12. Which of the followin...

Q: Using the information from Problem 1A, assume Patty’s birthdate is May

Using the information from Problem 1A, assume Patty’s birthdate is May 18, 1952 and complete Form 1040-SR for Patty Banyan for the 2019 tax year. Data from Problem 1A: Patty Banyan...