Questions from Taxation

Q: Moleri, an accrual basis corporation with a fiscal taxable year ending

Moleri, an accrual basis corporation with a fiscal taxable year ending on July 31, owns real estate on which it pays annual property tax to Madison County, Texas. The county assesses the tax for the u...

Q: IRC Section 117 provides that qualified educational scholarships are not taxable in

IRC Section 117 provides that qualified educational scholarships are not taxable in certain circumstances. Included in this exclusion are both scholarships and fellowship grants. a. Use Section 117 an...

Q: Find the IRS Revenue Procedure that gives the standard deduction amounts for

Find the IRS Revenue Procedure that gives the standard deduction amounts for the 2017 tax year. Prepare a table reporting the standard deduction amounts and their associated filing statuses. Also repo...

Q: Using an electronic research database such as Checkpoint, CCH Intelli Connect

Using an electronic research database such as Checkpoint, CCH Intelli Connect, or LexisNexis, do a keyword search on the phrase hobby loss to find secondary authorities discussing the tax treatment of...

Q: Jetex, an accrual basis, calendar year corporation, engages in

Jetex, an accrual basis, calendar year corporation, engages in the business of long-distance freight hauling. Every year, Jetex is required to purchase several hundred permits and licenses from state...

Q: Find a tax glossary on any freely accessible website and provide the

Find a tax glossary on any freely accessible website and provide the URL. Also find and provide a citation for the IRC section that defines a long-term capital gain. a. What is the tax glossary’s defi...

Q: Cornish Inc. is an accrual basis, calendar year taxpayer.

Cornish Inc. is an accrual basis, calendar year taxpayer. In December, a flood damaged one of Cornish’s warehouses, and Cornish contracted with a construction company to repair the damage. The company...

Q: Find Revenue Ruling 83-163, 1983-2 C.

Find Revenue Ruling 83-163, 1983-2 C.B. 26, and answer the following questions. The purpose of these questions is to enhance your skills in reading and interpreting authorities that you locate while d...

Q: Using an electronic research database such as Checkpoint, CCH Intelli Connect

Using an electronic research database such as Checkpoint, CCH Intelli Connect, or LexisNexis, find the case Mortex Manufacturing Co., Inc., T.C. Memo 1994-110, and answer the following questions. The...

Q: Using an electronic research database such as Checkpoint, CCH Intelli Connect

Using an electronic research database such as Checkpoint, CCH Intelli Connect, or LexisNexis, find the case Thomas A. Curtis, M.D., Inc., 1994 T.C. Memo ¶94,015, and answer the following questions. Th...