2.99 See Answer

Question: Assume the same facts as in problem


Assume the same facts as in problem 87. In the next year, TAG distributes $5,000 to Logo. What are the tax effects of the distribution?

Data from Problem 87:
Logo Corporation, a domestic corporation, owns 100% of TAG, a foreign corporation. TAG is Logo’s only source of income. During the current year, TAG receives $80,000 of dividends and interest from its foreign investments. TAG pays $6,000 in foreign taxes and does not distribute any income to Logo during the year.


> How are a revenue ruling and a Treasury regulation different? a revenue ruling and a private letter ruling?

> Assume that the building in problem 68 is an apartment building held for investment. In addition to the sale of the building, Anton has the following capital gains and losses during 2017: Short-term capital loss………………………………………………….$ 4,000 Collectibles

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> Differentiate a proposed regulation and a temporary regulation.

> Differentiate an interpretive regulation and a legislative regulation.

> What is a Treasury regulation? Is it binding on the courts?

> How are the Joint Conference Committee and the Joint Committee on Taxation different?

> What three reports are issued as part of the legislative process?

> Briefly describe the process by which a new tax law is passed.

> Give examples of how the Code is sometimes used to achieve economic and social objectives.

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> Name the types of secondary authorities.

> Anton purchases a building on May 4, 2000, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2017, for $270,000. What is the character of Anton's gain or loss on the sale if he uses the

> Briefly describe the three categories of primary authorities and the types of authorities within each category.

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> What is the distinction between tax compliance and tax planning?

> Use any print or CATR service to find the following information about the Protecting Americans from Tax Hike Act of 2015: a. The public law number and enactment date b. A reference to the full text of the act c. A secondary authority that discusses the a

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> Manuel is negotiating the sale of two of his rental properties. He has an offer of $500,000 for each condo. Manuel bought one condo in 1986 for $400,000 and has deducted depreciation of $185,000 using ACRS (accelerated depreciation). Straight-line dep

> Use any print or CATR service or the Internet to find a Code section(s) on the following income topics. For each item, indicate the Code section number(s) and full title of the relevant Code section(s). a. Discharge of indebtedness b. Exclusion for emplo

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> When can a researcher rely on an editorial opinion expressed in the tax services?

> Describe the two major categories of tax services.

> Provide the correct citations for the following: a. The fifteenth revenue procedure issued in 1993 and found on page 12 of the third Internal Revenue Bulletin issued in 1993. b. Subsection (a) of the first temporary income tax regulation interpreting Sec

> Interpret the following citations: a. Senate Finance Committee, S. Rep. No. 2, 97th Cong., 2d Sess. (April 15, 1982). b. LTR 8101067. c. Rev. Proc. 78-172, 1978-2 C.B. 22. d. Lacy v. Comm., 344 F.2d 123, 89-1 USTC ¶1221, 43 A.F.T.R. 89-2233 (9th Cir., 19

> Assume that the Supreme Court interprets a certain Code section in a manner that members of Congress believe is contrary to what they meant when they enacted that part of the Code. What (if anything) can Congress do?

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> What are the three trial courts? Which is most important?

> Name the subdivisions of the Internal Revenue Code.

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> On what grounds have tax protesters challenged the income tax?

> Use any print or CATR service or the Internet to find the Revenue Ruling or Revenue Procedure that provides instructions on requesting a letter ruling. Indicate the number of the Revenue Ruling or Revenue Procedure, and the IRS reference.

> What is meant by the history of a cited case?

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> How many chapters are within Subtitle A?

> Bernadero Corporation sells a construction crane with an adjusted basis of $32,000 for $37,000. The corporation paid $50,000 for the crane. Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue th

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> Fred, age 50, plans to retire when he reaches age 65. He is considering investing in either an IRA or a Roth IRA. He plans to contribute $6,500 per year until he retires. He expects his marginal tax rate to be 28% until he retires, when he expects the

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2.99

See Answer