Tax law questions and answers in October 2022

Knowing the tax law has a few purposes. The first, and obvious, one is to calculate taxable income and the proper amount of tax. Underlying that purpose is that clients expect you to take advantage ...

Income-tax individual Q1. Health Savings Accounts (LO 5.1) Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted f...

. 1. Poseidon is in the business of catching and selling lobster on the Maine coast. In the current year, Poseidon sold a parcel of land used in his business for $115,000; he paid $100,000 for the l...

Using 2021 tax law, indicate: the taxpayers' correct and most favorable filing status; whether the taxpayer is eligible to claim either the Child Tax Credit and/or the Other Dependent Credit; and whet...

Construct Pte Ltd ('Constructco') conducts a construction business. The company owns various items of equipment that are used in its construction business and which the company depreciates for tax pur...

Chang Company is trying to determine how often it needs to deposit payroll taxes for calendar year 2021. The company made the following quarterly payroll tax deposits during the last two years: Quarte...

Mr. Gates is the president of an established and successful company. The company pays Mr. Gates $1,000,000 in salary each year. Mr. Gates, a renowned philanthropist, has directed the board of director...

. | Assignments: Individual Income x Question 9 - Hwk7 - Connect x https://ezto-cf-media.mheducati x https://ezto-cf-media.mheducati x * Search Results | Course Hero x + X https://ezto-cf-media.mhed...

For the case study, you will be reviewing the proposed Community Benefit Agreement (CBA) from Walmart from your position as a Policy Analyst with the Washington, DC Economic Partnership, an agency ...

Cal Rev & Tax Code § 23101 states that a corporation is doing business in the state if it is organized or commercially domiciled in this state, Sales ... of the taxpayer in this state exceed the ...

Bubbles, Inc. is a DE corporation headquartered in CA. Bubbles is a mortgage lender specializing in subprime home loans. Bubbles issues and services loans to consumers across the country, including Or...

Generally, in determining whether a corporation should file in a particular state, what is the threshold question to be answered? a. A calculation of the potential tax for materiality b. H...

This question was taken from the Essentials of Jamaican taxation fifth edition , chapter 8. 18. Mary owns a floral arrangement business, Majan's Garden. The business employs a fulltime gardener and a ...

2 Leroy Loser is in the scrap cod scrap from the Drill Years 20X2 and 20X3, he "allegedly " purchased scrap from the Drilla-Bit Manufacturing Corporation. Leroy deducted all of the purchases on his...

US Tax Memo Situation : Martinez, Inc, a calendar year, accrual basis taxpayer, is in the business of manufacturing parts for auto manufacturers. Three years ago, Martinez, Inc. acquired an additi...

Help me critique this post and give a few ideas that could develop a response to this post: Corporations in the U.S that are multi-jurisdictional operate or conduct business in states. This presents d...

using the topic : Creation of the United Nation Explain what you already know about the chosen topic based on your personal history or experiences. If you do not have prior knowledge about your topic,...

CAN ANYONE HELP ME IN DOING A PROPER FORMATTED BRIEF OF THE CASE - J. MICHAEL BELL AND SANDRA L. BELL, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent. THE BRIEF SHOULD HAVE HE FOLLOWI...

based on the reading of this https://www.tortmuseum.org/ford-pinto/ a) What did Ford hope to achieve by following this business plan? b) Imagine the pain of the victims and their families. What did th...

Having viewed the two mock sessions demonstrating clinical work with the same client from psychodynamic and cognitive behavioral approaches: 1. What are the main differences you notice between the two...

In the current year B purchased new office equipment costing $50,000 and received a trade allowance of $6,000 for her old equipment. The old equipment was acquired 6 years ago for $17,000. B's Class 8...

2). Global Corporation distributed property with an $812,500 fair market value and a $446,8?5 adjusted basis to one of its shareholders. The propertyr was subject to a $245,?81 mortgage, which the sha...

How much gross income must Donald report under the following alternative arrangements with Claire? (see below the information) 1 .) Donald pays Claire $7,500,and Claire cancels the promisso...

What is this mean and can you explain it? "in the case of a taxpayer other than a C corporation, the indebtedness discharged is qualified real property business indebtedness" Please explain what ...

Donald Debtor borrowed $10,000 from Claire Creditor a few years ago. The loan was unsecured, bore adequate interest that has been paid by Donald, and was used by Donald to purchase a variety...

John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2021, John worked as a computer technician at a local university earning a salary of $152,000, and ...

Fern carries on a business. In 2019-20 she made a loss of $10,000. This year she is likely to make a trading profit of $40,000. She will also receive $4,000 in net exempt income. How should she deal w...

For a summons issued directly to the taxpayer (an individual), which of the following (if any) is not proper service of the summons on the taxpayer? Select one: a. The summons was hand delivered to th...

Gege Xu retired in April 2020 and moved from Thunder Bay to Vancouver Island. During her retirement she plans to accept the occasional small consulting contract. Her financial transactions for 2020 ar...

4. At the beginning of 2022, Buckeye Inc., a calendar year corporation, had accumulated E & P of $175,000. Buckeye's current E & P is a deficit of ($89,425). The following table summarizes...

. 46} You and 3 of your friends have started a corporation that is focused on selling computers. In your articles of incorporation, you write the following statement: this corporation is in the busi...

Why Citation is Important? Three Reasons Why Citation is Important? what are the difference between quoting and citing? What is common knowledge? What has it got to do with issues of citation? ?...

William has been operating his landscaping business as an LLC. He is the sole owner and he just received an audit notice from the IRS asking for copies of the business books and records to its gross...

Mickey is a Revenue Agent auditing Minnie's salon. He thinks she is not reporting all her income and issues a summons to one of Minnie's most frequent clients, Daisy. The summons asks for Daisy to pro...

what are three good reasons for your friend to start a restaurant business, 2 of which are income tax related? Please list two reasons why your friend should not start a business. Those two reason...

Show your calculations, reference all relevant citations, and explain your answer. Use a flat corporate tax rate of 21% for all problems. Assume a tax rate of 15% for all dividends and capital gains. ...

based on this article https://www.jdsupra.com/legalnews/dispute-over-gig-drivers-independent-9358971/ How does this conflict impact workers in the Gig Economy (those that don't have full-time employ...

The coronavirus (COVID-19) pandemic continued to be a challenge to economic activity for Jamaica and the rest of the world during the December 2021 quarter. Nonetheless, the domestic economy showed co...

35. Cinnamon, age 21, is a full-time student for a degree at State University. During the summer, she earned $5,600 from a part-time job. Her only other income consisted of $1,050 interest on a sa...

31. Which of the following statements concerning health care flexible spending accounts is (are) correct? 1. The funds for the account are derived from the employee accepting a reduction in salary...

As a CPA with Z Corporation, you provide evaluation and advice for the compensation committee. Z Corporation is a publicly traded company, in the end of their fiscal year, the revenues and earing have...

Big City (the City) is a municipality that prepares financial statements in accordance with guidance promulgated by the Governmental Accounting Standards Board (GASB). The City is implementing GASB St...

Linus (age 65) and Karen (age 63) are married and raising their granddaughter, Marie, who qualifies as their dependent. Marie is blind. Linus and Karen file a joint return in 2021. What is their s...

. Problem 16 Nate has come to you for tax advice for 2014. He has identified the following income for 2014 and would like you to calculate the effects of the above on his income, taxable income, and...

Please provide a response for the following posts to better start a discussion regarding the two posts. 1. While both C-Corps and S-Corps can benefit from equity financing, some key difference ex...

1. Assuming each entity is classified as its default classification for tax purposes, for which of the following entities is the owner's basis increased by the owner's share of profits and decreased b...

the community's perception of traffic enforcement is often a negative one. A traffic citation never leaves the citizen with a satisfying view of the police, however, not withstanding these encounters,...

A 21 year old child invests $46461 of her funds into a parent's corporation. The funds are used to purchase equipment used in the business throughout the year. These funds were originally derived from...

Sam's Manufacturing Ltd. built a 14 room house for its principal shareholder-officer on a country property owned by him. The company expensed the costs as promotion expenses on the basis that she woul...

On July 1, 2020, Gelato Inc. loans $160810 to its principal shareholder, Ms. Jamie Fitzgerald, in order to finance her gambling debts. Gelato Inc. has a taxation year that ends on July 30. The loan is...

A 27 year old child borrows $65775 from a bank and invests it into a parent's corporation. The funds are used to purchase equipment used in the business throughout the year. The prescribed rate in eff...

A 22 year old child invests $55867 of her funds into a parent's corporation. The funds are used to purchase equipment used in the business throughout the year. These funds were originally derived from...

Kelly owns 35% of Tax Rocks Inc. (TR), which has a December 31 year end. She is also an employee of the company. On April 30, Year 1, she purchased her shares of TR from treasury for $234890. TR lent ...

Kelly owns 35% of Tax Rocks Inc. (TR), which has a December 31 year end. She is also an employee of the company. On April 30, Year 1, she purchased her shares of TR from treasury for $211290. TR lent ...

. Appeals officers can consider litigation hazards when reviewing a taxpayer's liability while Exam employees cannot consider those hazards when determining how much a taxpayer should owe. They c...

Deloitte Case Study You might have seen this one coming, after all, we have four descendants (Ricky, Antonio, Tommy Dollar, and Zola (Baby Z's Mother)). Describe how the federal estate tax is calcu...

Please explain the calculation process. In the tax year 2022i23, Stella worked part-time and has a gross salary of £28,450 before PAYE of £3,100. She has building society interest of £29,500 from a...

Problem 6 Ted lives in San Francisco, which is in the 9th circuit. He is litigating a case in the Tax Court that involves the issue of whether a particular item can be excluded from his income for ...

1-) After leaving work one night, Bill decided to stop at a local bar to have a few drinks before he got home. Bill had one drink too many and became intoxicated. Nevertheless, Bill thought he was...

A victim of a crime can hire his own attorney to prosecute the case against the defendant in criminal court. True or false A defendant may be held liable for the business tortious interference wi...

For 2022 tax years, which of the following taxpayers is subject to the excess business loss limitation? O LeGo Partnership, which incurred a $(730,000) business loss this year. O Delta Corporation, wh...

Which of the following statements about methods of accounting is false? O A taxpayer engaged in more than one business can use a different method of accounting for each business O A taxpayer must requ...

Under Public Law 86-272, which activity does not establish nexus? Solicitation of orders is approved out-of-state, and delivery is made from an out-of-state location. Solicitation of orders is app...

. Question 10 If a building is placed into service on January 1, 2018, then how many months worth of depreciation are allowed in 2018? 1 point (a) 6 months (b) 10.5 months (c) 11 months ...

Under the mid-quarter convention method, how many months is an asset depreciated in Year 1 if it was placed into service on September 20? 1 point (a) 1.5 months (b) 4.5 months (c) 7.5 months ...

If a taxpayer only places into service two machines this year, Machine A costing $65,000 on September 25 and Machine B costing $35,000 on October 5, then which convention should the taxpayer use? 1...

Case 8-3 KPMG Tax Shelter Scandal In Chapter 4 we discussed the artificial tax shelter arrangements developed by KPMG LLP for wealthy clients that led to the settlement of a legal action with the Dep...

Organizations that are exempt from income tax under section 501(a) of the Internal Revenue Code as organizations described in section 501(c)(3) may not participate in, or intervene in (including the p...

What is Pauls taxable income and tax payable (including the Medicare levy) for the income year ending 30 June 2022. Paul began offering some yoga lessons online. He set aside a room in him rented h...

Lorraine Newman, CPA, has developed considerable tax expertise in business acquisitions and is widely recognized in her geographic practice area as the go-to person for such transactions. She is curre...

Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her A...

Assume that the client purchases an office building on 11/1/X1 for $500,000, which includes land with a value of $32,000. The cost of the building itself is $500,000 − $32,000 = $468,000, and th...

. Homework Assignment - Taxes, Payments, and Refunds Read each question or scenario thoroughly and construct your answer using information from your lessons, text resources, or online research. Type...

Congratulations! You've been hired as a ghost writer for an online advice column called "Dear Iris." It is published in the Vita Tribune online blog and you are responsible for answering reader que...

You are an accountant. A sole proprietor client of yours asks you to prepare tax advice memorandum with regard to the prospective purchase of business. You do so. Several years later, During an examin...

Corporation, an accrual basis taxpayer, has struggled to survive since its formation six years ago. As a result, it has a deficit in accumulated E & P of $100,000 at the beginning of the year. T...

During Year 7, Bill sold for $12,000 equipment that he had used in his landscaping business. Bill purchased the equipment in Year 3 for $11,000 and immediately placed it in service. Prior to the s...

In year 1, John purchased a boat for $200,000 for use in his charter fishing business. In year 3, John sold the boat for $175,000. Assume that John properly claimed a total of $50,000 of depreciat...

Capital Expenditures - Federal Income Tax Law Dorothy paid the following amounts this year with respect to a successful women's retail clothing store she has operated as a sole proprietor in a 50-y...

John is going on vacation to Slovakia and stops at a currency shop in his local airport. He needs to convert CAD$259.1 to the Slovakian koruna (SKK). The exchange mid-rate per CAD is 21.4624. The shop...

Apple plc is a public company incorporated in the state of State A. It is the parent company of a multinational group whose business consists of fruit farming and distributing fresh fruit. It has whol...

Carla a singer-songwriter is resident in state C. She writes songs that she sings at live concerts. She goes on an extended tour in State D where she performs at 10 concerts. The concerts are recorded...

1) Compare and contrast the three types of tax law sources and give examples of each with one paragraph each. 2) What are the basic differences between regulations, revenue rulings, and private lett...

Stephanie, age 50, was the named beneficiary on the IRA of her husband, Chuck, age 70, who just died. The IRA had an account balance of $4,000,000. Stephanie is a successful influencer and nonprofit e...

. 3. The law firm of Muggles, Snitch & Quidditch bought a rare Persian carpet reputed to have magical qualities. The carpet sits before the gas fireplace in Mr. Muggles' corner office where a...

. 4. Your client L.L. Bean acquires, for a lump sum, all the assets of Trout Illustrated, Inc., which publishes a monthly fishing magazine. Part of the purchase price is allocated to Trout Illustrat...

Help me critique and summarize this passage by giving two ideas how to improve this column: According to a Federal Reserve report, synthetic identity theft is the fastest-growing financial crime in...

Help me critique and summarize this passage by giving two ideas of how it can be improved: How Federal Agencies and Fraud Investigators Are Using Technology to Fight Financial Crimes? This report...

Help me critique and summarize this passage by giving two ideas that could be added to the information below: The subject of my discussion this week is Animal Friends, Inc. in Pittsburgh, PA, where...

Read Cedar Pont Nursery v. Hassid, (2021) 141 S. Ct. 2063 Answer the following questions: Which is more persuasive - the majority opinion finding a possessory taking, or the Dissent finding no taki...

Zoom Pty Ltd provided the following benefits to employees during the FBT year ended 31 March 2022: A car fringe benefit (GST included) with a taxable value of $6,500 and an expense payment fringe bene...

Jane, an employee of a manufacturing business received a loan of $10,000 with an interest rate at 2.1% p.a and a clothing and hairdressing allowance of $600 for the full FBT year ended 31 March 2022. ...

During the FBT year ending 31 March 2022, Mary, an employee of a computer retail business, received a laptop computer with a normal selling price of $1800 solely for her private use — the inventory ...

What is the purpose of the FBT Legislation? To ensure that the recipient's spouse is not advantaged To tax the employer if a child of the recipient is put in a childcare facility owned by the...

Garth is invested in two partnerships. His share of the d partnership loss for Partnership A was $28,000 this year. He recently invested $20,000 (tax basis and at-risk amount) in purchasing the Partne...

You have a certain status in you linguistic community in Peel as a community leader. People look up to you for guidance. This status has helped you with you paralegal practice and it provides you with...

Question 5 ...

Why is it important to identify whether ordinary income or statutory income is exempt income or non-assessable non-exempt income? Provide at least one example each- exempt income and non-assessable no...

An employer purchases a car on 1 October 2021 for $35,000 and provides that car to an employee to use for private purposes for the rest of the FBT year. If the employee reimbursed the employer $2,000 ...

John, an executive of a British corporation specialising in engineering consultancy, comes to Australia to set up a branch of his company. Although the length of his stay is not certain, he leases a r...

Identify the specific Florida Statute where you can find the factors used by to determine a parenting plan in Florida. Next, pick two (2) of the factors that are listed to determine "the best interest...