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1. There are two recovery period classifications for real property. What reasons might Congress have to allow residential real estate a shorter recovery period than nonresidential real property?
2. Discuss why Congress has instructed taxpayers that real property be depreciated using the mid-month convention as opposed to the half-year or mid-quarter conventions used for tangible personal property.
If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. What is the couple's marriage penalty or benefit?
Evaluate the income tax return
Assume her marginal tax rate is 40 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. When should she pay the $20,000 bill-this year or next?
On the basis of the facts as presented, answer the following questions. (You need not be familiar with all the specific tax forms used when actually filing the return.)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2011, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.
What are the tax consequences to the shareholders under each of the following alternative redemption transactions (ie. amount and character of any realized or recognized gain or loss and basis of any remaining shares)?
Cassie is a single mother providing the sole support of her three children, who all live with her. Her 16 year-old daughter, Tammy, earned $15,200 modeling during the year and her two sons, R.J. and Will, ages 10 and 8, have no income.
What amount, if any, of the premium AMUCK paid on his behalf, must Grady include in his gross income for the year? Provide a tax authority to support your answer.
Oscar's income this year was $45,000 while Diane worked only part-time and made $15,000. Oscar also gambles heavily but told Diane that he had no winnings this year. What tax issues should Oscar and Diane consider?
How much of the gain would be taxed to Todd if Margo sells the art at the end of five years? Compute the tax cost (benefit) to Todd (Margo) if the payments qualify as alimony.
As a result of these things happening Rachel decides that she no longer wants to purchase Lizzybellas for $1million and tells Lizzy of her decision. Advise Lizzy of her legal rights and possible remedies
The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.
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