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Vivian and Leonard exchange real estate in a like-kind exchange. Vivian's basis in the real estate, subject to a $150,000 mortgage, is $220,000 and the fair market value is $300,000. She receives re
Both losses qualify under Code Sec. 1244. Vera files jointly with her husband. What is the amount and character of Vera's loss to be reported on their joint return for 2010?
Also in 2009, Jose pays $1,000 (the regular retail price) for season tickets for himself and his wife. For these items, how much qualifies as a charitable contribution?
Hoover, Inc. had gross receipts from operations of $230,000, operating and other expenses of $310,000, and dividends received from a 45 percent-owned domestic corporation of $120,000. Hoover's tax p
Victoria, whose husband died in December 2008, maintains a household in which her dependent son lives. What is Victoria's filing status for the tax year 2010?
Exclusive of capital transactions, Pixie Corp. had $100,000 of taxable income. Its capital gains and losses were: Pixie's taxable income for the year was:
On August 1, 2009, Moore leases and places in service a passenger automobile. The lease will run for five years and the payments are $600 per month. During 2009, he uses his car 80% for business and
On the average, 90% of the motel rooms were occupied. As a result of this rent-free use of a room, what Daisy is required to include in gross income:
Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000
Kobe, age 19, is a full-time student at State College and a candidate for a bachelor's degree. During 2009, he received the following payments:
One year Potter, Inc. had gross income from sales of $210,000, business expenses of $230,000, and dividend income from U.S. corporations of $150,000. Potter's 80 percent dividends-received deduction
Deductible expenses paid in connection with the consulting service amount to $6,000. Eleanor also has a recognized long-term capital gain of $1,000 from the sale of a stock investment. what She must
Evan Erman transferred inventory to a corporation in a Code Sec. 351 transaction. His basis in the inventory was $10,000 and its value was $8,000. If he received $2,000 in cash and 100 shares of sto
If Doris itemizes her deductions for 2010, what is the amount deductible for interest expense as an itemized deduction ?
Sandra Sherman incorporates her apartment building. It has a basis of $50,000, a value of $150,000, is subject to a mortgage of $70,000 and has a depreciation recapture potential of $12,000. If Sand
Candice, are allowed 5 years in which to acquire the additional year of education. Pursuant to this requirement, Candice spends her 2010 summer break attending University of Alabama taking education
Rodriguez Corporation issues 12,000 shares of its common stock for $182,700 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.
Cornelia incurred the following expenses for her dependent son during the current year:$2,750 How much may Cornelia consider in computing her itemized deductions?
What is the difference in the percentage of the firm's pre-tax income that investors actually receive and can spend under the corporate and partnership forms of organization?
Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statem
Don, who owed Dan $1,000 for his share of the cost of a fishing trip they took together 2 years ago, transferred to Dan a check for $700 that he had just received from a customer. Has Dan given valu
Which of the following statements about involuntary conversions is false?
Determine the total deductions in calculating taxable income related to the machines for 2008.
Judd Harrison owns 200 shares of stock in the Widget Company for which he paid 1600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2010, for which Judd r
Sierra purchased a new factory building on February 15, 2008, for $1,000,000. Determine the cost recovery deduction for 2009.