Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Eric exchanges undeveloped real estate for developed real estate on May 3, 2013. On May 3, 2013, the fair market value of each property is $500,000. Eric had purchased the undeveloped real estate on
Andrew is negotiating to buy land from Katherine. What will Andrew's basis be in the land, if Andrew gives Katherine $70,000 and Andrew assumes Katherine's mortgage on the land of $30,000?
Assume that a couple that filed a joint return had 2013 AMTI of $300,000. What was the amount of their actual 2013 exemption for the AMT?
Assume further that, in 2013, Betsy and Dennis had net investment income of $2,000. Assume they itemize deductions, what is their maximum interest expense deduction in 2013?
Dave's share of net income from Partnership X during 2013 is $15,000. Dave's share of losses from Partnership Z during 2013 is $50,000. How much is Dave at risk for Partnership X on January 1, 2014?
Which of the following would MOST LIKELY require an adjustment for the alternative minimum tax?
On September 5, 2007, Michael paid $5,500 for 100 shares of TXX-5761 Inc. common stock. On June 13, 2013, Michael received a nontaxable 10% common stock dividend (i.e., 10 additional shares of ident
Andrew recently purchased a piece of land, a building and a truck for a lump sum of $500,000. The fair market value of the land was $180,000, the fair market value of the building was $500,000, and
Katherine purchased land for $100,000 in 1985. The land was valued at $700,000 on July 1, 2013, when Katherine died. Katherine's son John inherited the land in 2013. What basis would John have in th
Assume there were no selling expenses. How much of a LOSS may Jennifer and Michael recognize on the sale to Olga (assume that Jennifer and Michael are married and file a joint return and itemize ded
Pavlina's business property (located in Alexanderland USA) was condemned by the proper local authorities.
In early 2013, Irma sold her personal residence to David for $300,000. At the time of the sale, Irma's adjusted basis was $50,000. Within three months of the sale, Irma moved into a new residence sh
Elaine is a single taxpayer in the 33% tax bracket. Elaine wants to minimize her 2013 tax liability. Which of the following provides the LARGEST tax benefit to Elaine (assume that she may legally ta
Yessenia has no other capital gains or losses (in 2013 or prior years). For 2013, what is the maximum capital loss amount that Yessenia may use to offset her other income?
Katherine and Dave started living in the house immediately after purchasing it and never made any capital improvements to the house or took any depreciation (or other deductions) against it.
Dennis traded in computer equipment with an adjusted basis of $15,000 (and a value of $15,000) for other (like-kind) computer equipment then valued at $7,000. Dennis also received $8,000 in cash as
Michael traded in office equipment with an adjusted basis of $50,000 (and value of $60,000) for other (like-kind) office equipment then valued at $40,000. Michael also received $20,000 in cash as pa
Now, assume that in the previous question Jennifer sold the stock to Olga for $90,000 (instead of $60,000). What is the gain or loss that Jennifer should report (again, ignore any gift tax that may
What is the gain or loss that Jennifer should report for 2013 if she sold the stock to Olga in 2013 for $60,000 (ignore any gift tax that may have been paid on the transfer from Betsy to Jennifer)?
Assume their 2013 AGI equaled $28,000. Assume they incurred $9,000 of child care expenses during 2013 for their ONE dependent child, Pavlina (who is 5 years old). What is their child and dependent c
Jessie, a single parent, lives in an apartment with Jessie's TWO minor children (John and Jacqueline), whom Jessie supports. For 2013, Jessie will have AGI and earned income of $20,000. Calculate th
Betsy, a corporate executive, exercised an incentive stock option ("ISO") granted by Betsy's employer to purchase 10,000 shares of the corporation's stock at the option price of $1 per share (i.e.,
In 2013, Gregory invested $10,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed.
Manufacturing overhead equaled $60,000. By the end of the week, the company had manufactured 500 hockey sticks. 1. Calculate the total product cost for last week.
What journal entry, if any, would need to be recorded at year-end? Does the company have any other additional responsibilities related to the disclosure of this information?