Taxation Assignment-1. On July 1, 20×5, following an examination of T’s returns for 20×1 and 20×2, the IRS issued…

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Taxation Assignment Reading The primary text for this course is: IRS Practice and Procedure (Student Edition) ISBN: 978-0-7913-8501-2 Lesson Assignment # ***** The Examination Function Reading Text: Study Sections 8.01; 8.02; 8.04 through 8.08; 8.11 through 8.14; 8.16 of the text. (Skim 8.09; 8.10; 8.15 through 8.23 of the chapter.) Internal Revenue Code: Read the […]

Tax Assignment -P 16-20 Fleming, Inc a domestic corporation,

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P 16-20Fleming, Inc a domestic corporation, operates in both Canada and the United States. This year, the business generated taxable income of $400,000 from foreign sources and $300,000 from US sources. All of Fleming’s foreign-source income is in the general limitation basket. Fleming’s total worldwide taxable income is $700,000. Fleming pays Canadian taxes of $152,000. […]

TAX-ThePAINTERS FORM1040A:U.S.INDIVIDUALINCOMETAXRETURN

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ThePAINTERS FORM1040A:U.S.INDIVIDUALINCOMETAXRETURN Name: Norman Q.PainterandDorothyT.Painteraremarried(Nov.5,2000)andwillfileajointreturnfor2012.NeitherNormannorDorothyis blind, andbothareunderage65. Theyrenttheirhomeat1721W.240th St,Lomita,CA90721. Theirhometelephone numberis-310/541- 111l. Theirnineyearolddaughter(DOB: 7/1/2003),EmilyPainter,whosesocial securitynumberis644-36-3871,hasJivedathomeaHyear. TheirsonHunter wasborn9-12-2006 andhissocial securitynumberis612-45-9145andalsolived withhisparentsforthefullyear. Mr.Painterworksasacomputer analyst,andreceivedwagesof$31,000,fromwhich$1,950infederal incometaxesand$475instateincometaxeswaswithheld.Hissocialsecurity numberis567-45-3888.Mr.Painterwasborn04/28/1978. Mr.Painterisalsopayingoffastudentloanandtheinterestfortheyearis$300 Mr.Painterisnotrequired topayanyestimatedtaxes andchoosestonotdosothis year. Mrs.Painter worksasanadministrativeassistant andreceivedwagesof$18,000,fromwhich$600in federalincometaxesand$200instateincometaxeswaswithheld. Hersocialsecurity numberis412-45-6798.Mrs.Painterwasbornon06-12-1980. ThePainters received$245ofinterest incomefrom aU.S.financial institution,StateBank.ThePainters electtohave$3gotothePresidentialElection CampaignFund. ThePainters electtohaveanyrefund directlydepositedtotheirchecking account.Theirbank’s routingnumberis011000013andtheiraccount numberis004002006 ThePainters maybeabletoclaim thechildtaxcredit.TheymustfilloutaworksheetaccompanyingForm1040A todeterminetheireligibilityandanycredit amount. ThePainters mayalsobeeligiblefortheearnedincomecredit […]

The PAINTERS FORM 1040A: U.S. INDIVIDUAL INCOME TAX RETURN +MCQ’s

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ThePAINTERS FORM1040A:U.S.INDIVIDUALINCOMETAXRETURN Name: Norman Q.PainterandDorothyT.Painteraremarried(Nov.5,2000)andwillfileajointreturnfor2012.NeitherNormannorDorothyis blind, andbothareunderage65. Theyrenttheirhomeat1721W.240th St,Lomita,CA90721. Theirhometelephone numberis-310/541- 111l. Theirnineyearolddaughter(DOB: 7/1/2003),EmilyPainter,whosesocial securitynumberis644-36-3871,hasJivedathomeaHyear. TheirsonHunter wasborn9-12-2006 andhissocial securitynumberis612-45-9145andalsolived withhisparentsforthefullyear. Mr.Painterworksasacomputer analyst,andreceivedwagesof$31,000,fromwhich$1,950infederal incometaxesand$475instateincometaxeswaswithheld.Hissocialsecurity numberis567-45-3888.Mr.Painterwasborn04/28/1978. Mr.Painterisalsopayingoffastudentloanandtheinterestfortheyearis$300 Mr.Painterisnotrequired topayanyestimatedtaxes andchoosestonotdosothis year. Mrs.Painter worksasanadministrativeassistant andreceivedwagesof$18,000,fromwhich$600in federalincometaxesand$200instateincometaxeswaswithheld. Hersocialsecurity numberis412-45-6798.Mrs.Painterwasbornon06-12-1980. ThePainters received$245ofinterest incomefrom aU.S.financial institution,StateBank.ThePainters electtohave$3gotothePresidentialElection CampaignFund. ThePainters electtohaveanyrefund directlydepositedtotheirchecking account.Theirbank’s routingnumberis011000013andtheiraccount numberis004002006 ThePainters maybeabletoclaim thechildtaxcredit.TheymustfilloutaworksheetaccompanyingForm1040A todeterminetheireligibilityandanycredit amount. ThePainters mayalsobeeligiblefortheearnedincomecredit […]

For 2012, Permtemp reported the following book income statement and balance sheet, excluding the federal

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For 2012, Permtemp reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales $33,000,000 Cost of goods sold ) Gross profit $11,000,000 Dividend income 55,000 Tax-exempt interest income Total income $11,070,000 Expenses: Depreciation $ 800,000 Bad debts 625,000 Charitable contributions 40,000 Interest […]

Tax project -Valerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson

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CORPORATION INCOME TAXATION SPRING SEMESTER 2014 INCOME TAX PROJECT Project 1 FACTS Valerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson And Norman Enterprises, Inc. The corporation, which is a retail office supplies and stationery store, began its operations on January 2, 1985 (also date of incorporation). For Federal […]

Paolo is a 25% partner in the Capri partnership and has decided to terminate his partnership interest.

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Paolo is a 25% partner in the Capri partnership and has decided toterminate his partnership interest. He will sell his partnership interest to the two remaining37.5% partners, Giuseppe and Isabella, for $105,000 cash and the assumption of Paolo’s shareof Capri’s liabilities. Under this option, Giuseppe and Isabella would each pay $52,500($52,500 X 2 = $105,000) […]