• 1 Page Type_A_reorganizations
    Type_A_reorganizations

    School: UCF

    Course: Advanced Tax Topics

    TypeAreorganizations:Is40or50percentstockenoughtopassthecontinuityofinteresttest? TheIRSandtheTreasuryDepartmentareindisagreementoverthecontinuityofinteresttestinaType Areorganization.TheIRSfeelsthat50houldbetheminimum,butadmitsthatthereisalesser amountth

  • 1 Page review_ex_4_fall_2011
    Review_ex_4_fall_2011

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 (Fall 2011) Chapter review exercise #4 Topic review: E&P and dividend distributions Due date: September 22, 2011 Name(s): Part 1: Ironsides Corporation has E&P of $51,000 as of December 31, 2010. It reports taxable income (before any distribution

  • 1 Page constructive_dividends
    Constructive_dividends

    School: UCF

    Course: Advanced Tax Topics

    Chapter 5: Problem #47 Shareholder vs Employee use of corporate property Parrot Corporation (a) Adjusted basis Fair value Disallowed loss (Sec. 267) 350,000 (300,000) 50,000 = decrease in E&P Fair value "Bargain" selling price Constructive dividend (b) La

  • 1 Page LIFO_recapture
    LIFO_recapture

    School: UCF

    Course: Advanced Tax Topics

    Sec. 312. LIFO and the effect on Earnings & Profits 312(n)(4) LIFO INVENTORY ADJUSTMENTS. 312(n)(4)(A) IN GENERAL. -Earnings and profits shall be increased or decreased by the amount of any increase or decrease in the LIFO recapture amount as of the clos

  • 1 Page orgainzation_costs
    Orgainzation_costs

    School: UCF

    Course: Advanced Tax Topics

    E&P adjustment for organizational expenditures Explanation from CCH Tax Research Network (1) Computation of Earnings and Profits: Computation of Earnings and Profits: Trademark, trade name, organizational and circulation expenses Amounts that are deductib

  • 1 Page cash_surrender_value
    Cash_surrender_value

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015: E&P adjustments for life insurance Life insurance premiums paid (nondeductible) Increase in cash surrender value (a noncurrent asset) Net E&P adjustment prior periods (87,500) 17,200 1 (10,700) 2008 (3,500) year(s) 2009 (3,500) 700 (2,800) 700 (

  • 1 Page E&P_adjustments
    E&P_adjustments

    School: UCF

    Course: Advanced Tax Topics

    Some Common Earnings and Profits Adjustments Taxable Income: starting point Plus: Tax-exempt interest income Deferred gain on installment sales Dividends-received deduction Excess of accelerated depreciation over straight-line depreciation Excess of ACRS

  • 5 Pages chapter_5_solutions
    Chapter_5_solutions

    School: UCF

    Course: Advanced Tax Topics

    5-1 Chapter 5 Solutions Corporations: Earnings & Profits and Dividend Distributions (2012) 24. updated: August 8, 2011 Sarah and Mason each have dividend income of $200,000 cfw_[$240,000 (accumulated E & P) + $160,000 (current E & P)] 2. The dividend inco

  • 15 Pages chapter_5_notes
    Chapter_5_notes

    School: UCF

    Course: Advanced Tax Topics

    5-1 Chapter 5 Corporations: Earnings and Profits & Dividend Distributions (2012) updated: August. 9, 2011 Learning Objectives: Explain how current E & P is computed Explain the difference between current and accumulated E & P Understand the tax consequenc

  • 1 Page review_ex_3_fall_2011
    Review_ex_3_fall_2011

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 (Fall 2011) Chapter Review Exercise #3 Topic review: Corporate Formation Due date: September 15, 2011 Name(s): On September 15, 2011, Robert, Larry, Kevin, Danny and Dennis contribute the following assets to form the Celtic Corporation: Transfero

  • 1 Page Reg_1.351
    Reg_1.351

    School: UCF

    Course: Advanced Tax Topics

    Federal Tax Regulation 1.351-1. Transfer to corporation controlled by transferor (a) (1) Section 351(a) provides, in general, for the nonrecognition of gain or loss upon the transfer by one or more persons of property to a corporation solely in exchange f

  • 1 Page Basis_adj_for_loss_property
    Basis_adj_for_loss_property

    School: UCF

    Course: Advanced Tax Topics

    Topic: Basis adjustment for loss property Harry transferred the following assets to the Lowell Corporation in exchange for all of its stock in a transaction that qualified for Sec. 351 treatment: Adjusted basis Accounts receivable Fair value Land Building

  • 6 Pages chapter_4_solutions
    Chapter_4_solutions

    School: UCF

    Course: Advanced Tax Topics

    4-1 Chapter 4 Solutions Corporations: Organization & Capital Structure (2012) 26. updated: August 8, 2011 a. $7,000 ordinary gain. b. $30,000 [$30,000 (basis of inventory) + $7,000 (gain recognized) $7,000 (boot received)]. c. $37,000 [$30,000 (basis of i

  • 16 Pages chapter_6_notes
    Chapter_6_notes

    School: UCF

    Course: Advanced Tax Topics

    6-1 Chapter 6 Corporate Redemptions and Liquidations (2012 edition) updated: August 10, 2011 Learning Objectives: Be able to identify & understand the tax treatment of stock redemptions that are treated as sales/exchanges of stock qualified stock redempti

  • 5 Pages chapter_6_solutions
    Chapter_6_solutions

    School: UCF

    Course: Advanced Tax Topics

    6-1 Chapter 6 Solutions Corporations: Redemptions & liquidations (2012) 38. updated: August 8, 2011 a. Teal Corporation would have a taxable gain of $70,000 on the property distribution [$250,000 (fair market value) $180,000 (basis in property)]. The gain

  • 1 Page Qualified_Stock_redemption_Sec_303
    Qualified_Stock_redemption_Sec_303

    School: UCF

    Course: Advanced Tax Topics

    Topic: Sec 303: Distributions to pay death taxes (qualified stock redemption) Edward died owning 20% of the total Red Corporation shares outstanding (basis of $600,000), and the Red stock is included in his estate at its date of death value of $1 million.

  • 1 Page Type_C
    Type_C

    School: UCF

    Course: Advanced Tax Topics

  • 1 Page Type_B
    Type_B

    School: UCF

    Course: Advanced Tax Topics

  • 1 Page Type_A
    Type_A

    School: UCF

    Course: Advanced Tax Topics

  • 2 Pages Sec_368
    Sec_368

    School: UCF

    Course: Advanced Tax Topics

  • 7 Pages chapter_7_solutions
    Chapter_7_solutions

    School: UCF

    Course: Advanced Tax Topics

    7-1 Chapter 7 Solutions Corporations: Reorganizations (2011 edition) 26. updated: August 13, 2010 a. Acquisitive Type D reorganization. White, the larger corporation, transfers its assets to Red, the target, in exchange for a controlling interest in Red.

  • 24 Pages chapter_7_notes
    Chapter_7_notes

    School: UCF

    Course: Advanced Tax Topics

    7-1 Chapter 7 Corporations: Reorganizations (2011 edition) updated: June 1, 2011 Learning Objectives: Understand the basic tax consequences arising from corporate reorganizations, including corporate mergers, acquisitions, and divisions. Discuss the tax t

  • 3 Pages Corporation_liquidation_solutions
    Corporation_liquidation_solutions

    School: UCF

    Course: Advanced Tax Topics

    SOLUTION: Liquidating distributions Related party and built-in loss rules Part 1: Liquidating distributions and the related party rules. Liquid Corporation has three assets, and two individual shareholders Major and Minor: Asset Investments Land Equipment

  • 1 Page Corporation_liquidation_examples
    Corporation_liquidation_examples

    School: UCF

    Course: Advanced Tax Topics

    Topic: Liquidating distributions Related party and built-in loss rules Part 1: Liquidating distributions and the related party rules Liquid Corporation has three assets, and two individual shareholders Major and Minor: Asset Fair value Basis Investments $

  • 2 Pages stock_redemption_solutions
    Stock_redemption_solutions

    School: UCF

    Course: Advanced Tax Topics

    SOLUTION: Stock redemptions Rex, Steve, and Alex are the only shareholders of Lowell Corporation. Rex is unrelated to Steve and Alex. However, Steve and Alex are brothers. Each has owned 100 shares of Lowell Corporation stock for five years and each has a

  • 1 Page stock_redemption_examples
    Stock_redemption_examples

    School: UCF

    Course: Advanced Tax Topics

    Topic: Stock redemptions Rex, Steve, and Alex are the only shareholders of the Lowell Corporation. Rex is unrelated to Steve and Alex. However, Steve and Alex are brothers. Each has owned 100 shares of Lowell Corporation stock for five years and each has

  • 1 Page sec_318_attribution_diagram
    Sec_318_attribution_diagram

    School: UCF

    Course: Advanced Tax Topics

  • 1 Page Qualified_Stock_redemption_Sec_303_solution
    Qualified_Stock_redemption_Sec_303_solution

    School: UCF

    Course: Advanced Tax Topics

    Topic: Sec 303: Distributions to pay death taxes Solution Edward died owning 20% of the total Red Corporation shares outstanding (basis of $600,000), and the Red stock is included in his estate at its date of death value of $1 million. Edwards adjusted gr

  • 14 Pages chapter_4_notes
    Chapter_4_notes

    School: UCF

    Course: Advanced Tax Topics

    4-1 Chapter 4 Corporations: Organization and Capital Structure (2012) Learning Objectives: updated: August 8, 2011 Identify the tax consequences of incorporating a business two basic questions: o What are the tax effects on the shareholder? o What are the

  • 4 Pages review_ex_2_fall_2011_solution
    Review_ex_2_fall_2011_solution

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 (Fall 2011) Chapter review exercise #2 Topic review: Corporations Taxable income, book income and Schedule M-1 Due date: September 8, 2011 Name(s): SOLUTION. Brady Corporation reported the following information for 2010: Item Bad debt expense Cha

  • 3 Pages exam1_sampleQ_answers
    Exam1_sampleQ_answers

    School: UCF

    TAX 5015 Sample Questions: Property transactions & chapters 2, 4, 5, and 6 [Solutions] updated: January 30, 2012 1. $80,000 gain = $280,000 (selling price) $200,000 (adjusted basis). $70,000 is Sec. 1245 ordinary income and $10,000 is Sec. 1231 gain. 2. $

  • 7 Pages exam2_sample_questions
    Exam2_sample_questions

    School: UCF

    SQ2 -1 TAX 5015 Exam 2 Sample questions [Chapters 7, 8, 10-12] updated: March 28, 2011 1. Alister Corporation would like to enter into a reorganization transaction with Tiber Corporation. Alister will exchange $300,000 of common stock, $80,000 of preferre

  • 1 Page Basis_adj_for_loss_property_solution
    Basis_adj_for_loss_property_solution

    School: UCF

    Course: Corporations, Partnerships, Trusts

    Solution: Basis adjustment for loss property Harry transferred the following assets to the Lowell Corporation in exchange for all of its stock in a transaction that qualified for Sec. 351 treatment: Accounts receivable Equipment Land Building Adjusted bas

  • 6 Pages chapter_2_solutions_2013
    Chapter_2_solutions_2013

    School: UCF

    Course: Corporations, Partnerships, Trusts

    2-1 Chapter 2 Solutions Corporations: Introduction and Operating Rules (2013) 34. updated: August 9, 2012 Otter, a partnership, is not a taxpaying entity. Its profit (loss) and separate items flow through to the partners. The partnerships Form 1065 report

  • 6 Pages chapter_4_solutions2013
    Chapter_4_solutions2013

    School: UCF

    Course: Corporations, Partnerships, Trusts

    4-1 Chapter 4 Solutions Corporations: Organization & Capital Structure (2013) 26. updated: August 10, 2012 a. $30,000 of ordinary income (compensation income). b. $30,000. c. $0. Rod may not recognize the realized loss of $45,000 because such losses are d

  • 5 Pages exam1_sample_questions
    Exam1_sample_questions

    School: UCF

    Course: Corporations, Partnerships, Trusts

    SQ -1 TAX 5015 Sample questions Property transactions & chapters 2, 4, 5, and 6 updated: January 30, 2012 1. During 2011, a corporation sells equipment for $280,000. The equipment cost $270,000, and $70,000 of depreciation deductions were taken. What is t

  • 3 Pages exam1_sampleQ_answers
    Exam1_sampleQ_answers

    School: UCF

    Course: Corporations, Partnerships, Trusts

    TAX 5015 Sample Questions: Property transactions & chapters 2, 4, 5, and 6 [Solutions] updated: January 30, 2012 1. $80,000 gain = $280,000 (selling price) $200,000 (adjusted basis). $70,000 is Sec. 1245 ordinary income and $10,000 is Sec. 1231 gain. 2. $

  • 7 Pages exam2_sample_questions
    Exam2_sample_questions

    School: UCF

    Course: Corporations, Partnerships, Trusts

    SQ2 -1 TAX 5015 Exam 2 Sample questions [Chapters 7, 8, 10-12] updated: March 28, 2011 1. Alister Corporation would like to enter into a reorganization transaction with Tiber Corporation. Alister will exchange $300,000 of common stock, $80,000 of preferre

  • 4 Pages exam2_sampleQ_answers
    Exam2_sampleQ_answers

    School: UCF

    Course: Corporations, Partnerships, Trusts

    SQ2A -1 TAX 5015 Exam 2 Sample Questions Chapters 7, 8, 10-12 [Solutions] updated: March 28, 2011 1. E: This restructuring will not qualify as a Type A statutory merger because all of the liabilities were not transferred to Alister. It will not qualify as

  • 2 Pages final_practice_answers_b
    Final_practice_answers_b

    School: UCF

    Course: Corporations, Partnerships, Trusts

    TAX 5015 Sample Questions Chapters 16 and 20 [Solutions] 1. Federal taxable income 750,000 State X income tax 75,000 State Z interest revenue 150,000 Federal bond interest revenue (50,000) State X taxable income 925,000 2. updated: April 12, 2012 Income a

  • 3 Pages final_practice_questions_b
    Final_practice_questions_b

    School: UCF

    Course: Corporations, Partnerships, Trusts

    TAX 5015 Sample Questions Chapters 16 and 20 updated: November 22, 2010 1. Wales Corporation is subject to a corporate income tax only in State X. The starting point in computing Sate X taxable income is Federal taxable income. Wales's Federal taxable inc

  • 4 Pages review_ex_2_fall_2012_solution
    Review_ex_2_fall_2012_solution

    School: UCF

    Course: Corporations, Partnerships, Trusts

    TAX 5015 (Fall 2012) Chapter review exercise #2 Topic review: Corporations Taxable income, book income and Schedule M-1 Due date: September 6, 2012 Name(s): SOLUTION. Brady Corporation reported the following information for 2011: Item Bad debt expense Cha

  • 5 Pages exam1_sample_questions
    Exam1_sample_questions

    School: UCF

    SQ -1 TAX 5015 Sample questions Property transactions & chapters 2, 4, 5, and 6 updated: January 30, 2012 1. During 2011, a corporation sells equipment for $280,000. The equipment cost $270,000, and $70,000 of depreciation deductions were taken. What is t

  • 3 Pages final_practice_questions_b
    Final_practice_questions_b

    School: UCF

    TAX 5015 Sample Questions Chapters 16 and 20 updated: November 22, 2010 1. Wales Corporation is subject to a corporate income tax only in State X. The starting point in computing Sate X taxable income is Federal taxable income. Wales's Federal taxable inc

  • 2 Pages final_practice_answers_b
    Final_practice_answers_b

    School: UCF

    TAX 5015 Sample Questions Chapters 16 and 20 [Solutions] 1. Federal taxable income 750,000 State X income tax 75,000 State Z interest revenue 150,000 Federal bond interest revenue (50,000) State X taxable income 925,000 2. updated: April 12, 2012 Income a

  • 1 Page review_ex_2_fall_2011
    Review_ex_2_fall_2011

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 (Fall 2011) Chapter review exercise #2 Topic review: Corporations Taxable income, book income and Schedule M-1 Due date: September 8, 2011 Name(s): Brady Corporation reported the following information for 2010: Item Bad debt expense Charitable co

  • 1 Page modified_taxable_income_CC
    Modified_taxable_income_CC

    School: UCF

    Course: Advanced Tax Topics

    More on modified taxable for computing the CC limitation The King Corporation reported the following information for the year. Gross income Deductions Long-term capital gain Short-term capital loss carryforward NOL carryforward Charitable contributions $1

  • 11 Pages deduction_checklist
    Deduction_checklist

    School: UCF

    Course: Advanced Tax Topics

    WK_: U.S. Master Tax Guide (2011), 57, Checklist for Deductions.pdf U.S. Master Tax Guide (2011), 57, Checklist for Deductions Click to open document in a browser The Internal Revenue Code permits a number of wide-ranging deductions that may be taken into

  • 5 Pages gross_income_checklist
    Gross_income_checklist

    School: UCF

    Course: Advanced Tax Topics

    WK_: U.S. Master Tax Guide (2011), 55, Checklist for Items of Income.pdf U.S. Master Tax Guide (2011), 55, Checklist for Items of Income Click to open document in a browser The determination of whether an item of income is includible in income and, thus,

  • 1 Page employee_vs_self-employed
    Employee_vs_self-employed

    School: UCF

    Course: Advanced Tax Topics

    EMPLOYEEvs.SOLEPROPRIETOR Inbothcasesassumethetaxpayerissingleandhasa28%marginaltaxrate(2009ratesandamountsareused) Employee Soleproprietor Salary 100,000.00 ScheduleCprofit 100,000.00 Less:1/2SEtax (7,064.78) AGI 100,000.00 AGI 92,935.23 Less:standardded

  • 6 Pages chapter_2_solutions
    Chapter_2_solutions

    School: UCF

    Course: Advanced Tax Topics

    2-1 Chapter 2 Solutions Corporations: Introduction and Operating Rules (2012) 34. updated: August 8, 2011 Otter, a partnership, is not a taxpaying entity. Its profit (loss) and separate items flow through to the partners. The partnerships Form 1065 report

  • 23 Pages chapter_2_notes
    Chapter_2_notes

    School: UCF

    Course: Advanced Tax Topics

    2-1 Chapter 2 Corporations: Introduction and Operating Rules (2012) updated: August 8, 2011 Learning Objectives: Identify some of the advantages and disadvantages of various forms of conducting a business. Compare the taxation of individuals and corporati

  • 2 Pages review_ex_1_fall_2011
    Review_ex_1_fall_2011

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 (Fall 2011) Chapter review exercise #1 Topic review: Property transactions & individual taxation Due date: September 1, 2011 Name(s): Part 1: Cost recovery and Sec. 1245 recapture. The RedSox Corporation purchased used equipment (7-year MACRS pro

  • 120 Pages p946
    P946

    School: UCF

    Course: Advanced Tax Topics

    Department of the Treasury Internal Revenue Service Contents Whats New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Publication 946 Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Cat. No. 13081F Introduction

  • 3 Pages property_transactions_solutions
    Property_transactions_solutions

    School: UCF

    Course: Advanced Tax Topics

    Topic: Cost recovery & property transactions Solution Part 1: Cost recovery. The Knight Corporation purchases machinery (five-year property class) on February 17, 2009 at a cost of $600,000. Required: Compute Knights cost recovery for 2009-2014 assuming t

  • 2 Pages property_transactions_examples
    Property_transactions_examples

    School: UCF

    Course: Advanced Tax Topics

    Topic: Cost recovery & property transactions Part 1: Cost recovery. The Knight Corporation purchases machinery (five-year property class) on February 17, 2009 at a cost of $600,000. Required: Compute Knights cost recovery for 2009-2014 assuming that it is

  • 21 Pages property_tranactions_review
    Property_tranactions_review

    School: UCF

    Course: Advanced Tax Topics

    Property transactions - 1 Review of Property Transactions updated: August 8, 2011 Topic: I. An overview of cost recovery (depreciation) II. Modified accelerated cost recovery system (MACRS) III. The Sec. 179 election a current deduction for a capital expe

  • 3 Pages review_ex_3_fall_2012_solution
    Review_ex_3_fall_2012_solution

    School: UCF

    Course: Corporations, Partnerships, Trusts

    TAX 5015 (Fall 2012) Chapter Review Exercise #3 Topic review: Corporate Formation Due date: September 13, 2012 Name(s): SOLUTION Mels Diner Inc. (MDI) was formed by Mark, Alice, Frances, and Vern on September 6, 2012 to operate a restaurant. Mark transfer

  • 1 Page carryover_of_tax_attributes
    Carryover_of_tax_attributes

    School: UCF

    Course: Advanced Tax Topics

    Sec 381 carryovers from reorganization Tax attributes: Net operating loss carryovers Earnings and profits Capital loss carryovers Method of accounting Inventories Method of computing depreciation Installment method Amortization of bond premium or discount

  • 1 Page review_ex_2_fall_2010
    Review_ex_2_fall_2010

    School: UCF

    TAX 5015 (Fall 2010) Chapter review exercise #2 Topic review: Corporations Taxable income Due date: September 9, 2010 Name(s): Brady Corporation reported the following information for 2010: Bad debt expense Increase in balance of allow for doubtful accoun

  • 2 Pages review_ex_1_fall_2010
    Review_ex_1_fall_2010

    School: UCF

    TAX 5015 (Fall 2010) Chapter review exercise #1 Topic review: Property transactions & individual taxation Due date: September 2, 2010 Name(s): Part 1: Cost recovery and Sec. 1245 recapture. The RedSox Corporation purchased new equipment (7-year MACRS prop

  • 1 Page uniifed_credit
    Uniifed_credit

    School: UCF

    Course: Advanced Tax Topics

    Phaseinofunifiedtaxcredit (usedforbothgiftandestatetaxes) Yearofgift Unified ordeath credit 1977 30,000 1978 34,000 1979 38,000 1980 42,500 1981 47,000 1982 62,800 1983 79,300 1984 96,300 1985 121,800 1986 155,800 1987thru1997 192,800 1998 202

  • 1 Page maital_deduction_planning
    Maital_deduction_planning

    School: UCF

    Course: Advanced Tax Topics

    Tax planning and the unlimited marital deduction At first glance, it would appear that all of a decedent's property should be left to his or her spouse to avoid estate taxes. However, using the marital deduction to reduce a decedent's taxable estate to ze

  • 1 Page GSTT_Example
    GSTT_Example

    School: UCF

    Course: Advanced Tax Topics

    Topic: The Generation-Skipping Transfer Tax (GSTT) A Gift That Keeps on Giving! Should a tax cheat be treated less harshly than rich person under that tax system? First, consider Joe who is in the 35% income tax bracket. Joe deliberately omits $100,000 of

  • 1 Page estate_tax_solution
    Estate_tax_solution

    School: UCF

    Course: Advanced Tax Topics

    Topic: Estate Tax Solution Amount included in gross estate Explanation: $25,000 1. This is insurance on another persons life and it is not matured, so its only value is the replacement cost, or the cash value into which the policy can be converted. (Georg

  • 1 Page estate_tax_examples
    Estate_tax_examples

    School: UCF

    Course: Advanced Tax Topics

    Topic: Estate taxes Compute the gross estate & the taxable estate 1. Marcia owned a $100,000 life insurance policy on her son Georges life. The cash surrender value (CSV) of the policy was $25,000 when Marcia died this year. 2. George purchased and owned

  • 3 Pages gift_tax_solutions
    Gift_tax_solutions

    School: UCF

    Course: Advanced Tax Topics

    Topic: Gift Taxes Solution Part 1: What is a gift? During 2009, Dick and Jane, a married couple, make the following transfers: $22,000 cash to son Hal. $30,000 ABC common stock to son Floyd (adjusted basis $17,500). $20,000 tuition payment to UCF for daug

  • 1 Page gift_tax_examples
    Gift_tax_examples

    School: UCF

    Course: Advanced Tax Topics

    Topic: Gift taxes Part 1: What is a gift? During 2009, Dick and Jane, a married couple, make the following transfers: $22,000 cash to son Hal. $30,000 ABC common stock to son Floyd (adjusted basis $17,500). $20,000 tuition payment to UCF for daughter Beth

  • 18 Pages chapter_17_notes
    Chapter_17_notes

    School: UCF

    Course: Advanced Tax Topics

    1 The Federal Gift and Estate Taxes updated: August 15, 2011 Learning Objectives: Understand the general nature of the Federal gift & estate tax Work with the Federal gift tax formula Understand the requirements for a taxable gift Work with the Federal es

  • 7 Pages chapter_20_solutions
    Chapter_20_solutions

    School: UCF

    Course: Advanced Tax Topics

    20-1 Chapter 20 Solutions Income Taxation of Trusts & Estates (2011) 21. updated: August 13, 2010 Simple Trust Complex Trust Trust could incur its own tax liability for the year Yes (e.g., if capital gains are allocable to corpus) Yes Trust generally dist

  • 11 Pages chapter_19_notes
    Chapter_19_notes

    School: UCF

    Course: Advanced Tax Topics

    20-1 Chapter 20 Income Taxation of Trusts & Estates (2011 edition) updated: March 4, 2011 Learning Objectives: Understand the basic concepts & definitions concerning trusts and estates Distinguish between trust corpus (principal) and income Know how to co

  • 2 Pages apportionment_allocation_solutions
    Apportionment_allocation_solutions

    School: UCF

    Course: Advanced Tax Topics

    TAX 5015 Topic: Allocation & Apportionment Solution Part 1: Allocation vs. apportionment. Nonbusiness income allocable to State A Business income States A and B Total income $100,000 800,000 $900,000 State As apportionment factor is 40%; while State Bs ap

  • 1 Page Qualified_Stock_redemption_Sec_303_solution
    Qualified_Stock_redemption_Sec_303_solution

    School: UCF

    TAX 5015 Qualified stock redemption Sec 303: Distributions to pay death taxes Edward died owning 20% of the total Red Corporation shares outstanding (basis of $600,000), and the Red stock is included in his estate at its date of death value of $1 million.

  • 3 Pages property_transactions_examples
    Property_transactions_examples

    School: UCF

    TAX 5015 Review of property transactions [1] The Patriot Company (a sole proprietorship) sold four assets in 2010. The gains and losses are summarized in the table below. What is the character of the gains and losses? Asset Purchased on Sold on Depreciati

  • 120 Pages p946
    P946

    School: UCF

    PAGER/SGML Userid: SD_NSWMB DTD tipx Fileid: Leadpct: 0% Pt. size: 10 t Draft t Ok to Print .orking files\forms- instr- pubs in process\pub 946\ver 042010 P946.xml (Init. & date) Page 1 of 120 of Publication 946 15:26 - 13-MAY-2010 The type and rule above

  • 1 Page review_ex_3_fall_2010
    Review_ex_3_fall_2010

    School: UCF

    TAX 5015 (Fall 2010) Chapter Review Exercise #3 Topic review: Corporate Formation Due date: September 16, 2010 Name(s): On September 9, 2010, Robert, Larry, Kevin, Danny and Dennis contribute the following assets to form the Celtic Corporation: Transferor

  • 1 Page review_ex_4_fall_2010
    Review_ex_4_fall_2010

    School: UCF

    TAX 5015 (Fall 2010) Chapter review exercise #4 Topic review: E&P and dividend distributions Due date: September 23, 2010 Name(s): Part 1: As of January 1, 2010, Knight Corporation had accumulated E&P of $155,000 and a $9,000 NOL carryforward from 2008. D

  • 2 Pages stock_redemption_solutions
    Stock_redemption_solutions

    School: UCF

    TAX 5015: Stock Redemptions SOLUTION updated: August 18, 2010 Rex, Steve, and Alex are the only shareholders of Lowell Corporation. Rex is unrelated to Steve and Alex. However, Steve and Alex are brothers. Each has owned 100 shares of Lowell Corporation s

  • 1 Page tax_attributes
    Tax_attributes

    School: UCF

    Sec. 381 carryovers from reorganization:

  • 3 Pages Type_A_B_C_diagram
    Type_A_B_C_diagram

    School: UCF

  • 3 Pages Corporation_liquidation_solutions
    Corporation_liquidation_solutions

    School: UCF

    TAX 5015: Liquidating distributions, Related party and built-in loss rules SOLUTION Part 1: Liquidating distributions and the related party rules. Liquid Corporation has three assets, and two individual shareholders Major and Minor: Asset Investments Land

  • 100 Pages f1120
    F1120

    School: UCF

    Form Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) . 1120 For calendar year 2009 or tax year beginning Name U.S. Corporation Income Tax Return , 2009, ending OMB No. 1545-0123 , 20 See separate in

  • 200 Pages f1120sm3
    F1120sm3

    School: UCF

    SCHEDULE M-3 (Form 1120) Department of the Treasury Internal Revenue Service Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More Attach to Form 1120 or 1120-C. See separate instructions. OMB No. 1545-0123 2009 Name o

  • 2 Pages interaction_of_sec_357_solution
    Interaction_of_sec_357_solution

    School: UCF

    Interaction of Sec. 357(b) and Sec. 357(c) SOULTION Maddy forms BlueMoon Corporation by transferring land with a basis of $125,000 (fair value $775,000). The land is subject to a mortgage of $375,000. One month prior to incorporating BlueMoon, Maddy borro

  • 4 Pages manufacturers_deduction
    Manufacturers_deduction

    School: UCF

    TAX 5015 More on the relatively new domestic production activities deduction (DPAD) I. The qualified domestic production activities deduction (DPAD) A. Created by the American Jobs Creation Act of 2004, the DPAD replaces a number of export subsidies that

  • 1 Page modified_taxable_income _CC
    Modified_taxable_income _CC

    School: UCF

    More on modified taxable for computing the CC limitation The King Corporation reported the following information for the year. Gross income Deductions Long-term capital gain Short-term capital loss carryforward NOL carryforward Charitable contributions $1

  • 1 Page More_on_problem_35
    More_on_problem_35

    School: UCF

    More on problem 35 Why Monica is dissatisfied. Part (a) FMV Existing Interest (assumed) Property contributed (given) Monica Shares 1,500 FMV Rachel Shares 1,500 150,000 150,000 300,000 450,000 3,000 4,500/6,000 75% 150,000 1,500/6,000 25% Note: We know th

  • 2 Pages independent_contractor_guide
    Independent_contractor_guide

    School: UCF

    Course: Advanced Tax Topics

    Employee vs. Independent Contractor Below are the current guidance developed by the IRS & used in their course for agents. This training guide reshuffled the twenty factors under the common law control rules that were used for many years. The guide focuse

  • 10 Pages file-7.axd
    File-7.axd

    School: UCF

    Course: Advanced Tax Topics

    Florida Corporate Income/Franchise and Emergency Excise Tax Return Rule 12C-1.051 Florida Administrative Code Effective 01/10 Name Address City/State/ZIP Use black ink. Example A - Handwritten Example B - Typed 01 23456789 Check here if any changes have b

  • 7 Pages chapter_11_solutions
    Chapter_11_solutions

    School: UCF

    Course: Advanced Tax Topics

    11-1 Chapter 11 Solutions Partnership: Distributions, Transfers & Terminations (2011) 20. updated: October 20, 2010 a. The partnership recognizes no gain or loss as a result of the distribution. b. Since this is a proportionate nonliquidating distribution

  • 12 Pages chapter_11_notes
    Chapter_11_notes

    School: UCF

    Course: Advanced Tax Topics

    11-1 Chapter 11 Partnership: Distributions, Transfers of Interest, and Termination (2011 edition) Learning Objectives: updated: February 23, 2011 Determine the tax treatment of nonliquidating partnership distributions. Describe the general concepts govern

  • 1 Page constructive_liquidation_scenarios
    Constructive_liquidation_scenarios

    School: UCF

    Course: Advanced Tax Topics

    Topic: Constructive Liquidation Scenario AB Partnership has two assets: cash $9,000, and land with a basis of $40,000. The partnership has a recourse payable of $25,000, and two equal partners. Partner As capital account is $10,000 and Partner Bs capital

  • 2 Pages liabilities_in_excess_of_basis
    Liabilities_in_excess_of_basis

    School: UCF

    Course: Advanced Tax Topics

    Liabilities in Excess of Basis: Formation of Corporation vs. Partnership Recall from chapter 4, under Section 357(c) the transferor/shareholder will recognize a gain when property is transferred to a corporation & the liabilities assumed by the corporatio

  • 2 Pages file-5.axd
    File-5.axd

    School: UCF

    Course: Advanced Tax Topics

  • 11 Pages chapter_10_solutions
    Chapter_10_solutions

    School: UCF

    Course: Advanced Tax Topics

    10-1 Chapter 10 Solutions Partnership: Formation, Operation and Basis (2011 edition) 23. a. updated: August 13, 2010 Under 721, neither the partnership nor the partners recognizes any gain on formation of the entity. Chip will take a cash basis of $200,00

  • 19 Pages chapter_10_notes
    Chapter_10_notes

    School: UCF

    Course: Advanced Tax Topics

    10-1 Chapter 10 Partnership: Formation, Operation and Basis (2011 edition) updated: February 23, 2011 Learning Objectives: Explain the tax results of a contribution of property or services in exchange for a partnership interest Differentiate between items

  • 3 Pages consolidated_taxable_income_solution
    Consolidated_taxable_income_solution

    School: UCF

    Course: Advanced Tax Topics

    Topic: Consolidated taxable income SOLUTION Pluto Corporation owns 100% of Saturn Corporation. Pluto and Saturn file a consolidated tax return. Pluto and Saturns operating income (before any of the items listed below) is $90,000 and $81,000, respectively.

  • 1 Page consolidated_taxable_income
    Consolidated_taxable_income

    School: UCF

    Course: Advanced Tax Topics

    Topic: Consolidated taxable income Pluto Corporation owns 100% of Saturn Corporation. Pluto and Saturn file a consolidated tax return. Pluto and Saturns operating income (before any of the items listed below) is $90,000 and $81,000, respectively. The foll

  • 5 Pages chapter_8_solutions
    Chapter_8_solutions

    School: UCF

    Course: Advanced Tax Topics

    8-1 Chapter 8 Solutions Consolidated Tax Returns (2011 edition) 35. updated: March 1, 2011 When an affiliated group exists, Federal income tax treatment often changes for the group members. Item If Consolidated Return Is Filed If Separate Returns Are File

  • 1 Page Table_8-1
    Table_8-1

    School: UCF

    Course: Advanced Tax Topics

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