V2-SM_ch 01

V2-SM_ch 01 - CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question Problem 1 2 3 4 5 6 7 8 9 10 11

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CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 1 LO 2 Technological progress New 2 LO 2 Contributions to Keogh Plans New 3 LO 2 Development of natural resources New 4 LO 2 Creation of jobs New 5 LO 2 Small business: encouraged in selected tax Unchanged 5 situations 6 LO 2 Earned income credit Unchanged 6 7 LO 2 Charitable contributions Unchanged 7 8 LO 2 Fines and penalties Unchanged 8 9 LO 2 Home ownership Unchanged 9 10 LO 2 Higher education incentives Unchanged 10 11 LO 2 Tax credit versus deduction Unchanged 11 12 LO 2 Alleviating the effect of multiple taxation Unchanged 12 13 LO 2 Double taxation and effect of a credit Unchanged 13 versus a deduction 14 LO 2 Wherewithal to pay concept: transfer to Unchanged 14 controlled corporation 15 LO 2 Avoiding the corporate income tax Unchanged 15 16 LO 2 Wherewithal to pay concept in selected Unchanged 16 situations 17 LO 2 Wherewithal to pay concept: gain or loss Unchanged 17 recognition by transferor 18 LO 2 Wherewithal to pay concept: exchange of Unchanged 18 shares of stock in one corporation for a partnership 19 LO 2 Exceptions to accrual concept Unchanged 19 20 LO 2 Annual accounting period concept Unchanged 20 21 LO 2 Indexation Unchanged 21 22 LO 2 Special interest legislation Unchanged 22 23 LO 2 States’ impact Unchanged 23 Instructor : For difficulty, timing, and assessment information about each item, see p. 1-3. 1-1
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1-2 2011 Corporations Volume/Solutions Manual Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 24 LO 3 Exploiting loopholes Unchanged 24 25 LO 3 Administrative feasibility achieved through Modified 25 selected situations 26 LO 4 Arm’s length concept 27 LO 4 Business purpose concept Unchanged 27 28 LO 3 IRS adjustment to clearly reflect income Modified 28 29 LO 4 Uncertainty produced by court decisions Unchanged 29 30 LO 5 Codification of laws Unchanged 30 31 LO 5 Origination of tax laws Unchanged 31 32 LO 5 Joint Conference Committee Unchanged 32 33 LO 5 Code section citation New 34 LO 5 Code section citation New 35 LO 5 Missing code sections Unchanged 35 36 LO 6 Location of Regulations Unchanged 36 37 LO 6 Citations New 38 LO 5 Role of Federal Courts of Appeals Unchanged 38 39 LO 5 Failure of U.S. Government to appeal some Unchanged 39 court decisions 40 LO 5, 8 Identify selected abbreviations Unchanged 40 41 LO 5 Court citations New 42 LO 6 Tax research Modified 43 43 LO 8 Primary and secondary sources Modified 44 44 LO 10 CPA examination Unchanged 45 45 LO 4 Substance over form Unchanged 46 46 LO 2 Like-kind exchange: wherewithal to pay Unchanged 47 concept 47 LO 2, 3 Objectives of tax provisions Unchanged 48 48 LO 2 Community versus common law property New 49 LO 4 Arm’s length concept Unchanged 50 50 LO 5 Letter rulings and TAMs Unchanged 51 51 LO 5 Revenue Procedure citation New 52 LO 6 Citations New
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This note was uploaded on 11/13/2010 for the course BT 315 taught by Professor Smith during the Spring '10 term at Ohio State.

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V2-SM_ch 01 - CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question Problem 1 2 3 4 5 6 7 8 9 10 11

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