The Unhealthy Choice By: Jeremy Streett
300,000 different fast food restaurants in the United States Average American eats three burgers a week 81% of Americans consume junk food while driving In 1991, one in eight Americans were
Option 1 Deducting the fair market value of the stock
Since the stock is a long-term capital gain property, the charitable contribution should use its fair
market value for deduction, and the maximum deduction amount per year for capital gain
Only one of the couple participates in qualified pension plan, their AGI(less than $150,000) is
less than $184,000.
Maudes IRA limitation would not be phased out.
Maude is 55 years of age
Besides the normal maximum contribution of $5,500/year, Maude i
Since Leyh will provide $15,000 per year for any of the three options, which means the same
deduction amount ($15,000) for Leyh, the key point in comparing the three would be the tax
costs and insurance benefits received by its employees. From the comp
Doiko Corporation owns 90% of the stock in Nall, Inc. Trebor owns 40% of the stock of
Doiko. Trebors sister owns the remaining 60% of Doiko. During the current year, Trebor
purchased land from Nall for $43,000. Nall had purcha
Please see the pdf documents for the forms.
a. Nick and Jolene's 2016 taxable income is $13,800, and their tax liability is $1,130.
Social Security Benefits*
a. Charitable contributions
26 U.S. Code 170 - Charitable, etc., contributions and gifts
b. Dividends-received deduction for corporations
26 U.S. Code 243 - Dividends received by corporations
c. Medical expenses
26 U.S. Code 213 - Medical, dent
The tax models are used as a structure to calculate income tax liabilities. These do not
include the details that go into calculating each part of the model. Interestingly, if you
look at the income tax returns (eg, Form 1040) they fo
Tax Research Case Guidelines
Carefully read the case, probably more than once.
Identify and define the issues, especially the tax issues.
3. Research the issues you defined with one of the secondary commentaries (Federal Tax
Coordinator or US
Calzone Truckings 2016 taxable income is $5,300. Calculation shown below
2016 Operating Income
a. Hailstorm damage
Reimbursed by insurance
Reimbursed by insurance
b. Truck destroyed
Department of the TreasuryInternal Revenue Service
U.S. Individual Income Tax Return
OMB No. 1545-0074
, 2015, ending
IRS Use OnlyDo not write or staple in this space.
See separate instructions.
For the year Jan. 1Dec. 31, 2015, or oth
For the following independent cases, determine whether economic income is present and, if so,
whether it must be included in gross income (that is, is it realized and recognized for tax
purposes?). (Leave no answers blank. Enter zero if applicable.)
Because Susan is self-employed while Alexandra is an employee, all the expenses from Susans
vet business belong to trade or business expenses, which would get full deduction, but the
deductible expense caused by vet services for Alexandra could only be