South-Western Federal Taxation 2017 Comprehensive, 40th Edition by William H. Hoffman -Test bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below 1. Deductions are allowed unless a specific provision in the tax law provides otherwise. a. True b. False ANSWER: False RATIONALE: Deductions are …
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South-Western Federal Taxation 2017 Comprehensive, 40th Edition by William H. Hoffman -Test bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
1. Deductions are allowed unless a specific provision in the tax law provides otherwise.
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2. Mitch is in the 28% tax bracket. He may receive a different tax benefit for a $2,000 expenditure that is classified as a deduction from AGI than he will receive for a $1,000 expenditure that is classified as a deduction for AGI.
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3. Only some employment related expenses are classified as deductions for AGI.
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4. Section 212 expenses that are related to rent and royalty income are deductions for AGI.
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5. Alice incurs qualified moving expenses of $12,000. If she is reimbursed by her employer, the deduction is classified as a deduction for AGI. If not reimbursed, the deduction is classified as an itemized deduction.
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6. Expenses incurred for the production or collection of income generally are deductions from adjusted gross income.
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7. The Code does not specifically define what constitutes a trade or business.
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8. An expense need not be recurring in order to be “ordinary.”
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9. Aaron, a shareholder-employee of Pigeon, Inc., receives a $300,000 salary. The IRS classifies $100,000 of this amount as unreasonable compensation. The effect of this reclassification is to decrease Aaron’s gross income by $100,000 and increase Pigeon’s gross income by $100,000.
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10. The portion of a shareholder-employee’s salary that is classified as unreasonable has no effect on the amount of a shareholder-employee’s gross income, but results in an increase in the taxable income of the corporation.
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11. Generally, a closely-held family corporation is not permitted to take a deduction for a salary paid to a family member in calculating corporate taxable income.
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12. Only under limited circumstances can a loss on the sale of a personal use asset be deducted.
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13. The income of a sole proprietorship is reported on Schedule C (Profit or Loss from Business).
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14. Depending on the nature of the expenditure, expenses incurred in a trade or business may be deductible for or from AGI.
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15. The cash method can be used even if inventory and cost of goods sold are an income producing factor in the business.
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16. A taxpayer’s note or promise to pay satisfies the “actually paid” requirement for the cash basis method of accounting.
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17. Isabella owns two business entities. She may be able to use the cash method for one and the accrual method for the other.
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18. Under the “one-year rule” for the current period deduction of prepaid expenses of cash basis taxpayers, the asset must expire or be consumed by the end of the tax year following the year of payment.
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19. None of the prepaid rent paid on September 1 by a calendar year cash basis taxpayer for the next 18 months is deductible in the current period.
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20. The period in which an accrual basis taxpayer can deduct an expense is determined by applying the economic performance and all events tests.
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21. The amount of the addition to the reserve for bad debts for an accrual method taxpayer is allowed as a deduction for tax purposes, but is not allowed for a cash method taxpayer.
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22. All domestic bribes (i.e., to a U.S. official) are disallowed as deductions.
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23. Fines and penalties paid for violations of the law (e.g., illegal dumping of hazardous waste) are deductible only if they relate to a trade or business.
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24. Susan is a sales representative for a U.S. weapons manufacturer. She makes a $100,000 “grease” payment to a U.S. government official associated with a weapons purchase by the U.S. Army. She makes a similar payment to a Saudi Arabian government official associated with a similar sale. Neither of these payments is deductible by Susan’s employer.
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25. The cost of legal advice associated with the preparation of an individual’s Federal income tax return is not deductible because it is a personal expense.
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26. Two-thirds of treble damage payments under the antitrust law are not deductible.
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27. The legal cost of having a will prepared is not deductible.
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28. Legal expenses incurred in connection with rental property are deductions from AGI.
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29. Legal fees incurred in connection with a criminal defense are not deductible even if the crime is associated with a trade or business.
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30. If a taxpayer operates an illegal business, no deductions are permitted.
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31. Ordinary and necessary business expenses, other than cost of goods sold, of an illegal drug trafficking business do not reduce taxable income.
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32. Jacques, who is not a U.S. citizen, makes a contribution to the campaign of a candidate for governor. Cassie, a U.S. citizen, also makes a contribution to the same campaign fund. If contributions by noncitizens are illegal under state law, the contribution by Cassie is deductible, while that by Jacques is not.
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33. A baseball team that pays a star player an annual salary of $25 million can deduct the entire $25 million as salary expense. If the same amount is paid to the CEO of IBM, only $1 million is deductible.
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34. For a taxpayer who is engaged in a trade or business, the cost of investigating a business in the same field is deductible only if the taxpayer acquires the business.
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35. Investigation of a business unrelated to one’s present business never results in a current period deduction of the entire amount if the amount of the investigation expenses exceeds $5,000.
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36. In determining whether an activity should be classified as a business or as a hobby, the satisfaction of the presumption (i.e., profit in at least 3 out of 5 years) ensures treatment as a business.
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37. If a taxpayer can satisfy the three-out-of-five year presumption test associated with hobby losses, then expenses from the activity can be deducted in excess of the gross income from the activity.
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38. If an activity involves horses, a profit in at least two of seven consecutive years meets the presumptive rule of § 183.
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39. A hobby activity can result in all of the hobby income being included in AGI and no deductions being allowed.
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40. If an item such as property taxes and home mortgage interest exceed the income from a hobby, the excess amount of this item over the hobby income can be deducted if the taxpayer itemizes deductions.
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41. Hobby activity expenses are deductible from AGI to the extent of hobby income. Such expenses not in excess of hobby income are not subject to the 2%-of-AGI floor.
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42. Martha rents part of her personal residence in the summer for 3 weeks for $3,000. Anne rents all of her personal residence for one week in December for $2,500. Anne is not required to include the $2,500 in her gross income whereas Martha is required to include the $3,000 in her gross income.
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43. If a vacation home is rented for less than 15 days during a year, the only expenses that can be deducted are mortgage interest, property taxes, and personal casualty losses.
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44. If a vacation home is classified as primarily rental use, a deduction for all of the rental expenses is allowed.
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45. If a vacation home is classified as primarily personal use (i.e., rented for fewer than 15 days), none of the related expenses can be deducted.
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46. The portion of property tax on a vacation home that is attributable to personal use is an itemized deduction.
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47. If a vacation home is classified as primarily personal use, part of the maintenance and utility expenses can be allocated and deducted as a rental expense.
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48. A vacation home at the beach which is rented for 200 days and used personally for 16 days is classified in the personal/rental use category.
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49. If a vacation home is a personal/rental residence, no maintenance and utility expenses can be claimed as a deduction.
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50. Beulah’s personal residence has an adjusted basis of $450,000 and a fair market value of $390,000. Beulah converts the property to rental use this year. The vacation home rules that limit the amount of the deduction to the rental income will apply and the adjusted basis for depreciation is $390,000.
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51. Walt wants to give his daughter $1,800 for Christmas. As an alternative, she suggests that he pay the property taxes on her residence. If Ralph pays the property taxes, he can deduct them.
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52. LD Partnership, a cash basis taxpayer, purchases land and a building for $200,000 with $150,000 of the cost being allocated to the building. The gross receipts of the partnership are less than $100,000. LD must capitalize the $50,000 paid for the land, but can deduct the $150,000 paid for the building in the current tax year.
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53. Purchased goodwill must be capitalized, but can be amortized over a 60-month period.
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54. Marge sells land to her adult son, Jason, for its $20,000 appraised value. Her adjusted basis for the land is $25,000. Marge’s recognized loss is $5,000 and Jason’s adjusted basis for the land is $25,000 ($20,000 cost + $5,000 recognized gain of Marge).
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55. For purposes of the § 267 loss disallowance provision, a taxpayer’s aunt is a related party.
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56. Sammy, a calendar year cash basis taxpayer who is age 66, has the following transactions:
Based on this information, Sammy has:
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57. Trade and business expenses should be treated as:
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58. Al is single, age 60, and has gross income of $140,000. His deductible expenses are as follows:
What is Al’s AGI?
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59. Marsha is single, had gross income of $50,000, and incurred the following expenses:
Her AGI is:
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60. Which of the following can be claimed as a deduction for AGI?
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61. Which of the following is a deduction for AGI (itemized deduction)?
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62. Which of the following is correct?
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63. Which of the following are deductions for AGI?
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64. Which of the following is incorrect?
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65. Which of the following is not a “trade or business” expense?
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66. Which of the following is a required test for the deduction of a business expense?
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67. Paula is the sole shareholder of Violet, Inc. For 2016, she receives from Violet a salary of $300,000 and dividends of $100,000. Violet’s taxable income for 2016 is $500,000. On audit, the IRS treats $100,000 of Paula’s salary as unreasonable. Which of the following statements is correct?
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68. During 2015, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of the year, employees have earned salaries of $20,000, which are not paid by Silver until early in 2016. What is the amount of the deduction for salary expense?
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69. Benita incurred a business expense on December 10, 2016, which she charged on her bank credit card. She paid the credit card statement which included the charge on January 5, 2017. Which of the following is correct?
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70. Payments by a cash basis taxpayer of capital expenditures:
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71. Petal, Inc. is an accrual basis taxpayer. Petal uses the aging approach to calculate the reserve for bad debts. During 2016, the following occur associated with bad debts.
The amount of the deduction for bad debt expense for Petal for 2016 is:
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72. Which of the following legal expenses are deductible for AGI?
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73. Rex, a cash basis calendar year taxpayer, runs a bingo operation which is illegal under state law. During 2016, a bill designated H.R. 9 is introduced into the state legislature which, if enacted, would legitimize bingo games. In 2016, Rex had the following expenses:
Of these expenditures, Rex may deduct:
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74. Andrew, who operates a laundry business, incurred the following expenses during the year.
What amount can Andrew deduct for these expenses?
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75. Which of the following may be deductible?
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76. Terry and Jim are both involved in operating illegal businesses. Terry operates a gambling business and Jim operates a drug running business. Both businesses have gross revenues of $500,000. The businesses incur the following expenses.
Which of the following statements is correct?
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77. Tom operates an illegal drug-running operation and incurred the following expenses:
Which of the above amounts reduces his taxable income?
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78. For a president of a publicly held corporation, which of the following are not subject to the $1 million limit on executive compensation?
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79. Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast food franchise. If Tommy decides not to acquire the fast food franchise, any investigation expenses are:
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80. Iris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida, and wants to expand to other states. During 2016, she spends $14,000 to investigate TV rental stores in South Carolina and $9,000 to investigate TV rental stores in Georgia. She acquires the South Carolina operations, but not the outlets in Georgia. As to these expenses, Iris should:
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81. Which of the following statements is correct in connection with the investigation of a business?
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82. Which of the following is not relevant in determining whether an activity is profit-seeking or a hobby?
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| 83. For an activity classified as a hobby, the expenses are categorized as follows:
(1) Amounts that affect adjusted basis and would be deductible under other Code sections if the activity had been engaged in for profit (e.g., depreciation, amortization, and depletion).
(2) Amounts deductible under other Code sections without regard to the nature of the activity, such as property taxes and home mortgage interest.
(3) Amounts deductible under other Code sections if the activity had been engaged in for profit, but only if those amounts do not affect adjusted basis (e.g., maintenance, utilities, and supplies).
If these expenses exceed the gross income from the activity and are thus limited, the sequence in which they are deductible is:
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84. Priscella pursued a hobby of making bedspreads in her spare time. Her AGI before considering the hobby is $40,000. During the year she sold the bedspreads for $10,000. She incurred expenses as follows:
Assuming that the activity is deemed a hobby, how should she report these items on her tax return?
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85. Cory incurred and paid the following expenses:
Calculate the amount that Cory can deduct (before any percentage limitations).
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86. Which of the following is not deductible?
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87. If a residence is used primarily for personal use (rented for fewer than 15 days per year), which of the following is correct?
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88. Robyn rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows:
Using the IRS approach, total expenses that Robyn can deduct on her tax return associated with the beach house are:
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89. If a vacation home is determined to be a personal/rental use residence, which of the following statements is correct?
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90. Bob and April own a house at the beach. The house was rented to unrelated parties for 8 weeks during the year. April and the children used the house 12 days for their vacation during the year. After properly dividing the expenses between rental and personal use, it was determined that a loss was incurred as follows:
What is the correct treatment of the rental income and expenses on Bob and April’s joint income tax return for the current year assuming the IRS approach is used if applicable?
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91. Because Scott is three months delinquent on the mortgage payments for his personal residence, Jeanette (his sister) is going to cover the arrearage. Based on past experience, she does not expect to be repaid by Scott. Which of the following statements is correct?
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92. Melba incurred the following expenses for her dependent daughter during the current year:
How much may Melba deduct in computing her itemized deductions?
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93. Sandra owns an insurance agency. The following selected data are taken from the agency balance sheet and income statement prepared using the accrual method.
Calculate Sandra’s net profit using the cash method for 2016.
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94. Velma and Bud divorced. Velma’s attorney fee of $5,000 is allocated as follows:
Of the $5,000 Velma pays to her attorney, the amount she may deduct as an itemized deduction is:
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95. Which of the following must be capitalized by a business?
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| 96. On January 2, 2016, Fran acquires a business from Chuck. Among the assets purchased are the following intangibles: patent with a 7-year remaining life, a covenant not to compete for 10 years, and goodwill.
Of the purchase price, $140,000 was paid for the patent and $60,000 for the covenant. The amount of the excess of the purchase price over the identifiable assets was $100,000. What is the amount of the amortization deduction for 2016?
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97. In January, Lance sold stock with a cost basis of $26,000 to his brother, James, for $24,000, the fair market value of the stock on the date of sale. Five months later, James sold the same stock through his broker for $27,000. What is the tax effect of these transactions?
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98. Which of the following is not a related party for constructive ownership purposes under § 267?
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99. Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised value of $95,000. Which of the following statements is correct?
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100. Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:
Calculate Austin’s deductions for AGI.
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101. Arnold and Beth file a joint return. Use the following data to calculate their deduction for AGI.
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102. Robin and Jeff own an unincorporated hardware store. They determine their salaries at the end of the year by using the amount required to reduce the net income of the hardware store to $0. Based on this policy, Robin and Jeff each receive a total salary of $125,000. This is paid as follows: $8,000 per month and $29,000 on December 31. Determine the amount of the salary deduction.
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103. Alfred’s Enterprises, an unincorporated entity, pays employee salaries of $100,000 during the year. At the end of the year, $12,000 of additional salaries have been earned but not paid until the beginning of the next year.
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104. Taylor, a cash basis architect, rents the building in which his office is located for $5,000 per month. He commenced his practice on February 1, 2016. In order to guarantee no rent increases during an 18-month period, he signed an 18-month lease and prepaid the $90,000 on February 1, 2016. How much can Taylor deduct as rent expense for 2016?
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105. In order to protect against rent increases on the building in which she operates a dance studio, Mella signs an 18-month lease for $36,000. The lease commences on October 1, 2016. How much of the $36,000 payment can she deduct in 2016 and 2017?
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106. Petula’s business sells heat pumps which have a one-year warranty. Based on historical data, the warranty costs amount to 11% of sales. During 2016, heat pump sales are $400,000. Actual warranty expenses paid in 2016 are $40,000.
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107. Beige, Inc., an airline manufacturer, is conducting negotiations for the sale of military aircraft. One negotiation is with a U.S. assistant secretary of defense. She can close the deal on the purchase of 50 attack helicopters if she is paid $750,000 under the table. Another negotiation is with the minister of defense of a third world country. To complete the sale of 20 jet fighters to his government, he demands that he be paid a $1 million grease payment. Beige makes the payments and closes the deals. How much of these payments are deductible by Beige, Inc.?
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108. Albie operates an illegal drug-running business and has the following items of income and expense. What is Albie’s adjusted gross income from this operation?
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109. Kitty runs a brothel (illegal under state law) and has the following items of income and expense. What is the amount that she must include in taxable income from her operation?
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110. Janet is the CEO for Silver, Inc., a closely held corporation. Her total compensation for 2016 is $5 million. Of this amount, $2 million is a salary and $3 million is a bonus. The bonus was calculated as 5% of Silver’s net income before the bonus and before taxes ($60 million × 5% = $3 million). The bonus provision has been in effect since Janet became CEO five years ago and is related to Silver’s performance. It is approved annually by the entire board of directors (1 of the 5 directors is an outside director) of Silver. How much of Janet’s compensation can Silver deduct for 2016?
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111. Agnes operates a Christmas Shop in Atlantic City, NJ. She makes a weekend trip to Vero Beach, FL, for the purpose of determining the feasibility of opening another shop. Her travel expenses are $2,000 (includes $500 for meals). In addition, she pays $5,000 to a market research firm in Vero Beach to prepare a feasibility study. Determine the amount of the expenses that Agnes can deduct if:
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112. While she was a college student, Angel lived by a bookstore located near campus. She thinks a bookstore located on the other side of campus would be successful. She incurs expenses of $42,800 (legal fees, accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to loan her the money required to start the business. What amount of these investigation costs can Angel deduct if:
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113. Calculate the net income includible in taxable income for the following hobby:
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114. During the year, Rita rented her vacation home for twelve days for $2,400 and she used it personally for three months. The following expenses were incurred on the home:
Calculate her rental gain or loss and itemized deductions.
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115. During the year, Jim rented his vacation home for 200 days and lived in it for 19 days. During the remaining days, the vacation home was available for rental use. Is the vacation home subject to the limitation on the deductions of a personal/rental vacation home?
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116. During the year, Martin rented his vacation home for three months and spent one month there. Gross rental income from the property was $5,000. Martin incurred the following expenses: mortgage interest, $3,000; real estate taxes, $1,500; utilities, $800; maintenance, $500; and depreciation, $4,000. Compute Martin’s allowable deductions for the vacation home under the court’s approach and the IRS’s approach.
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117. Bridgett’s son, Clyde, is $12,000 in arrears on his residential mortgage payments. Of the $12,000, $7,500 represents interest and $4,500 represents principal.
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118. Mattie and Elmer are separated and are in the process of obtaining a divorce. They incur legal fees for their respective attorneys with the expenses being itemized as follows:
Although there is no requirement that he do so, Elmer pays Mattie’s lawyer as a gesture of the positive feelings he still has for her.
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119. Marvin spends the following amounts on a house he owns:
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120. Walter sells land with an adjusted basis of $175,000 and a fair market value of $160,000 to his mother, Shirley, for $160,000. Walter reinvests the proceeds in the stock market. Shirley holds the land for one year and a day and sells it in the marketplace for $169,000.
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121. Sandra sold 500 shares of Wren Corporation to Bob, her brother, for its fair market value. She had paid $26,000 for the stock. Calculate Sandra’s and Bob’s gain or loss under the following circumstances:
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122. The stock of Eagle, Inc. is owned as follows:
Tom sells land and a building to Eagle, Inc. for $212,000. His adjusted basis for these assets is $225,000. Calculate Tom’s realized and recognized loss associated with the sale.
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123. Tracy invested in the following stocks and bonds during 2016.
To finance the investments, she borrowed $100,000 from Swan Bank. Interest expense paid on the loan during 2016 was $5,000. During 2016, Tracy received $1,250 of dividend income from Blue, Inc. and $3,000 of interest income on the municipal bonds.
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124. Trade or business expenses are classified as deductions for AGI. Section 212 expenses, barring certain exceptions, are classified as deductions from AGI. What are these exceptions?
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125. Are all personal expenses disallowed as deductions?
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126. Under what circumstance can a bribe be deducted?
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127. Can a trade or business expense be deductible if it is necessary but not ordinary?
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128. Salaries are considered an ordinary and necessary expense of a trade or business if they meet what other requirement? What are the tax consequences if this requirement is not met?
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129. If part of a shareholder/employee’s salary is classified as unreasonable, determine the effect on the:
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130. What losses are deductible by an individual taxpayer?
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131. Bruce owns several sole proprietorships. Must Bruce use the same accounting method for each of these businesses?
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132. Max opened his dental practice (a sole proprietorship) in March 2016. At the end of the year, he has unpaid accounts receivable of $62,000 and no unpaid accounts payable. Should Max use the accrual method or the cash method for his dental practice?
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133. Discuss the application of the “one-year rule” on prepayments by a cash basis taxpayer.
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134. Briefly discuss the two tests that an accrual basis taxpayer must apply before an expense can be deducted.
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135. Graham, a CPA, has submitted a proposal to do the annual audit for a municipality. Owen, the city treasurer, tells Graham that for a $1,000 fee, he will use his influence to have the audit awarded to Graham. What factors are relevant in determining if Graham can deduct the $1,000 payment assuming he pays the fee to Owen?
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136. How can an individual’s consultation with a lawyer be classified as a deduction for AGI in some cases and a deduction from AGI in other instances?
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137. If a taxpayer operated an illegal business (not drug trafficking), what expenses can be deducted and what expenses are disallowed?
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138. Bobby operates a drug trafficking business. Because he has an accounting background, he keeps detailed financial records. What expenses can Bobby deduct on his Federal income tax return?
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139. Abner contributes $2,000 to the campaign of the Tea Party candidate for governor, $1,000 to the campaign of the Tea Party candidate for senator, and $500 to the campaign of the Tea Party candidate for mayor. Can Abner deduct these political contributions?
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140. Are there any circumstances under which lobbying expenditures are deductible?
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141. In applying the $1 million limit on deducting executive compensation, what corporations are subject to the deduction limit? What executives are covered?
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142. Under what circumstances may a taxpayer deduct the expenses of investigating a possible business acquisition, if (1) the business is not acquired; and (2) the business is acquired?
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143. What are the relevant factors to be considered in determining whether an activity is profit-seeking or a hobby?
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144. In distinguishing whether an activity is a hobby or a trade or business, discuss the presumptive rule.
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145. Assuming an activity is deemed to be a hobby, discuss the order and limits in which expenses must be deducted.
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146. Describe the circumstances under which a taxpayer can receive rent income from a personal residence, but does not have to report it as gross income.
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147. For a vacation home to be classified in the primarily rental use category, what attributes must be present?
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148. For a vacation home to be classified in the personal/rental use category, what attributes must be present?
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149. What is the appropriate tax treatment for expenditures paid by a taxpayer for another’s benefit?
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150. Are there any exceptions to the rule that personal expenditures cannot be deducted?
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151. Briefly discuss the disallowance of deductions for capital expenditures.
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152. Why are there restrictions on the recognition of gains and losses resulting from transactions between related parties?
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153. In a related party transaction where realized loss is disallowed, when can the disallowed loss be used by the buyer on the subsequent sale of the property? In the case of a related party disallowed loss transaction, can the related party seller’s disallowed loss be used by a taxpayer other than the related party buyer?
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154. Olive, Inc., an accrual method taxpayer, is a corporation that is equally owned by Maurice and Alex, who are brothers. The corporation uses the accrual method of accounting and the shareholders use the cash method. To provide Olive with funds to acquire additional working capital, the shareholders each loan Olive $100,000 with a 6% interest rate. At the end of the tax year, there is unpaid accrued interest of $3,000 due to each shareholder. From a timing perspective, when should Olive deduct this $6,000 and when should Maurice and Alex include the $3,000 in gross income? Olive pays the $3,000 to each shareholder early next year.
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155. Briefly explain why interest on money borrowed to buy tax-exempt municipal bonds is disallowed as a deduction.
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Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
