Points of taxation: Records for basis, limitations and carryover items

As a tax professional, how would you advise a taxpayer about how to keep track of basis, at risk limitations, and passive activity limitation rules in a partnership interest?

Filing Status, Dependency Exemptions, and Child Credit

Filing Status, Dependency Exemptions, and Child Credit. For the following taxpayers, indicate which tax form should be used, the applicable filing status, and the number of personal and dependency exemptions available, and the number of children who qualify for the child credit. a. Arnie is a single college student who earned ...continues

Head of Household and taxes

In the following situations, indicate whether the taxpayer qualifies as a head of household. a. Allen is divorced from his wife. He maintains a household for himself and his dependent mother. b. Beth is divorced from her husband. She maintains a home for herself and supports an elderly aunt who lives in a retirement home. ...continues

Tax- Discussion Question

a. What determines who must file a tax return? b. Is an individual required to file a tax return if he or she owes no tax?

Completing Form 1040 using Schedule A

John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100% of his cousin’s support. The cousin lives in Arizona. He wants to take advantage of the presidential election campaign check-off. John is an accountant. Other relevant information includes S ...continues

Physical Presence Nexus vs. Economic Nexus

What's the difference between physical presence nexus and economic nexus?

S corporation vs. C corporation, pros and cons of each.

What are the pros and cons of a S corporation vs. a C corporation.

Income Tax Help

1. A characteristic of the statute of limitations is: a. There is a six-year statute of limitations on assessments of tax if a fraudulent return is filed. b. The same statute of limitations applies to tax refunds and deficiencies. c. A six-year statute of limitations applies if gross income is understated ...continues

Income Tax Homework help

16. Matt and Shanekwa, ages 45 and 44, respectively, file a joint tax return for 2005. They provided all of the support for their 24-year-old son, who had $2,500 of gross income. Their 23-year-old daughter, a full-time student until her graduation on June 14, 2005, earned $6,000, which was 45% of her total support during 2005. ...continues

Income Tax Questions

36. 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: Mortgage interest $9,000 Real estate taxes 3,000 Utilities 2,000 Maintenance 1,000 Insurance 500 Depreciation (rental part) 4,000 Using the IRS approach, ...continues