Tax Reform 2010

Tax Reform 2010 The President Obama is considering to propose "Tax Reform Act 2010" to stimulate slow economy. The president appointed you as a member of the " Committee for Tax Reform Act 2010". The president candidate is seeking new tax incentives, deductions, and credits, which would stimulate the slow economy and create m ...continues

Limited liability companies

What are some of the advantages and disadvantages of limited liability companies? Is this better than a partnership? Please reference your source(s).

Consider the following balance sheet for DEF Partnership:

Consider the following balance sheet for DEF Partnership: Partnership’s Basis FMV Assets: Cash $60,000 $60,000 Receivables ...continues

Define Head of Household Status

I:2-44 Head of Household. 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 liv ...continues

Morris Jory

Morris Jory, a long-time tax client of the firm you work for, has made substantial gifts during his lifetime. Mr. Jory transferred Jory Corporation stock to 14 donees in December 2005. Each donee received shares valued at $11,000. Two of the donees were Mr. Jory's adult children, Amanda and Peter. The remaining 12 donees were em ...continues

Advising Hal Holland

Your long-time client, Harold (Hal) Holland will meet with your supervising partner next week for an estate planning appointment. Hal has been married to Winona Holland since 1990. Hal is age 68 and retired. Winona, age 60, retired early to spend more time with Hal. They are residents of Topeka, Kansas. Hal is a U.S. citizen, an ...continues

To waive or not to waive the statue of limitations

The IRS is disputing a deduction reported on your 2005 tax return, which you filed on April 17, 2006. On April 2, 2009, the IRS audit agent asks you to waive the statute of limitations for the entire return so as to give her additional time to obtain a Technical Advice Memorandum. The agent proposes in return for the waiver a "c ...continues

Miscellaneous itemized deductions

What types of items are included in miscellaneous itemized deductions? When are you required to pro-rate the interest and tax deduction for your primary or secondary residence? How would you pro-rate the deduction?

When would a taxpayer select the Standard Deduction vs itemized deductions?

When would you select the standard deduction even though your itemized deductions are greater? When would you choose to itemize your deductions even if the standard deduction is higher? Explain

Medical Expense deductions

What types of medical expenses are deductible? What are the limitations, if any, on deducting medical expenses?