Tax form 1040 return preparation: which schedule should information be reported on?

Where to enter this info on the form 1040: TAX FORM/RETURN PREPARATION PROBLEMS Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave's Social Security number is 417-46-9403. Sarah's Social Security number is 528-95-6271. S ...continues

Income tax return for Dave and Sarah Stevens

Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave’s Social Security number is XXX-XX-XXXX. Sarah’s Social Security number is XXX-XX-XXXX. Sarah and Dave have three children—Andrew, age 8; Isaac, age 6; and Mira, age 3. The ch ...continues

Tax Policy: difference between a flat tax and a progressive tax

Write a short essay on the difference between a flat tax and a progressive tax

International Taxation: Status of Don, a citizen of Great Britain, in the US

1. Don is a citizen of Great Britain and a famous race car driver. He decides to come to the U.S. to open a car dealership in Detroit. Don does not obtain a green card or U.S. citizenship, but he procures a visa to work in the U.S. He is in the U.S. during the following periods: • 2008: April 1 through August 1 • 2009: June 1 ...continues

Tax Policy: Can we really achieve tax equity?

Write a paper about tax equity - can we really achieve tax equity?

International Taxation: US source v foreign source

1. USAco loans $100,000 to Toni, a U.S. citizen and resident. Interest of $10,000 is payable annually on December 31 of each year. Toni is physically present in Mexico on December 31, 2009 when he pays the interest. The interest income is: (a) U.S. source because USAco is a domestic corporation. (b) U.S. source because Toni ...continues

US TAXATION OF INTERNATIONAL TRANSACTIONS

1. FORco, a country F corporation, declares a $100 dividend to USAco, its U.S. parent corporation. Pursuant to the law of F, FORco withholds $10 of withholding tax and pays the remaining $90 to USAco. Because of the withholding tax, USAco is not liable for any additional country F’s income taxes. The $10 of withholding tax is ...continues

Taxation: Cardinal LLC, amortization of startup expenses, capitalization of costs

Cardinal, LLC incurred $20,000 of startup expenses, $3,000 of organizational costs, and paid $10,000 in transfer taxes to change the title (ownership) of a building contributed by one of the LLC’s members. Which of the following statements is correct regarding these three amounts? Cardinal can deduct $5,000 of the startup ex ...continues

International Taxation

Essays 1. USAco, a domestic corporation, manufactures and sells widgets worldwide. USAco earns $100,000 of U.S. source income from sales in the U.S., $100,000 of foreign source income from sales in Hong Kong, and $100,000 of foreign source income from sales in Canada. The U.S. tax rate is 35%, the Hong Kong tax rate is 20%, a ...continues

Income Tax Question #2

John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 55, 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 ...continues