In valuation for purposes of determining gross estate, which is FALSE? Valuation 1.Land Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor 2.Unlisted shares of stock in XYZ Corp. Book value per share (or SHE/OS) 3.Listed shares of Alaya Land Corporation Arithmetic Mean between the highest and lowest quotation nearest to the time of death 4.Shares in Wacky Wacky Golf and Country Club Bid price nearest to the time of death Group of answer choices 1

In valuation for purposes of determining gross estate, which is FALSE? Valuation 1.Land Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor 2.Unlisted shares of stock in XYZ Corp. Book value per share (or SHE/OS) 3.Listed shares of Alaya Land Corporation Arithmetic Mean between the highest and lowest quotation nearest to the time of death 4.Shares in Wacky Wacky Golf and Country Club Bid price nearest to the time of death Group of answer choices 1

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 19MCQ

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Select the best answer. Which item of income has been constructively received by an individual taxpayer? O O O A. An increase in the value of stock owned estion Q 13 B. A check received for payment of services, but which has not yet been deposited C. Wages earned the last week of December but not paid until January of the following year O D. A line of credit available, but not yet drawn on Submit Answers 95% Complete
FINANCING DECISIONS What are the advantages and examples of Internal Financing (at least 2 for Sole Proprietorship, Partnership and Corporation)? How does depreciation gives tax benefit? REFERENCES: https://www.youtube.com/watch?v=WQbK-hNRWvA&t=3702s https://www.youtube.com/watch?v=-OUAu-2-MV8
a. Indicate whether the following income sources must be included or may be excluded from gross income and why? Insurance proceeds for loss of finger Prizes Embezzlement proceeds Interest on all savings deposits Child support Interest on Series HH bonds Receipt of alimony by divorced husband - divorce agreement executed in 2018 Income produced from property acquired by gift Gifts and inheritances Scholarship grants for tuition Compensation for injuries or sickness Interest income on bonds issued by State of Ohio Life insurance proceeds from a group plan
Problem 12-20 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an S corporation, shows $230,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received § 1231 gain Depreciation recapture income Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each). Cost of goods sold Feedback a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income Check My Work ($46,000) 6,900 20,700 16,100 23,000 11,500 (13,800) (27,600) (207,000) Feedback ✓is: b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders?
! Required information [The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Sales revenue Cost of goods sold Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income Government fines Overall net income Distributions Year 1 $ 335,000 (42,000) Year 2 $ 465,000 (65,000) (40,000) (80,000) (30,000) (60,000) (20,000) (40,000) (30,000) (50,000) 10,000 1,700 0 $ 184,700 $ 20,000 18,500 4,400 (3,000) $ 189,900 $ 50,000
Does James have income, gain or loss on the transaction in which he receives stock in TOBY, INC.? Indicate the amount of any income, gain, or loss. What is James’s basis in TOBY, INC. stock? Does Jenna have income, gain, or loss on the transaction in which she receives stock in TOBY, INC.? Indicate the amount of any income, gain, or loss.
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Select the best answer. Which types of entities should owners have buy-sell agreements among the owners to provide for an orderly transfer of an owner's interest in the case of death or upon the occurrence of a certain event such as divorce retirement, or disability? O A. A closely held S corporation B. A general corporation O C. A large C corporation estion Q 9 OD. A sole proprietorship Submit Answers 100% Complete
Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are included
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Exercise 19-29 (Algorithmic) (LO. 7) What are the tax consequences to Euclid from the following independent events? In your computations, do not round intermediate division. If required, round the per share answer to two decimal places. Round all other answers to the nearest dollar. a. Euclid bought 500 shares of common stock five years ago for $120,000. This year, Euclid receives 20 shares of common stock as a nontaxable stock dividend. As a result of the stock dividend, Euclid's per share basis is $ b. Assume instead that Euclid received a nontaxable preferred stock dividend of 20 shares. The preferred stock has a fair market value of $12,000, and the common stock, on which the preferred is distributed, has a fair market value of $180,000. After the receipt of the stock dividend, the basis of the preferred stock is $ and the basis of the common stock is

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	Valuation
1.Land	Higher of value as determined by BIR Commissioner or City/Municipal/Provincial Assessor
2.Unlisted shares of stock in XYZ Corp.	Book value per share (or SHE/OS)
3.Listed shares of Alaya Land Corporation	Arithmetic Mean between the highest and lowest quotation nearest to the time of death
4.Shares in Wacky Wacky Golf and Country Club	Bid price nearest to the time of death