Questions from Federal Taxation

Q: For individuals, how are casualty losses on personaluse property reported on

For individuals, how are casualty losses on personaluse property reported on the tax return? How are casualty losses on business property reported?

Q: Is the $100 floor on personal-use casualty losses imposed

Is the $100 floor on personal-use casualty losses imposed on each individual loss item if more than one item of property is destroyed in a single casualty? Is the floor imposed before or after the cas...

Q: Much has been written about abusive practices concerning the valuation of noncash

Much has been written about abusive practices concerning the valuation of noncash property donated to qualified charities. under sec. 170, both corporations and individuals may deduct the fMv of prope...

Q: Can a casualty loss on a personal-use asset create or

Can a casualty loss on a personal-use asset create or increase an NOL? Explain.

Q: During 2016, Becky loans her brother Ken $5,000

During 2016, Becky loans her brother Ken $5,000, which he intends to use to establish a small business. Because Ken has no other assets and needs cash to establish the business, the agreement provides...

Q: Assume the same facts as in Problem I:8-54

Assume the same facts as in Problem I:8-54, except that Becky and Ken are not related and that under the terms of the loan Ken agrees to repay Becky the $5,000 plus interest (at a reasonable stated ra...

Q: Michelle and Mark are married and file a joint return. Michelle

Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark works part-time as a high school math teacher, and spends the remainder of his time caring...

Q: Assume the same facts as in Problem I:8-56

Assume the same facts as in Problem I:8-56, except in addition to the other itemized deductions Michelle and Mark suffer a $4,500 deductible personal casualty loss (after limitations). a. What is Mic...

Q: Assume the same facts as in Problem I:8-56

Assume the same facts as in Problem I:8-56, except that the interest on their personal residence is $12,100 and they also have a $4,500 deductible casualty loss on personal property (after limitations...

Q: During 2017, Karen, a single taxpayer, reports the following

During 2017, Karen, a single taxpayer, reports the following income and expense items relating to her interior design business: Revenues………………………………….$52,000 Cost of goods sold……………………….41,000 Adverti...