Questions from Federal Taxation

Q: Francine is a self-employed marketing consultant based in Fort Worth

Francine is a self-employed marketing consultant based in Fort Worth, Texas. During the year, she travels to various cities in the United States to meet prospective clients and make presentations at...

Q: Harvey is employed by the U.S. Customs Service.

Harvey is employed by the U.S. Customs Service. Early in the year he accepts a position in the London office. In addition to a raise in his pay grade, the terms of the London assignment let Harvey c...

Q: Mason owns Brickman, Inc., which specializes in laying brick patios

Mason owns Brickman, Inc., which specializes in laying brick patios, terraces, and walkways. Mason bids on a contract with State University to build several large terraces as well as the walkways adj...

Q: Jefferson is a grade school teacher whose annual income from teaching is

Jefferson is a grade school teacher whose annual income from teaching is $30,000. He has always enjoyed bowling and his local pro urged him to turn professional. He subsequently begins working for t...

Q: Seaweed Salvagers is a corporation engaged in producing foodstuffs from seaweed.

Seaweed Salvagers is a corporation engaged in producing foodstuffs from seaweed. Seaweed's primary salvaging plant is located in California. Because the salvaging technology hasn't changed through t...

Q: What is the purpose of the capital gain-and-loss

What is the purpose of the capital gain-and-loss netting procedure?

Q: Marnie buys 500 shares of qualified small business stock in H.

Marnie buys 500 shares of qualified small business stock in H.R. Pizza, Inc., on September 10, 2008 for $20,000. She sells the 500 shares for $120,000 on October 2, 2017. Marnie's other capital asse...

Q: George and June are active volunteers in their local church. George

George and June are active volunteers in their local church. George serves as an usher one Sunday morning a month. June sings in the church choir every Sunday morning and attends choir practice each...

Q: Fernando has been an attorney in the legal department of Mega Manufacturing

Fernando has been an attorney in the legal department of Mega Manufacturing, Inc., for the past 15 years. As part of Mega’s restructuring plan, he will lose his job as an employee of Mega, but he wil...

Q: Evelyn is the president and sole shareholder of Ephron Corporation. Ephron

Evelyn is the president and sole shareholder of Ephron Corporation. Ephron is an accrual basis taxpayer and uses a calendar year. Evelyn is a cash basis, calendar year taxpayer. During the second hal...