The passive activity loss rules of IRC 469 and the regulations there under would not apply...
Homework Answers
Answer: C ) John Smith Corporation, a publicly held widget manufacturing company.
The passive activity loss rules would apply to any:
- Individual,
- Trust,
- Estate
- Closely held C Corporation.
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The
passive activity loss rules of IRC 469 and the regulations there
under would not apply...
In the context of the real estate professional exception to the passive activity loss (PAL) rules,...
In the context of the real estate professional exception to the passive activity loss (PAL) rules, making the aggregation election to attain real estate professional status: A. May or may not be advisable for net investment income tax (NIIT) reasons B. Is always advisable for net investment income tax (NIIT) purposes. C. Is never advisable for net investment income tax (NIIT) purposes D. Is always advisable for passive activity loss (PAL) reasons
Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the...
Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is Sam's taxable estate for estate tax purposes? $3,000,000 $1,000,000 $0.00 $2,000,000 John Jones died at a time when his closely held business was valued at $3,500,000. His gross estate was $7,500,000. Administrative costs, debts and expenses totalled $500,000. Federal estate taxes totalled $1,250,000. The amount of taxes...
Which of the following statements regarding S corporations income and losses of a taxpayer is false...
Which of the following statements regarding S corporations income and losses of a taxpayer is false A losses can be limited by basis at Rick and passive loss rules B business income and loss is reported on page 2 of schedule E C. The income or loss is reported to the taxpayer on a schedule K-1 received from the corporation D an S corporation shareholder generally increases her/his basis in stock by cancellation of indebtedness income,even if excluded from income...
13. Which of the following would cause an employee of Hill Corp to recognize income under...
13. Which of the following would cause an employee of Hill Corp to recognize income under the economic benefit doctrine? (A) The employer places assets in a revocable trust for the future benefit of the employee. (B) The employer makes an irrevocable promise to pay a future benefit to the employee. (C) The employer places the assets in a rabbi trust. (D) The employer places the assets in a secular trust.
12-18 b. Passive Activities. G is the head chef for Hall-way Alls, lakinig a salary of...
12-18 b. Passive Activities. G is the head chef for Hall-way Alls, lakinig a salary of $70,000 a year. In addition, his portfolio income is about $20.000 VAN the years, G has made numerous investments and has been a participant in mar ventures. Indicate whether the passive activity rules would apply in each of thi following situations: a. A $10,000 loss from G's interest in Flimsy Films, a limited partnership. G is a limited partner. A $5,000 loss from G's...
12-25 DU COU- i une passive loss rules. Vacation Home Rental. S owns a condominium in...
12-25 DU COU- i une passive loss rules. Vacation Home Rental. S owns a condominium in Florida, which he and his family use occasionally. During the year, he used the condominium for 20 days and rented it for 40 days. The remainder of the year, the condominium was vacant. S compiled the following information related to the condominium for the entire year: $1,000 Rental income ........ Expenses: Interest on mortgage ........................ Maintenance ................................................. Depreciation ..................... 3,650 900 6,000 a. b....
Which of the following would be a deductible business expense under IRC sec 162? a. $...
Which of the following would be a deductible business expense under IRC sec 162? a. $ 30,000 in office rent paid on office for a self-employed business. b. $ 750,000 paid to a corporate president / shareholder. $ 400,000 is what a typical salary would be. c. $ 900 in political contributions to a politician. d. $ 100 in a fine for the office sprinkler system not up to local code. e. $ 500 in continuing education costs for a...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following losses. The passive activity rules disallow the deduction for a loss in which of the following? I. Sullivan has a $4,500 loss from his ownership interest in Cowco, a feeder-cattle limited partnership. Sullivan is a general partner and is responsible for day-to-day management decisions. II. Sullivan has a $7,000 loss from his ownership interest in Swineco, a feeder-pig limited partnership. Sullivan is a limited...
Regulation Z of the Truth-in-Lending Law would apply to real estate loans for all except which...
Regulation Z of the Truth-in-Lending Law would apply to real estate loans for all except which of the following? A)Residential loan B)Commercial loan C)Personal loan D)Agricultural loan under $25,000 Please explain or source answer
Thanks For your HELP : ) 4. In determining accumulated taxable income for the purpose of...
Thanks For your HELP : ) 4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction? A) excess charitable contributions B) dividends-received deduction C) net operating loss deduction D) net capital loss for the current year 5. Identify which of the following statements is true. A) Daisy Corporation is owned by a father and his son. The corporation employs 5 individuals to provide public accounting services....
12-18 b. Passive Activities. G is the head chef for Hall-way Alls, lakinig a salary of $70,000 a year. In addition, his portfolio income is about $20.000 VAN the years, G has made numerous investments and has been a participant in mar ventures. Indicate whether the passive activity rules would apply in each of thi following situations: a. A $10,000 loss from G's interest in Flimsy Films, a limited partnership. G is a limited partner. A $5,000 loss from G's...
12-25 DU COU- i une passive loss rules. Vacation Home Rental. S owns a condominium in Florida, which he and his family use occasionally. During the year, he used the condominium for 20 days and rented it for 40 days. The remainder of the year, the condominium was vacant. S compiled the following information related to the condominium for the entire year: $1,000 Rental income ........ Expenses: Interest on mortgage ........................ Maintenance ................................................. Depreciation ..................... 3,650 900 6,000 a. b....
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