Homework Answers
Answer: g
This is a C corporation, since the word “Inc.” is there after the name of corporation.
The due date of tax filing for the follower of calendar year C corporation is 15th April. Such due date is extended for six months, 15th October, if not filled yet.
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Jolly Inc. is a calendar year taxpayer. They are wondering when their corporate tax return is...
A calendar year corporation can receive an automatic 9-month extension to file its corporate return (Form...
A calendar year corporation can receive an automatic 9-month extension to file its corporate return (Form 1120) by timely filing a Form 7004 for the tax year. True False TTTTTT
When a taxpayer receives form 1099-R with no amount entered in box 2a and code7 in...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen...
Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. • $51,600 for Ken. • $38,700 for Jayne. • $25,800 for Jill. • $12,900 for Justin. How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no answer blank. Enter zero if applicable.) Jorgensen paid the bonuses to the employees on March 1...
Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen...
Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. • $60,800 for ken. • $45,600 for Jayne • $30,400 for Jill. • $15,200 for Justin How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no er blant Entrari alleable a. Jorgensen paid the bonuses to the employees on March 1 of...
[Q1-3] North Inc. is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1,...
[Q1-3] North Inc. is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the following bonuses for certain employees for financial accounting purposes. $9,950 for Lisa Tanaka, a 20 percent shareholder. $12,400 for Jared Zabaski, a 40 percent shareholder. $19,000 for Helen Talanian, a 30 percent shareholder. $9,900 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Inc. deduct...
Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango's business...
Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango's business activites have become very profitable in recent years. On June 16, 2018, its sole shareholder desires to revoke the S election. Requirements a. How does Tango revoke its S election? When does the revocation take effect? b. Assume Tango files a prospective revocation effective July 1, 2018. What tax returns are required of Tango for 2018? For 2019? When are these returns due? c....
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017,...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
A paid tax preparer is required to have a PTIN number, give the client a copy...
A paid tax preparer is required to have a PTIN number, give the client a copy of the return, and keep a copy for your records for five years. True False In cases where the understatement of tax is due to unrealistic positions: A tax preparer that prepares income taxes for a fee shall receive a penalty the greater of $5,000 or 50% of the income derived by the tax return preparer with respect to the return or claim. True...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31,...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
A calendar year corporation can receive an automatic 9-month extension to file its corporate return (Form 1120) by timely filing a Form 7004 for the tax year. True False TTTTTT
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. • $60,800 for ken. • $45,600 for Jayne • $30,400 for Jill. • $15,200 for Justin How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no er blant Entrari alleable a. Jorgensen paid the bonuses to the employees on March 1 of...
Tango Corporation, a calendar year taxpayer, has been an S corporation for several years. Tango's business activites have become very profitable in recent years. On June 16, 2018, its sole shareholder desires to revoke the S election. Requirements a. How does Tango revoke its S election? When does the revocation take effect? b. Assume Tango files a prospective revocation effective July 1, 2018. What tax returns are required of Tango for 2018? For 2019? When are these returns due? c....
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
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