(SOLVED) Laurie Gladin owns land and a building that she

has
Laurie Gladin owns land and a building that she has been using in her sole proprietorship. She
is going to incorporate her sole proprietorship as a C corporation. Laurie must decide whether to
contribute the land and building to the corporation or to lease them to the corporation. The net
[…]

Parrott, Inc., a C corporation, is owned by Abner (60%) and Deanna (40%). Abner is the
president, and Deanna is the vice president for sales. Parrott, Abner, and Deanna are cash
basis taxpayers. Late in the year, Parrott encounters working capital difficulties. Therefore,
Abner loans the corporation $810,000 and Deanna […]

A business entity has four equal owners. Its taxable income before the cost of certain fringe
benefits paid to owners and other employees is $400,000. The amounts paid for these fringe
benefits are reported as follows. a. Calculate the Federal taxable income of the entity, assuming
that it is a(n): […]

Two sisters and their brother, all unmarried, own and operate a dairy farm. They live on the farm
and take their meals there for the “convenience of the employer.” The fair market value of their
lodging is $45,000, and the fair market value of their meals is $18,000. The meals […]

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For many years, Saul’s sole proprietorship and his related Form 1040 have had a number of
AMT tax preferences and AMT adjustments. He has made the AMT calculation each year, but
the calculated amount always has been $0. Saul’s regular taxable income and the AMT
adjustments and preferences for 2014 […]

Cooper Partnership, a calendar year partnership, made qualifying rehabilitation expenditures to

a building that it has used in its business for eight years. These improvements were placed in
service on January 5, 2013. The amount of the rehabilitation expenditures credit was $40,000.
Cooper is negotiating to sell the building in […]

Tom, a calendar year taxpayer, informs you that during the year, he incurs expenditures of
$40,000 that qualify for the incremental research activities credit. In addition, it is determined
that his research-credit base amount for the year is $32,800. a. Determine Tom’s incremental
research activities credit for the year. b. […]

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