Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
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58,750
Initial Return
10,000
115,000
9,250 105,750
115,000
257,750
29,750
257,750
0
58,750
50,000
40,250
58,750
58,750
0
31,500
58,750
90,250
40,250
187,750
27,000
58,750
10,000
Solutions to Self-Study Problems S-63
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Malas Valley
Robert Conrad
Individual
0
0
0
50
50
108,750
0
15,750
29,375
25,000
20,125
x
x
50
x
30,125
A750
30,125
A
25,000
S-64 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Solutions to Self-Study Problems S-65
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 11.4
Self-Study Problem 11.5
See Form 1120 on page s S-69 to S-73. The calculation of tax for Aspen Cor-
poration is as follows: 15% $12,000 taxable income ¼ $1,800 total tax.
Net inco me per the books is equal to $17,200, $19,000 net income before
income tax expense $1,800 income tax expense.
Self-Study Problem 11.6
See Form 1120S and Sch edule K-1 on pages S-75 to S-80.
Self-Study Problem 11.7
Tammy’s realized gain is $125,000 þ $34,000 $75,000 ¼ $84,000.
Tammy’s recognized gain is $0.
Tammy’s basis in her stock is $75,000 $0 þ $0 $34,000 ¼ $41,000.
The corporation’s basis in the real estate is $75,000 þ $0 ¼ $75,000.
Self-Study Problem 11.8
15% $190,000 ¼ $28,500
Only $190,000 ($340,000 $150,000) is subject to the accumulated earn-
ings tax.
Self-Study Problem 11.9
Regular taxable income $ 70,000
Corporate tax preference items
55,000
Alternative minimum taxa ble income $125,000
Less: exemption
(40,000)
Alternative minimum tax base $ 85,000
Tax rate
20%
Gross alternative minimum tax $ 17,000
Less: regular tax
(12,500)
Alternative minimum tax liability
$ 4,500
104,000
154,100
41,000
9,100
4,700
4,700
4,000
8,700
145,400
4,000
S-66 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Chapter 12 Tax Administration and Tax Planning
.............................................. ......................................
Self-Study Problem 12.1
1. False
2. True Returns are processed at the service centers.
3. False The commissioner of internal revenue is appointed by
the president.
4. False The IRS is part of the Treasury Department.
5. True
Self-Study Problem 12.2
1. True
2. False An office audit is conducted at the IRS office.
3. True
4. True
5. False Audits can be appealed to the next level of the IRS.
Self-Study Problem 12.3
Part a. Failure-to-pay penalty:
$3,000 .5% 2 months $ 30
Failure-to-file penalty:
$3,000 5% 2 months $ 300
Less: failure-to-pay penalty
(30)
270
Total
$300
Part b. 20% $10,000 $2,000
Part c. 75% $10,000 $7,500
Self-Study Problem 12.4
1. True
2. False For bad debts, the statute of limitations is 7 years.
3. False There is no statute of limitations for fraudulent returns.
4. True
5. True
Self-Study Problem 12.5
1. False Lawyers and enrolled agents may also represent tax-
payers before the IRS.
2. False There are no educational requirements.
3. False Anyone may prepare corporate tax returns.
4. True
5. True
6. True
7. False The burden of proof is on the IRS.
8. False The burden of proof remains on the taxpayer.
9. True
10. True
Solutions to Self-Study Problems S-67
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 12.6
1. True
2. True
3. True Publication 1 directs the reader to Publication 594.
4. True
5. True
6. True
Self-Study Problem 12.7
1. 20.94% ¼ $18,636 / $89,000
2. 21.02% ¼ $18,916 / $90,000
3. 28% ¼ ($18,916 $18,636) / ($90,000 $89,000)
S-68 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Aspen Corporation
x
01/01/10
183,000
285,000
285,000
80,000
90,000
82,000
8,000
205,000
10,000
215,000
11,000
5,000
196,000
19,000
12,000
1,800
2,000
7,000 7,000
2,000
2,000
200
200
Solutions to Self-Study Problems S-69
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
x
80,000
80,000
80,000
7,00010,000
7,000
7,000
x
x
10,000
S-70 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
1,800
1,800
1,800
1,800
X
X
X
X
x
Solutions to Self-Study Problems S-71
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
X
X
X
X
X
S-72 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.