South-Western Federal Taxation 2014: Comprehensive, 37th Edition William H. Hoffman, Jr., David M. Maloney, William A. Raabe, James C. Young solutions manual and test bank

South-Western Federal Taxation 2014: Comprehensive, 37th Edition William H. Hoffman, Jr., David M. Maloney, William A. Raabe, James C. Young solutions manual and test bank

Comprehensive, 37th Edition

William H. Hoffman, Jr., David M. Maloney, William A. Raabe, James C. Young
ISBN-10: 1285178505
ISBN-13: 9781285178509
 
Hi dear students:
Feel free to contact us: ggsmtb@gmail.com  , I have the Book Resources for the above textbook. all the Book Resources is in pdf or doc files.

Additional Test Bank Items
Angel 7.4 test bank
Blackboard 6-9 test bank
Corporations Practice Set Solutions
Individual Practice Set Solutions
Instructor PowerPoints
Instructor's Guide
Solutions Manual (PDF)
Solutions Manual (in Word)
Solutions to Appendix E - All Problems
Solutions to Appendix E - Problem 1
Solutions to Appendix E - Problem 2
Solutions to Appendix E - Problem 3
Solutions to Appendix E - Problem 4
Solutions to Appendix E - Problem 5
Solutions to Appendix E - Problem 6
Solutions to Appendix E - Problem 7
Solutions to Appendix E - Problem 8
Solutions to Appendix E - Problem 9


the sample of the solutions manual and test bank (in Word)



http://www.mediafire.com/view/b1d1ul8e1b81l8w/South-Western_Federal_Taxation_2014_Comprehensive%2C_37thsmSWFT2014_Vol03_Ch02_SM_Final.doc

http://www.mediafire.com/view/kcqili0akk33g1j/South-Western_Federal_Taxation_2014_Comprehensive%2C_37th_Edition_William_H._Hoffman%2C_Jr.%2C_David_M._Maloney%2C_William_A._Raabe%2C_James_C._Young_test_bank_sample.docx

1. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AND (1.0 point)
The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.

a. True

*b. False

2. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 2 (1.0 point)
Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

a. True

*b. False

3. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 3 (1.0 point)
The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.

*a. True

b. False

4. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 4 (1.0 point)
The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

*a. True

b. False

5. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 5 (1.0 point)
The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon of certainty.

a. True

*b. False

6. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 6 (1.0 point)
Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns without outside assistance.

*a. True

b. False

7. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 7 (1.0 point)
The FICA tax (Medicare component) on wages is progressive since the tax due increases as wages increase.

a. True

*b. False

8. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 8 (1.0 point)
The Federal estate and gift taxes are examples of progressive taxes.

*a. True

b. False

9. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN 9 (1.0 point)
The Federal excise tax on cigarettes is an example of a proportional tax.

*a. True

b. False

10. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN10 (1.0 point)
Currently, the Federal income tax is less progressive than it ever has been in the past.

a. True

*b. False

11. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN11 (1.0 point)
Mona inherits her mother’s personal residence, which she converts to a furnished rent house. These changes should affect the amount of ad valorem property taxes levied on the properties.

*a. True

b. False

12. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN12 (1.0 point)
A fixture will be subject to the ad valorem tax on personalty rather than the ad valorem tax on realty.

a. True

*b. False

13. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN13 (1.0 point)
Even if property tax rates are not changed, the amount of ad valorem taxes imposed on realty may not remain the same.

*a. True

b. False

14. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN14 (1.0 point)
The ad valorem tax on personal use personalty is more often avoided by taxpayers than the ad valorem tax on business use personalty.

*a. True

b. False

15. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN15 (1.0 point)
A Federal excise tax is no longer imposed on admission to theaters.

*a. True

b. False

16. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN16 (1.0 point)
There is a Federal excise tax on hotel occupancy.

a. True

*b. False

17. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN17 (1.0 point)
The Federal gas-guzzler tax applies only to automobiles manufactured overseas and imported into the U.S.

a. True

*b. False

18. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN18 (1.0 point)
Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state.

a. True

*b. False

19. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN19 (1.0 point)
Not all of the states that impose a general sales tax also have a use tax.

a. True

*b. False

20. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN20 (1.0 point)
Sales made by mail order are not exempt from the application of a general sales (or use) tax.

*a. True

b. False

21. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN21 (1.0 point)
Two persons who live in the same state but in different counties may not be subject to the same general sales tax rate.

*a. True

b. False

22. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN22 (1.0 point)
States impose either a state income tax or a general sales tax, but not both types of taxes.

a. True

*b. False

23. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN23 (1.0 point)
A safe and easy way for a taxpayer to avoid local and state sales taxes is to make the purchase in a state that levies no such taxes.

a. True

*b. False

24. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN24 (1.0 point)
On transfers by death, the Federal government relies on an estate tax, while states impose an estate tax, an inheritance tax, both taxes, or neither tax.

*a. True

b. False

25. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN25 (1.0 point)
An inheritance tax is a tax on a decedent’s right to pass property at death.

a. True

*b. False

26. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN26 (1.0 point)
One of the major reasons for the enactment of the Federal estate tax was to prevent large amounts of wealth from being accumulated within the family unit.

*a. True

b. False

27. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN27 (1.0 point)
Under Clint’s will, all of his property passes to either the Lutheran Church or to his wife. No Federal estate tax will be due on Clint’s death in 2013.

*a. True

b. False

28. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN28 (1.0 point)
Under the usual state inheritance tax, two heirs, a cousin and a son of the deceased, would not be taxed at the same rate.

*a. True

b. False

29. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN29 (1.0 point)
The annual exclusion, currently $14,000, is available for gift and estate tax purposes.

a. True

*b. False

30. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN30 (1.0 point)
In 2012, José, a widower, sells land (fair market value of $100,000) to his daughter, Linda, for $50,000. José has made a taxable gift of $50,000.

a. True

*b. False

31. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN31 (1.0 point)
Julius, a married taxpayer, makes gifts to each of his six children. A maximum of twelve annual exclusions could be allowed as to these gifts.

*a. True

b. False

32. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN32 (1.0 point)
One of the motivations for making a gift is to save on income taxes.

*a. True

b. False

33. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN33 (1.0 point)
The formula for the Federal income tax on corporations is the same as that applicable to individuals.

a. True

*b. False

34. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN34 (1.0 point)
A state income tax can be imposed on nonresident taxpayers who earn income within the state or on an itinerant basis.

*a. True

b. False

35. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN35 (1.0 point)
For state income tax purposes, a majority of states allow a deduction for Federal income taxes.

a. True

*b. False

36. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN36 (1.0 point)
Some states use their state income tax return as a means of collecting unpaid sales and use taxes.

*a. True

b. False

37. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN37 (1.0 point)
No state has offered an income tax amnesty program more than once.

a. True

*b. False

38. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN38 (1.0 point)
For Federal income tax purposes, there never has been a general amnesty period.

*a. True

b. False

39. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN39 (1.0 point)
Under state amnesty programs, all delinquent and unpaid income taxes are forgiven.

a. True

*b. False

40. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN40 (1.0 point)
When a state decouples from a Federal tax provision, it means that this provision will not apply for state income tax purposes.

*a. True

b. False

41. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN41 (1.0 point)
The principal objective of the FUTA tax is to provide some measure of retirement security.

a. True

*b. False

42. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN42 (1.0 point)
Currently, the tax base for the Social Security component of the FICA is not limited to a dollar amount.

a. True

*b. False

43. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN43 (1.0 point)
A parent employs his twin daughters, age 17, in his sole proprietorship. The daughters are not subject to FICA coverage.

*a. True

b. False

44. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN44 (1.0 point)
Unlike FICA, FUTA requires that employers comply with state as well as Federal rules.

*a. True

b. False

45. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN45 (1.0 point)
A major advantage of a flat tax type of income tax is its simplicity.

*a. True

b. False

46. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN46 (1.0 point)
The value added tax (VAT) has not had wide acceptance in the international community.

a. True

*b. False

47. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN47 (1.0 point)
If more IRS audits are producing a greater number of no change results, this indicates increased compliance on the part of taxpayers.

a. True

*b. False

48. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN48 (1.0 point)
The amount of a taxpayer’s itemized deductions will increase the chance of being audited by the IRS.

*a. True

b. False

49. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN49 (1.0 point)
In an office audit, the audit by the IRS takes place at the office of the taxpayer.

a. True

*b. False

50. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN50 (1.0 point)
The IRS agent auditing the return will issue an RAR even if the taxpayer owes no additional taxes.

*a. True

b. False

51. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN51 (1.0 point)
If a “special agent” becomes involved in the audit of a return, this indicates that the IRS suspects that fraud is involved.

*a. True

b. False

52. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN52 (1.0 point)
If a taxpayer files early (i.e., before the due date of the return), the statute of limitations on assessments begins on the date the return is filed.

a. True

*b. False

53. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN53 (1.0 point)
For omissions from gross income in excess of 25% of that reported, there is no statute of limitations on additional income tax assessments by the IRS.

a. True

*b. False

54. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN54 (1.0 point)
If an income tax return is not filed by a taxpayer, there is no statute of limitations on assessments of tax by the IRS.

*a. True

b. False

55. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN55 (1.0 point)
If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.

*a. True

b. False

56. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN56 (1.0 point)
The IRS is required to redetermine the interest rate on underpayments and overpayments once a year.

a. True

*b. False

57. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN57 (1.0 point)
A calendar year taxpayer files his 2012 Federal income tax return on March 5, 2013. The return reflects an overpayment of $6,000, and the taxpayer requests a refund of this amount. The refund is paid on May 17, 2013. The refund need not include interest.

*a. True

b. False

58. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN58 (1.0 point)
For individual taxpayers, the interest rate for income tax refunds (overpayments) is the same as that applicable to assessments (underpayments).

*a. True

b. False

59. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN59 (1.0 point)
During any month in which both the failure to file penalty and the failure to pay penalty apply, the failure to file penalty is increased by the amount of the failure to pay penalty.

a. True

*b. False

60. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN60 (1.0 point)
When interest is charged on a deficiency, any part of a month counts as a full month.

a. True

*b. False

61. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN61 (1.0 point)
For the negligence penalty to apply, the underpayment must be caused by intentional disregard of rules and regulations without intent to defraud.

*a. True

b. False

62. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN62 (1.0 point)
Upon audit by the IRS, Faith is assessed a deficiency of $40,000 of which $25,000 is attributable to negligence. The 20% negligence penalty will apply to $25,000.

*a. True

b. False

63. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN63 (1.0 point)
If the tax deficiency is attributable to fraud, the negligence penalty will not be imposed.

*a. True

b. False

64. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN64 (1.0 point)
The civil fraud penalty can entail large fines and possible incarceration.

a. True

*b. False

65. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN65 (1.0 point)
Even though a client refuses to correct an error on a past return, it may be possible for a practitioner to continue to prepare returns for the client.

*a. True

b. False

66. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN66 (1.0 point)
In preparing an income tax return, the use of a client’s estimates is not permitted.

a. True

*b. False

67. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN67 (1.0 point)
In preparing a tax return, all questions on the return must be answered.

a. True

*b. False

68. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN68 (1.0 point)
A CPA firm in California sends many of its less complex tax returns to be prepared by a group of accountants in India. If certain procedures are followed, this outsourcing of tax return preparation is proper.

*a. True

b. False

69. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN69 (1.0 point)
The objective of pay-as-you-go (paygo) is to achieve revenue neutrality.

*a. True

b. False

70. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN70 (1.0 point)
When Congress enacts a tax cut that is phased in over a period of years, revenue neutrality is achieved.

a. True

*b. False

71. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN71 (1.0 point)
A tax cut enacted by Congress that contains a sunset provision will make the tax cut temporary.

*a. True

b. False

72. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN72 (1.0 point)
The tax law provides various tax credits, deductions, and exclusions that are designed to encourage taxpayers to obtain additional education. These provisions can be justified on both economic and equity grounds.

a. True

*b. False

73. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN73 (1.0 point)
Various tax provisions encourage the creation of certain types of retirement plans. Such provisions can be justified on both economic and social grounds.

*a. True

b. False

74. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN74 (1.0 point)
To lessen, or eliminate, the effect of multiple taxation, a taxpayer who is subject to both foreign and U.S. income taxes on the same income is allowed either a deduction or a credit for the foreign tax paid.

*a. True

b. False

75. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN75 (1.0 point)
To mitigate the effect of the annual accounting period concept, the tax law permits the carryforward to other years of the excess charitable contributions of a particular year.

*a. True

b. False

76. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN76 (1.0 point)
Jason’s business warehouse is destroyed by fire. As the insurance proceeds exceed the basis of the property, a gain results. If Jason shortly reinvests the proceeds in a new warehouse, no gain is recognized due to the application of the wherewithal to pay concept.

*a. True

b. False

77. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN77 (1.0 point)
As it is consistent with the wherewithal to pay concept, the tax law requires a seller to recognize gain in the year the installment sale occurs.

a. True

*b. False

78. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN78 (1.0 point)
Stealth taxes have the effect of generating additional taxes from all taxpayers.

a. True

*b. False

79. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN79 (1.0 point)
A provision in the law that compels accrual basis taxpayers to pay a tax on prepaid income in the year received and not when earned is consistent with generally accepted accounting principles.

a. True

*b. False

80. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN80 (1.0 point)
As a matter of administrative convenience, the IRS would prefer to have Congress decrease (rather than increase) the amount of the standard deduction allowed to individual taxpayers.

a. True

*b. False

81. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN81 (1.0 point)
In cases of doubt, courts have held that tax relief provisions should be broadly construed in favor of taxpayers.

a. True

*b. False

82. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN82 (1.0 point)
On occasion, Congress has to enact legislation that clarifies the tax law in order to change a result reached by the U.S. Supreme Court.

*a. True

b. False

83. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN83 (1.0 point)
Which, if any, of the following statements best describes the history of the Federal income tax?

a. It did not exist during the Civil War.

*b. The Federal income tax on corporations was held by the U.S. Supreme Court to be allowable under the U.S. Constitution.

c. The Federal income tax on individuals was held by the U.S. Supreme Court to be allowable under the U.S. Constitution.

d. Both the Federal income tax on individuals and on corporations was held by the U.S. Supreme Court to be contrary to the U.S. Constitution.

e. None of the above.

84. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN84 (1.0 point)
Which, if any, is not one of Adam Smith’s canons of taxation?

a. Economy.

b. Certainty.

c. Convenience.

*d. Simplicity.

e. Equality. 

85. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN85 (1.0 point)
Which, if any, of the following taxes are proportional (rather than progressive)?

*a. State general sales tax.

b. Federal corporate income tax.

c. Federal estate tax.

d. Federal gift tax. 

e. All of the above.

86. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN86 (1.0 point)
Which, if any, of the following transactions will increase a taxing jurisdiction’s revenue from the ad valorem tax imposed on real estate?

a. A resident dies and leaves his farm to his church.

b. A large property owner issues a conservation easement as to some of her land.

*c. A tax holiday issued 10 years ago has expired.

d. A bankrupt motel is acquired by the Red Cross and is to be used to provide housing for homeless persons.

e. None of the above.

87. COMPREHENSIVE VOLUME--CHAPTER 1—AN INTRODUCTION TO TAXATION AN87 (1.0 point)
Which, if any, of the following transactions will decrease a taxing jurisdiction’s ad valorem tax revenue imposed on real estate?

*a. A tax holiday is granted to an out-of-state business that is searching for a new factory site.

b. An abandoned church is converted to a restaurant.

c. A public school is razed and turned into a city park.

d. A local university sells a dormitory that will be converted for use as an apartment building.

e. None of the above.

South-Western Federal Taxation 2014: Corporations, Partnerships, Estates and Trusts, 37th Edition William H. Hoffman, solutions manual and test bank

South-Western Federal Taxation 2014: Corporations, Partnerships, Estates and Trusts, 37th Edition William H. Hoffman, solutions manual and test bank

South-Western Federal Taxation 2014: Corporations, Partnerships, Estates and Trusts, 37th Edition

William H. Hoffman, Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
ISBN-10: 1285424484
ISBN-13: 9781285424484
 
Hi dear students:
Feel free to contact us: ggsmtb@gmail.com  , I have the Book Resources for the above textbook. all the Book Resources is in pdf or doc files.

Additional Test Bank Items
Angel 7.4 test bank
Blackboard 6-9 test bank
Corporations Practice Set Solutions
Instructor PowerPoints
Instructor's Guide
Solutions Manual (PDF)
Solutions Manual (in Word)



the sample of the solutions manual and test bank (in Word)

http://www.mediafire.com/view/8ku388t3fuwrpjb/South-Western_Federal_Taxation_2014_Corporations%2C_Partnerships%2C_Estates_and_Trusts%2C_37th_Edition_William_H._Hoffman%2C_test_banksample.docx


http://www.mediafire.com/download/mcfn2paywgx59t2/South-Western_Federal_Taxation_2014_Corporations%2C_Partnerships%2C_Estates_and_Trusts%2C_37th_Edition_William_H._Hoffman%2C_solutions_manualSWFT2014_Vol02_SM_Ch02_final.zip

CHAPTER 2

CORPORATIONS: INTRODUCTION AND OPERATING RULES

SOLUTIONS TO PROBLEM MATERIALS

									Status:			Q/P
Question/			Learning						Present			in Prior
Problem			Objective				Topic		Edition			Edition

                   1         LO 1             Choice of entity:  tax and nontax factors        Unchanged   1

                                                         in entity selection

                   2         LO 1             Corporation versus S corporation: treatment   Unchanged   2

                                                         of operating income and tax-exempt

                                                         income; no distributions

                   3         LO 1, 7        Corporation versus proprietorship: treatment  Unchanged   3

                                                         of losses

                   4         LO 1, 2         Corporation versus partnership: treatment of  New

                                                         operating income and STCG

                   5         LO 1, 2         Corporation versus LLC and S corporation      New

                   6         LO 1, 2         Closely held corporations:  shareholder         New

                                                         transactions

                   7         LO 1             Double taxation                                                 New

                   8         LO 1             LLCs: single member                                        New

                   9         LO 1             LLCs: multi-owner default rule                        Unchanged   9

                 10         LO 2             Accounting periods: general rule and fiscal    Unchanged 10

                                                         year limitation

                 11         LO 2             Accounting periods: PSC fiscal year                Unchanged 11

                                                         limitation

                 12         LO 2             Accounting methods: limitation on cash          Unchanged 12

                                                         method

                 13         LO 2             Accounting methods: limitation on accrual     New

                                                         of expenses to cash basis related party

                 14         LO 2             Net capital gain: corporate and individual       Unchanged 14

                                                         tax rates contrasted

                 15         LO 2             Net capital loss: corporation and                      Modified    15

                                                         individual contrasted

                 16         LO 2             Recapture of depreciation: § 291 adjustment   Unchanged 16

                 17         LO 2             Passive loss rules: closely held C                     Modified    17

                                                         corporations and PSCs contrasted

                 18         LO 2             Passive loss rules: closely held C                     Unchanged 18

                                                         corporation

									Status:			Q/P
Question/			Learning						Present			in Prior
Problem			Objective				Topic		Edition			Edition

      19           LO 2             Charitable contributions: year of deduction    Modified            19

                                                for accrual basis corporation

      20           LO 2             Charitable contributions: amount of               Unchanged         20

                                                contributions

      21           LO 2, 7         Charitable contributions: year-end planning Unchanged         21

                                                issues with carryover

      22           LO 2             Domestic production activities deduction:      New

                                                computation

      23           LO 2, 3, 7     NOL carryover issues                                       Unchanged         23

      24           LO 1, 3         Dividends received deduction: corporate        Unchanged         24

                                                versus individual treatment

      25           LO 3             Dividends received deduction:  reduced       New

                                                ownership interest                                     

      26           LO 3             Dividends received deduction: holding           Unchanged         26

                                                period requirement

      27           LO 3             Organizational and startup expenditures         Modified            27

                                                contrasted

      28           LO 4             Corporate income tax rates:  highest            New

                                                marginal rate and average tax rates

      29           LO 5             Tax liability of related corporations                Unchanged         29

      30           LO 6             Estimated tax payments:  required annual     Unchanged         30

                                                payment

      31           LO 6             Schedule M-1: adjustments                              Modified            31

      32           LO 6             Schedule M-3: reconciliation of expense       Unchanged         32

                                                item

      33           LO 1, 2         Compare operating income and LTCL            New

                                                treatment for regular corporations and

                                                proprietorships

      34           LO 1, 2         Tax treatment of income and distributions      Modified            34

                                                from partnership, S and C corporations                                   

      35           LO 1, 2         Corporation versus proprietorship: salary       Unchanged         35

                                                versus dividends; tax-exempt interest

      36           LO 1, 2         Corporations versus S corporation:  ordinary                Modified      36

                                                income and LTCG                                     

    *37           LO 1             Corporation versus proprietorship: after-        Updated              37

                                                tax comparison

      38           LO 2             Comparison of deduction for casualty loss    Unchanged         38

                                                for individual and corporate taxpayers                                    

    *39           LO 1, 4, 7     Corporation versus proprietorship: total        Modified            39

                                                tax liability                                                                                

      40           LO 2, 4         Personal service corporation: salary                Unchanged         40

                                                requirements for use of fiscal year and

                                                tax rate

      41           LO 2             Accounting methods: related party expense; Unchanged         41

                                                cash versus accrual

      42           LO 1, 2, 4     Capital gains and losses: tax rate on LTCG    New

                                                for corporation versus single-member

                                                LLC

									Status:			Q/P
Question/			Learning						Present			in Prior
Problem			Objective				Topic		Edition			Edition

              43            LO 2, 4         Capital gains and losses: net capital gain         New

                                                         and net capital loss; tax computation

              44            LO 2             Capital gains and losses: comparison of          New

                                                         treatment of net capital losses for

                                                         individual and corporate taxpayers                                 

              45            LO 2             Capital gains and losses: corporate capital      Modified    45

                                                         loss carryback/carryover rules                                        

              46            LO 2             Recapture of depreciation on § 1250               Unchanged 46

                                                         property: corporation versus individual

              47            LO 2             Passive loss of closely held corporation;         New

                                                         PSC

              48            LO 2             Corporate charitable contributions:  amount  Unchanged 48

                                                         of contributions                                                                

              49            LO 2, 7         Corporate charitable contributions: tax           Modified    49

                                                         planning

              50            LO 2, 7         Corporate charitable contributions:                  Unchanged 50

                                                         carryover; tax planning                                                    

              51            LO 2, 7         Corporate charitable contributions: timing      Unchanged 51

                                                         of deduction; taxable income limit                                 

              52            LO 2             Domestic production activities deduction        Unchanged 52

            *53            LO 2, 3         Net operating loss: computed with                   Unchanged 53

                                                         dividends received deduction

            *54            LO 3             Dividends received deduction                           New

              55            LO 3             Organizational expenditures                             Modified    55

            *56            LO 3             Startup expenditures                                         Unchanged 56

            *57            LO 4             Determine corporate income tax liability        Modified    57

              58            LO 5             Tax liability of related corporations                 Unchanged 58

              59            LO 6             Estimated tax payments: large corporation      Unchanged 59

            *60            LO 6             Schedule M-1, Form 1120                                New

              61            LO 6             Schedule M-1, Form 1120                                Unchanged 61

              62            LO 6             Schedule M-2, Form 1120                                New

              63            LO 6             Schedule M-3, Form 1120                                Unchanged 63

              64            LO 6             Schedule M-3, Form 1120                                Unchanged 64

              65            LO 6             Schedule M-3, Form 1120                                Unchanged 65

              66            LO 2, 3, 7     Tax issues involved in starting a new               Unchanged 66

                                                         business in the corporate form                                        

                                                   *The solution to this problem is available on a transparency master.

											Status:			Q/P
Tax Return											Present			in Prior
	Problem							Topic			Edition			Edition

                1               Corporation income tax (Form 1120 with Sch. M-3)         Unchanged   1

                2               Corporation income tax (Form 1120)                                 New

										Status:				Q/P
Research										Present				in Prior
	Problem						Topic			Edition				Edition

        1                  Limitation on fiscal year-end for PSC:  business        Unchanged           1

                                  purpose exception

        2                  Startup expenditures                                                       New

        3                  Personal service corporation:  application to              Unchanged           3

                                  surveying business

        4                  Internet activity                                                              New

        5                  Internet activity                                                              Unchanged           5

        6                  Internet activity                                                              Unchanged           6

                           

                           

CHECK FIGURES

33.a.    Roger will report profit $45,000 and long-term capital loss $10,000.

33.b.    Riflebird taxable income $45,000 and $10,000 STCL carryback. Roger no consequences.

34.a.    Each partner reports $55,000 net profit and long-term capital gain $7,500.

34.b.    Same as a.

34.c.    Corporation reports $125,000 income. Shareholders each report $25,000 dividend income.

35.a.    Azure tax of $119,000; Sasha $0 tax.

35.b.    Azure tax of $119,000; Sasha $15,000 tax.

35.c.    Azure tax of $90,500; Sasha $29,700 tax.

35.d.    Azure tax of $0; Sasha $138,600 tax.

35.e.    Azure tax of $0; Sasha $138,600 tax.

36.a.    Taupe tax of $0; Torsten tax of $172,320.

36.b.    Taupe tax of $153,000; Torsten $0 tax.

37.a.    After-tax income $153,169.

37.b.    After-tax income $124,875.

37.c.    After-tax income $109,407.

38.a.    $17,400 itemized deduction.

38.b.    $40,000.

39.a.    $49,500.

39.b.    $40,500.

39.c.    $41,750.

39.d.    $46,875.

40.a.    $84,000.

40.b.    $33,250.

41.a.    $440,000.

41.b.    $460,000.

42.a.    $10,500.

42.b.    $12,500.

43.a.    $105,000 taxable income; $24,200 tax.

43.b.    $90,000 taxable income; $18,850 tax.

44.a.    $21,000 deducted 2013; $19,000 carried forward to 2014.

44.b.    $18,000 deducted 2013; $22,000 carried back to 2010, then 2011, etc.

45.a.    Offset short-term capital gain of $15,000 against net long-term capital loss of $105,000. The $90,000 net capital loss is carried back 3 years and forward 5 years.

45.b.    Total carryback $63,000.

45.c.    $27,000; carry forward to 2014, etc.

45.d.    Deduct $18,000 in 2013, $87,000 carried forward indefinitely.

46.a.    Ordinary income of $57,498 and § 1231 gain of $429,994.

46.b.    Section 1231 gain of $487,492.

47.a.    $430,000.

47.b.    $355,000.

48.       $118,500.

49.       Sell Brown stock and donate proceeds.

50.       Gift land in 2014.

51.       2013.

52.a.    $81,000.

52.b.    $75,000.

53.a.    $54,000.

53.b.    ($12,000).

54.       Almond $70,000; Blond $70,000; Cherry $63,000.

55.a.    $5,422.

55.b.    $3,544.

56.       $6,217.

57.       Purple $11,250; Azul $96,350; Pink $4,222,500; Turquoise $6,650,000; Teal $45,500.

58.       Red $42,325; White $69,625.

59.       April 15, $59,500; June 15, $212,500; September 15, $136,000; December 15, $136,000.

60.       Taxable income of $150,000.

61.       Taxable income of $265,000.

62.       $1,032,260.