South-Western Federal Taxation 2014: Individual Income Taxes, 37th Edition William Hoffman solutions manual and test bank

South-Western Federal Taxation 2014: Individual Income Taxes, 37th Edition William 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
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Solution Manual for South-Western Federal Taxation 2014: Individual Income Taxes, 37th Edition, William Hoffman, James E. Smith, ISBN-10: 1285424417, ISBN-13: 9781285424415

What is Solution Manual (SM)/ Instructor Manual(IM)/ Instructor Solution Manual (ISM)?

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Step-Step Solutions of End of Chapter Questions/Problems in the text book

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Part I: INTRODUCTION AND BASIC TAX MODEL.

1. An Introduction to Taxation and Understanding the Federal Tax Law.

2. Working with the Tax Law.

3. Tax Formula and Tax Determination: An Overview of Property Transactions.

Part II: GROSS INCOME.

4. Gross Income: Concepts and Inclusions.

5. Gross Income: Exclusions.

Part III: DEDUCTIONS.

6. Deductions and Losses: In General.

7. Deductions and Losses: Certain Business Expenses and Losses.

8. Depreciation, Cost Recovery, Amortization, and Depletion.

9. Deductions: Employee and Self-Employed-Related Expenses.

10. Deductions and Losses: Certain Itemized Deductions.

11. Investor Losses.

Part IV: SPECIAL TAX COMPUTATION METHODS, PAYMENT PROCEDURES, AND TAX CREDITS.

12. Alternative Minimum Tax.

13. Tax Credits and Payment Procedures.

Part V: PROPERTY TRANSACTIONS.

14. Property Transactions: Determination of Gain or Loss and Basis Considerations.

15. Property Transactions: Nontaxable Exchanges.

16. Property Transactions: Capital Gains and Losses.

17. Property Transactions: Section 1231 and Recapture Provisions.

Part VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION.

18. Accounting Periods and Methods.

19. Deferred Compensation.

Part VII: CORPORATIONS AND PARTNERSHIPS.

20. Corporations and Partnerships.

Appendix A: Tax Rate Schedule and Tables.

Appendix B: Tax Forms.

Appendix C: Glossary of Tax Terms.

Appendix D: Table of Code Sections Cited; Table of Regulations Cited; Table of Revenue Procedures and Revenue Rulings Cited.

Appendix E: Comprehensive Tax Return Problems.

Appendix F: Table of Cases Cited.

Appendix G: Depreciation.

Subject Index.

SOLUTIONS TO RESEARCH PROBLEMS

1. Lunches with lawyers and accountants to build up goodwill are probably not deductible because they are not directly related. See Reg. § 1.274-2(c)(3)(i). Also, the absence of a substantial business discussion before or after the meal means that they are not deductible under the "associated test." See Reg. § 1.274-2(d)(3).

2. The following subjects are covered in these subchapters:

<!--[if !supportLists]-->a.<!--[endif]-->Subchapter B covers "Computation of Taxable Income."

<!--[if !supportLists]-->b.<!--[endif]-->Subchapter D covers "Deferred Compensation."

<!--[if !supportLists]-->c.<!--[endif]-->Subchapter F covers "Tax-Exempt Organizations."

<!--[if !supportLists]-->d.<!--[endif]-->Subchapter K covers "Partnership and Partners."

<!--[if !supportLists]-->e.<!--[endif]-->Subchapter P covers "Capital Gain and Loses."

3. a. In a Tax Court Memorandum decision, the court upheld the IRS's methods of income reconstruction and imposed a civil fraud penalty.

b. A proposal merger between members of an affiliated group qualified for tax-free reorganization treatment under § 355.

c. The IRS issued a nonaquiescence to Algerine Smith Estate, 198 F.2d 515 (CA-5, 1999).

4.

<!--[if !supportLists]-->a.<!--[endif]-->Higgens v. Comm., 312 U.S. 212 (1941).

<!--[if !supportLists]-->b.<!--[endif]-->Talen v. U.S. 355 F.Supp. 2d 22 (D. D. C., 2004).

<!--[if !supportLists]-->c.<!--[endif]-->Rev. Rul. 2008-18, 2008-13 IRB 674.

<!--[if !supportLists]-->d.<!--[endif]-->Pahl v. Comm., 150 F. 3d 1124 (CA-9, 1998).

<!--[if !supportLists]-->e.<!--[endif]-->Veterinary Surgical Consultants PC, 117 T. C. 141 (2001).

<!--[if !supportLists]-->f.<!--[endif]-->Yeagle Drywall Co., TC Memo. 2001-284.

5. The title of the article is "Reporting Dilemma: Personal Use of Rental Properties" on pages 326 to 328. According to Prop. Reg. Sec. 1. 280A-1(d), the personal use rules supersede the fair rental rules.

Solutions Manual (PDF)
Solutions Manual (in Word)

CHAPTER 2

WORKING WITH THE TAX LAW

SOLUTIONS TO PROBLEM MATERIALS

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SWFT 2014: Individual Income Taxes

Solutions to Appendix E, "Comprehensive Tax Return Problems"

Contents

Problem 1 - David R. and Sheri N. Johnson - Individuals (Form 1040)

Tax Return

Notes

Problem 2 - Carrie A. Morgan - Individual (Form 1040)

Tax Return

Notes

SWFT 2014: Individual Income Taxes

Solutions to Appendix E, Comprehensive Tax Return Problems

Problem 1 - David R. and Sheri N. Johnson - Individuals (Form 1040)

the sample pf test bank (in Word)

1. 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. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

a. True

*b. False

3. 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. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

*a. True

b. False

5. 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. 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. The FICA tax (Medicare component) on wages is progressivesince the tax due increases as wages increase.

a. True

*b. False

8. The Federal estate and gift taxes are examples of progressivetaxes.

*a. True

b. False

9. The Federal excise tax on cigarettes is an example of a proportional tax.

*a. True

b. False

10. Currently, the Federal income tax is less progressivethan it ever has been in the past.

a. True

*b. False

11. 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. 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. 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. 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. A Federal excise tax is no longer imposed on admission to theaters.

*a. True

b. False

16. There is a Federal excise tax on hotel occupancy.

a. True

*b. False

17. The Federal gas-guzzler tax applies only to automobiles manufactured overseas and imported into the U.S.

a. True

*b. False

18. Like the Federal counterpart, the amount of the state excise taxes on gasoline varies from state to state.

a. True

*b. False

19. Not all of the states that impose a general sales tax also have a use tax.

a. True

*b. False

20. Sales made by mail order are not exempt from the application of a general sales (or use) tax.

*a. True

b. False

21. 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. States impose either a state income tax or a general sales tax, but not both types of taxes.

a. True

*b. False

23. 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. 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. An inheritance tax is a tax on a decedent's right to pass property at death.

a. True

*b. False

26. 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. 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. 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. The annual exclusion, currently $14,000, is available for gift and estate tax purposes.

a. True

*b. False

30. 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. 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. One of the motivations for making a gift is to save on income taxes.

*a. True

b. False

33. The formula for the Federal income tax on corporations is the same as that applicable to individuals.

a. True

*b. False

34. 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. For state income tax purposes, a majority of states allow a deduction for Federal income taxes.

a. True

*b. False

36. Some states use their state income tax return as a means of collecting unpaid sales and use taxes.

*a. True

b. False

37. No state has offered an income tax amnesty program more than once.

a. True

*b. False

38. For Federal income tax purposes, there never has been a general amnesty period.

*a. True

b. False

39. Under state amnesty programs, all delinquent and unpaid income taxes are forgiven.

a. True

*b. False

40. 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. The principal objective of the FUTA tax is to provide some measure of retirement security.

a. True

*b. False