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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CHAPTER 2
CORPORATIONS: INTRODUCTION AND
OPERATING RULES
SOLUTIONS TO PROBLEM MATERIALS
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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
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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
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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.
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1 Corporation income tax (Form 1120 with Sch. M-3) Unchanged 1
2 Corporation income tax (Form 1120) New
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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.
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