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Several Comprehensive Problems Regarding Individual Taxation

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The attached excel file has example problems from this book
TAX YEAR 2006

Pope, T. & Anderson, K. & Kramer, J. (2007). Federal taxation comprehensive. Upper Saddle River, NJ: Prentice Hall.

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Solution Summary

This solution contains a set of problems:

1. The manner in which an individual is taxed if they are an S corporation shareholder and/or employee versus owning and/or working for a C corporation.

2. Accounting for a company's net income under the accrual and cash bases.

3. The taxation of income in a community property state.

4. The deductibility and requirement to include in income various types of insurance premiums.

5. A comprehensive 1040 containing rental income and the phase-out of itemized deductions and personal exemptions.

6. The factors involved in determining if a taxpayer has a profit motive (or, the factors in allowing a "hobby loss").

Note that all problems are stated and solved in a series of Excel spreadsheets.

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