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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.