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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