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linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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Got some tax questions
, the questions you have

Customer Question

Customer: ***** *****, got some tax questions
JA: Thanks. Can you give me any more details about your issue?
Customer: the questions you have answered hear apper to be the same on this text i am having a problem with
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: um i have ten questions and ill pay to jump the line!
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 11 months ago.
Category: Multiple Problems
Customer: replied 11 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 11 months ago.
that sounds good
Customer: replied 11 months ago.
how?
Expert:  levr replied 11 months ago.

can you post your tax question?

Customer: replied 11 months ago.
i actually have 10 questions?
Customer: replied 11 months ago.
1. We learned this semester that not only do we have to determine the amount of income that a taxpayer must recognize for tax purposes, but we also need to determine when that particular taxpayer must recognize the income. In other words, the timing of the recognition of the income is a significant issue. Explain the general rules surrounding the timing of the recognition of income, including the three primary methods of accounting for tax purposes, the tests for each, and any notable exceptions.
2. This semester, we learned that Congress designed the Code to include various deductions from income. (NOTE: We are not discussing the deductions that may arise from losses.) There are two deductions that are particularly important to corporations: (1) the Section 162 deduction for business expenses and (2) the dividend-received deduction. How does the IRS generally interpret deductions (i.e., broadly or narrowly)? How do we determine whether a taxpayer is entitled to each of these two deductions? What is the purpose of each of these deductions? How is each calculated, and are there any limits on the deduction? Finally, what generally governs when a taxpayer may take each of these two deductions?
3. As a tax practitioner, you often get people asking questions concerning the tax effect of property transactions. This year is no exception. You've had individual clients ask you the following questions this year:
I. I inherited property from my grandfather, and I received a gift of property from another family member. How do I determine the basis in each piece of property?
II. I bought a piece of property that is used in a trade or business. Are there any tax deductions associated with this purchase of property? If so, how do I determine the amount of those deductions?
Answer each of these questions, explaining the applicable rules and possibilities of each.
4. One of your corporate clients has approached you about whether or not its employees are required to include certain benefits provided by the corporation in their income. In particular, the corporation has inquired whether the following benefits provided by the corporation to employees would be included in an employee's taxable income:
I. The employer would like to provide a holiday present to each employee at the end of December. It envisions providing gift cards, including a gift card for dinner at a local restaurant and a gift card for an electronics store. It also plans on providing each employee a $150.00 holiday bonus in a separate check.
II. The employer, which is in the business of providing commercial repair services (such as plumbing, painting, and remodeling), would like to give each employee a $500.00 credit each year that the employee can use toward any services or goods provided by the employer. For example, they could use the credit to have interior walls painted, plumbing work completed, or to purchase a new window and have it installed.
Explain to your client the general rules surrounding whether an employee must include benefits provided by the employer in income. Then, for the two proposed benefits mentioned above, explain whether the employee would have to include the amount in income or what provision or exception might apply to make the proposed benefit nontaxable. If the employer would have to make changes to the proposed benefit to render it nontaxable, explain what changes(s) would have to be made. Finally, explain what the resulting benefit would be to the employee and how much, if any, of the benefit the employee could exclude from income. Make sure to detail any significant exceptions or rules that apply to the benefit exception at issue.
5. One of your best individual clients is thinking about starting up a new business, and he is seeking your advice on which business form he should select. In particular, he's trying to decide whether to operate the business as an S corporation or a C corporation. Explain to him the significant tax and nontax issues that will arise from choosing each of these entities compared to the other, including how income will be treated by the entity, the overall tax burden, and the effect of distributions of property or earnings from the entity to your client. (Note: Do not spend time addressing other types of business entities. Credit will only be given for discussion of the two business entities at issue.)
Customer: replied 11 months ago.
how do you feel bout these first 5 questions?
Customer: replied 11 months ago.
you there?
Expert:  levr replied 11 months ago.

I "feel" that your question must be transferred to the homework category and I will request the transfer.
Please do not reply - and someone will be with you shortly.

Customer: replied 11 months ago.
how long do you think this will take?
Customer: replied 11 months ago.
Im asking because i am on the a timer, and need to know the bot***** *****ne. can yall answer these question for asap. if not i have to go in a different direction!
Customer: replied 11 months ago.
hello, am i talking to myself in here?

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