Mr and Mrs. Smith bought a primary residence in July 1999 for $150,000. In the year 2004, they added an additional room at a cost of $175,000.They lived there until Aug 2005. In Sep 2007. they sold this residence for $800,000. From Aug 2005 onwards, the house remained unoccupied. They file a Married filing Joint return and they have not excluded any gain in the past 2 years. What is their maximum taxable gain?

In 2007, ABC Inc. had gross receipts of $45,300from the sale of videos, dividends of $32,500 from a domestic corporation in which ABC, Inc. owned 50% of the stock. and operating expenses of $75,000. What is the net operating loss of the ABC Inc. in 2007?

John made several stock sales during 2007. Determine the net capital gain or loss for the following transactions:

ABC Corporation is preparing Schedule M-1 of its Form 1120, US. Corporate Income Tax Return. Which of the following statements is incorrect with regard to the preparation of Schedule M-1?

Which of the following need not be met for a child to qualify as a dependent?

What amount of taxable income must be reported in the 2007 Income Tax Return for Estate and Trusts (Form 1041)?

Mosh's basis in S Corporation stock was $100,000 before adjusting for the current year activity. After consideration of each of the items below, what is Mosh's basis in his S Corporation stock?

Wash sale occurs when you sell or trade stocks at a loss and

Which of the following is not a credit against gross estate tax in determining net estate tax?

John along with his spouse Nancy started a new consulting business in partnership. They share profits and losses in the ratio 6:4 respectively. They file a joint return as a married couple at the end of the year. Which of the following is true when they need to report the income and expenses of the consulting business?

Maggi and Philip are web developers. They went into business together and decided that the corporation structure would be in their best interest.