Income Tax Exam Questions: Humphrey Corp & Others

Jul 25th, 2016
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Income Tax Exam Questions: Humphrey Corp & Others

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Section 11- Humphrey Corp., a calendar year C corporation, realized taxable income of$20,000 from its regular business operations for calendar year 2013. In addition,Humphrey had the following capital gains and losses during 2013:Short-term capital gain $2,000Short-term capital loss (6,000)Long-term capital gain3,500Long-term capital loss (9,500)Humphrey did not realize any other capital gains or losses since it began operations.What is Humphrey's total taxable income for 2013?$ 20,000$ 17,000$ 12,000$ 10,0002- Meeker operates a hardware store and owns a parcel of land that is operated as aparking lot. Meeker owns an additional parcel across the street from the store that isbeing held for investment purposes.Land/ParkingLand/InvestmentCapitalCapitalSection 1231Section 1231CapitalSection 1231Section 1231CapitalThe parking lot is used in ordinary business operations, and therefore falls undersection 1231. The additional parcel is not used in ordinary business operations,and is therefore capital.3- Carlos Anderson died on March 13, 2013 and bequeathed his entire $4,000,000estate to his daughter, Derna. His estate included investment real estate that had atax basis to Carlos of $230,000. This property was distributed to Derna sevenmonths after Carlos's death. The alternate valuation date was validly elected by theexecutor of Carlos's estate.Fair market values for the real estate were:At the date of Carlos's deathSix month

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