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AF 450 University of Massachusetts Amherst Federal Taxation Questions

AF 450 University of Massachusetts Amherst Federal Taxation Questions

Question Description

I’m working on a accounting multi-part question and need guidance to help me learn.

1.

Lucas Corporation (a C-corporation) has the following operating profit for 2019 through 2021.

Year 2019 2020 2021

Operating profit $40,000 ($20,000) $50,000

Assume the marginal tax rate is flat 21%. (1) Discuss the tax consequences in year 2019, 2020, and 2021, respectively. (2) Why does the tax law allow business taxpayers to carry the net operating loss (NOL)?

2. Ironman is the president of Stark Corp. and owns 40% of its stock. Stark Corp. is organized as an S corporation. During 2020, Stark Corp. has a loss of $160,000. At the beginning of 2020, Ironman’s amount at-risk in Stark Corp. is $30,000. In 2021, Stark Corp. has a taxable income of $50,000. Determine Ironman’s (1) deduction amount and (2) the ending balance of amount at-risk for 2020 and 2021, respectively. Also, (3) what is the purpose of the at risk-rules?


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