1 / 10

ACCT 553 Course Experience Tradition / acct553study.com

FOR MORE CLASSES VISIT <br>www.acct553study.com<br>1.<br>(TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows.<br> <br>(TCO E) Distinguish between realized gains and losses and recognized gains and losses. (Points : 17)<br>

edwrt
Download Presentation

ACCT 553 Course Experience Tradition / acct553study.com

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. ACCT 553 Course Experience Tradition / acct553study.com For More Tutorials www.acct553study.com

  2. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 All Homework, Quiz, Midterm, Final, You Decide ACCT 553 Final Exam (New) • Please check the Details under individual Assignments • ACCT 553 Week 1 Homework • ACCT 553 Week 2 Homework • ACCT 553 Week 3 Homework • ACCT 553 Week 3 Homework ES (Quiz, Set 1) • ACCT 553 Week 3 Homework ES (Quiz, Set 2) • 1. • (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. • (TCO E) Distinguish between realized gains and losses and recognized gains and losses. (Points : 17)

  3. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Midterm Exam ACCT 553 Week 1 Homework • 1. (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5) • 2. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5) • 3. (TCO C) The intangible asset goodwill may be (Points: 5) • Chapter 1 (5 pts) • 1. Briefly discuss the purpose of the Sixteenth Amendment • Chapter 2 (5 pts) • 2. Explain the two "safe harbors" available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax. • Chapter 3 (5 pts)

  4. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 2 Homework ACCT 553 Week 3 Homework ES (Quiz, Set 1) • Chapter 4 • 1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) • 2. Which of the following items would be excluded from income? • 1. (TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the: • 2. (TCO F) A business bad debt is deductible for tax purposes as a(n): • 3. (TCO I) Under the cash method of tax accounting, tax deductions are generally taken when: • 4. (TCO A) Which of the following constitutes tax evasion?

  5. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 3 Homework ES (Quiz, Set 2) ACCT 553 Week 3 Homework • 1. A business bad debt is deductible for tax purposes as a(n): • Your Answer: • 2. Which of the following items is not subject to federal income tax? • 3. Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift and Sam is neither insolvent nor bankrupt. Which of the following statements is correct concerning the impact of this transaction? • Chapter 7 • 1. In your "own" words, please describe what a "Suspended Loss" is, how it is generated and when it is becomes deductible. (5 pts) • 2. Please describe "Active Participation" as it relates to a taxpayer's involvement in an investment in Real Estate. (5 pts).

  6. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 4 Assignment You Decide ACCT 553 Week 4 Homework • Jane Smith Case • How is the $300,000 treated for purposes of federal tax income? • Jane Smith Tax Issues: • (a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes? • Chapter 14 • 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) • 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.)

  7. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 5 Homework ACCT 553 Week 5 Quiz • Chapter 14 • 1. Please explain how Charitable Contributions come into play in determining "Corporate" taxable income. (5 pts) • 2. What happens to a loss on the Corporate Tax Return (Form 1120)? Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail. (5 pts.) • 1. (TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as: • 2. (TCO F) When comparing corporate and individual taxation, the following statements are true, except: • 3. (TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $80,000.

  8. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 6 Assignment You Decide ACCT 553 Week 6 Homework • ACCT 553 Week 6 You Decide • Mark, and John Case • Part I: Discuss the various forms of organization that are available to Penelope, Mark, and John • Part II: Make your recommendation as to what form of organization you believe will be best, and be sure to explain the reasoning for your choice. • Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had • $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder's basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder's gross income?

  9. ACCT 553 Course Experience Tradition / acct553study.com ACCT 553 Week 7 Homework • Chapters 10-11-12 • 1. Please explain the distinction between a "realized" gain and a "recognized" gain. (5 pts) • 2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? (5 pts.) • 3. What is the basis of property received (i.e. new property) in a like-kind exchange

  10. ACCT 553 Course Experience Tradition / acct553study.com For More Tutorials www.acct553study.com

More Related