ACC 401 Reading feeds the Imagination/Uophelpdotcom

1. ACC 401 Reading feeds the Imagination/Uophelpdotcom For more course tutorials visit www.uophelp.com

2. ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 For more course tutorials visit www.uophelp.com 32) List the five types of filing status and briefly explain the requirements for the use of each one. 33) In which of the following cases may the taxpayer claim head of household filing status? a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son. b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother. c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents. Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year

3. ACC 401 Week 1 DQ 1 Basic Concepts For more course tutorials visit www.uophelp.com From Chapter 1, complete discussion questions 6, 9, & 10. From Chapter 2, complete discussion questions 3, 6, 9, & 10. Review Appendix E (2014 IRS Tax Forms) to see where dependents are shown on the tax return. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

4. ACC 401 Week 1 DQ 2 Gross Income For more course tutorials visit www.uophelp.com From Chapter 3, answer discussion questions 1, 2, 3, 10, 12, & 15. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

5. ACC 401 Week 1 Quiz Set 2 For more course tutorials visit www.uophelp.com 1. Question : What is the amount of the social security wage limitation for 2014? 2. Question : With respect to the income tax formula, which of the following statements is 3. Question : To be a qualifying child, the taxpayermust meet three general tests and five specific tests. Which one is not part of the five specific tests? 4. Question : Which of the following would disqualify a taxpayer from filing a Form 1040EZ? 5. Question : The basic standard deduction in 2014 for a single taxpayer who is 67 years old and not blind is: 6. Question : The basic standard deduction in 2014 for a taxpayer, 67 and not blind, filing head of household is: 7. Question : What is the amount of the tax liability for a married couple having taxable income of $153,500? All answers should be rounded to the nearest dollar.

6. ACC 401 Week 1 Quiz For more course tutorials visit www.uophelp.com ACC 401 Week 1 Quiz

7. ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 For more course tutorials visit www.uophelp.com 53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000. a. How much of this must be reported on Linda’s tax return? b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house? 54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences? 55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year. Chapter 5, complete problem 54, problem 61, and problem 62

8. ACC 401 Week 2 DQ 1 Adjusted Gross Income For more course tutorials visit www.uophelp.com 38. What are some of the limitations concerning deductibility of student loan interest? Be specific and comprehensive 43. How much, if any, may Antonio take as a moving expense deduction on his 2014 tax return? Is that deduction subject to any conditions that could change its deductibility in the future? 47. Three types of payments are associated with a decree of separation or a divorce.             a. What are those three payments b. Which one has a tax consequence c. What is the timing rule regarding the recapture period of those payments

9. ACC 401 Week 2 DQ 2 Itemized Deductions For more course tutorials visit www.uophelp.com Ch5. 48. Mickey is a 12-year-old dialysis patient. Three times a week he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home they go 10 miles out of their way to stop at Mickey’s favorite restaurant. Their total round trip is 50 miles per day. How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2010. Explain your answer. 52. On April 1, 2010, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2010. Amy paid the full amount of property tax of $ 2,500. Calculate both Paul’s and Amy’s allowable deductions for the property tax. Assume a 365 day year. 53. In 2009 Sherri, a single taxpayer, had $3,600 in state tax withheld from her paycheck. She properly deducted that amount on her 2009 tax return as an itemized deduction that she qualified for, thus reducing her tax liability. After filing her 2009 tax return, Sherri discovered that she had overpaid her state tax by $316. She received her refund in July 2010. What must Sherri do with the $ 316 refund? Explain your answer.

10. ACC 401 Week 2 Quiz For more course tutorials visit www.uophelp.com QUIZ 2 1) Henry graduated from university of Maryland in 2006, in 2009, to take advantage of lower interest rates, he refinanced his qualified education loans with another loan. He is not a dependent on another person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009? 2) Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore not deductible as an itemized deduction? 3) Which of the following miscellaneous itemized deduction is not subject to the 2% of adjusted gross income limitation? 4) For the deduction of self-employment taxes, which of the following statements is correct?

11. ACC 401 Week 3 Assignment Chapter 6 For more course tutorials visit www.uophelp.com 39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows: Income from consulting business $4,000 Consulting expenses other than home office 1,500 Total costs relating to home: Interest and taxes 6,500 Utilities 1,500 Maintenance and repairs 450 Depreciation (business part only) 1,500

12. ACC 401 Week 3 DQ 1 Self-Employed Business Income & Capital Gains For more course tutorials visit www.uophelp.com Ch6. 1.    Discuss the definition of trade or business. Why does it matter whether a taxpayer is classified as an employee or as self-employed? 2.    Discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses. 9.  Discuss the concept of electing §179 expense. Does the election allow a larger expense deduction in the year of asset acquisition? 15. Why were the hobby loss rules established? What factors determine whether an activity is a trade or business or a hobby? Is any one factor controlling?

13. ACC 401 Week 3 DQ 2 Rental Property & Royalties For more course tutorials visit www.uophelp.com Ch8. 33. Ramone is a tax attorney and he also owns an office building that he rents for $8,500 /month. He is responsible for paying all taxes and expenses relating to the building’s operation and maintenance. Is Ramone engaged in the trade or business of renting real estate? 34. Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property: How are the expenditures treated for tax purposes? On what tax form(s) are these amounts reported? 35. In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses are as follows What is Sandra’s net income or loss from the activity? Use the tax court method.

14. ACC 401 Week 3 Quiz For more course tutorials visit www.uophelp.com QUIZ 3 1) Which one of the following is Section 1231 property? 2) Which of the following expense items is (are) deductible as rental expense? 3) If an activity is considered a hobby, which of the following is true? 4) $179 expense is available for all of the following business assets except: 5) Brad and Kate receive $9,500 for rent from Mike and Janet, who are renting their home in Santa Ana, California. Brad and Kate do not use this property for personal use. The rent covers eight months from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Brad and Kate report as rental income in the current tax year? 6) The adjusted basis of an asset is: 7) Samantha is a full-time author and recently published her 8th romance novel. The royalty income she receives from the publisher this year should be reported on what schedule?

15. ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49 For more course tutorials visit www.uophelp.com 42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim? 49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2009. Alyssa was in her first year of college and attended full-time: Tuition and fees (for fall semester 2009) $1,950 Tuition and fees (for spring semester 2010)1,000 Books 600

16. ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes For more course tutorials visit www.uophelp.com From Chapter 9, complete questions 3 and 7, and problem 43. From Chapter 10, complete question 1 and question 7. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome. Respond to at least two of your classmates' postings.

17. ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement Plans For more course tutorials visit www.uophelp.com From Chapter 10, complete questions 12 and 13. From Chapter 11, complete question 5, question 15, and question 19. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

18. ACC 401 Week 5 DQ 1 Partnership Taxation For more course tutorials visit www.uophelp.com Chapter 14, problems 1, 3, 12, and 15. 1.  Discuss the formation of a partnership.  Is any gain or loss recognized? Explain. 3.  How do taxation for the corporate form and taxation for the partnership form differ? 12.  Can a partner have a salary from a partnership?  Why?  What is a guaranteed payment? 15.  If a partner owns a 20% interest, does that necessarily mean that he or she will receive 20% of the net income from the partnership?  Explain.

19. ACC 401 Week 5 DQ 2 Corporate taxation For more course tutorials visit www.uophelp.com Chapter 15, problems 4, 6, 14 and 16. 4.Explain the 80% rule as it pertains to the formation of a corporation. 6.An individual contributes property with a fair market value in excess of basis to a corporation in exchange for stock. What is the basis of the stock in the hands of the shareholder, and what is the basis of the property contributed in the hands of the corporation? 14.A corporation may make a distribution to its shareholders. Depending on the circumstances, in the hands of the shareholder, the distribution can be classified as a dividend, a tax-free distribution, or a capital gain. Explain the circumstances in which each classification can occur. 16.What is Schedule M-1, and what is its purpose?

20. ACC 401 Week 5 Final Paper Assignment For more course tutorials visit www.uophelp.com Q:Appendix A Please use this information for your Tax Return and Paper. *All people, businesses, and information are fictional. Any relation to an actual person or business is accidental. Harold Petersan SSN: 0XX-01-1XXX Date of Birth (DOB): 05/27/1975 Gross Pay: $51,750 401(k) contributions: $4,140 Healthcare costs (payroll deductions): $1347 Reported wages: $46,263 Social Security Wages: $50,403 Medicare Wages: $50,403 State Wages: $46,263

21. ACC 401 Reading feeds the Imagination/Uophelpdotcom For more course tutorials visit www.uophelp.com