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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of<br>2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.<br>
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ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com ACC 547 Final Exam Guide FOR MORE CLASSES VISIT www.acc547outlet.com 1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016. If Vega did not request an extension of time for filing the 2016 gift tax return, the due date for filing was 3. Under the unified rate schedule, 4. During the current year, Mann, an unmarried U.S. citizen, made a $5,000 cash gift to an only child and also paid $25,000 in tuition expenses directly to a grandchild's university on the grandchild's behalf. Mann made no other lifetime transfers. Assume that the gift tax annual exclusion is $14,000. For gift tax purposes, what was Mann's taxable gift? 5. George and Suzanne have been married for 40 years. Suzanne inherited $1,000,000 from her mother.
ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com ACC 547 Week 1 Tax Research Paper FOR MORE CLASSES VISIT www.acc547outlet.com Review two sources that discuss the different types of tax authority (specifically primary and secondary sources). Createa 700- to 1,050-word (at least meet the minimum words) document that addresses the following: What are the two different categories of tax research (open and closed transactions)? Of the two known sources, primary & secondary, which has more authority ? Explain your answer. Give three examples of primary and secondary sources, discuss where you can find the sources, whether they are paid or free sources, and what kind of information you will find about a given tax situation.
ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com ACC 547 Week 2 Getting Personal FOR MORE CLASSES VISIT www.acc547outlet.com Introduction Gross Income Above the Line Deductions Itemize Deductions Personal Exemptions Taxable Income Tax Credits Conclusion
ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com ACC 547 Week 3 Comprehensive Problem Machines Inc FOR MORE CLASSES VISIT www.acc547outlet.com Comprehensive Problem for Chapters 7 and 8. Sam Johnson started a small machine shop, Machines, Inc., in his garage and incorporated it in March of 2013 as a calendar-year corporation. At that time, he began using his personal computer and tools solely for the business as part of his contribution to the corporation. The computer cost $2,700 but had a fair market value of only $900 at conversion and the tools, which had cost $1,500, were valued at $1,100. During 2013, Machines, Inc. purchased two machines: Machine A, purchased on May 2, cost $24,000; Machine B, purchased on June 5, cost $40,000. The corporation expensed Machine A under Section 179. The computer, tools, and Machine B were depreciated using accelerated MACRS only. The corporation did not take any depreciation on the garage nor did Sam charge the business rent because the business moved to a building the business purchased for $125,000 on January 5, 2014.
ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com ACC 547 Week 5 Sales and Use Tax FOR MORE CLASSES VISIT www.acc547outlet.com Sales and Use Tax: What is the Solution? Introduction Sales and Use Tax Laws Should There Be a Federal Sales and Use Tax System? Conclusion
ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com • ACC 547 Week 6 Godfreys Assets • FOR MORE CLASSES VISIT • www.acc547outlet.com • When Godfrey died in 2016, his assets were valued as follows: • Asset Date of death valuation Valuation six months later • Stocks $2,220,000 $2,180,000 • Bonds 4,600,000 4,620,000 • Home 800,000 780,000 • Total $7,620,000 $7,580,000 • The executor sold the stock two months after the decedent's death for $2,200,000. The bonds were sold seven months after the decedent's death for $4,630,000. What valuation should be used for the gross estate? Prepare a 350- to 700-word document that addresses and includes the amount of taxable estate for each of the following: • Address the question at the end of the scenario. If Godfrey came to you before his death and told you that he had a spouse and two children under the age of 18, what kind of estate plan would you suggest for him?
