ACCT 553 Your world/uophelp.com

ACCT 553 Your world/uophelp.com For more course tutorials visit www.uophelp.com

ACCT 553 Entire Course For more course tutorials visit www.uophelp.com • 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) • ACCT 553 Week 4 Homework

ACCT 553 Final Exam (New) For more course tutorials visit www.uophelp.com • 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) • (TCO F) Describe the current tax law for sale of residence. (Points : 17) • (TCO I) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year.

ACCT 553 Midterm Exam For more course tutorials visit www.uophelp.com • 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) • 4. (TCO C) ELO Corporation purchased a patent for $90,000 on September 1, 2008. It had a useful life of ten years. On January 1, 2010, ELO spent $22,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is five years. What amount should be reported for patent amortization expense for 2010? (Points: 5)

ACCT 553 Week 1 Homework For more course tutorials visit www.uophelp.com • 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) • 3. Explain the distinction between an "above the line" deduction (i.e. FOR AGI) and a below the line deduction (i.e. FROM AGI). Which one is more valuable?

ACCT 553 Week 2 Homework For more course tutorials visit www.uophelp.com • 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? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts) • Chapter 5

ACCT 553 Week 3 Homework ES (Quiz Set 1) For more course tutorials visit www.uophelp.com • 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. (TCO C) Which of the following items is not subject to federal income tax?

ACCT 553 Week 3 Homework ES (Quiz Set 2) For more course tutorials visit www.uophelp.com • 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?

ACCT 553 Week 3 Homework For more course tutorials visit www.uophelp.com • 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).

ACCT 553 Week 4 Assignment YouDecide For more course tutorials visit www.uophelp.com • 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?

ACCT 553 Week 4 Homework For more course tutorials visit www.uophelp.com • 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.) • 3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.)

ACCT 553 Week 5 Homework For more course tutorials visit www.uophelp.com • 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.) • 3. Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1. (5 pts.)

ACCT 553 Week 5 Quiz For more course tutorials visit www.uophelp.com • 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. They had a net investment income of $8,000. In 2012, they had the following interest expenses:

ACCT 553 Week 6 Assignment You Decide For more course tutorials visit www.uophelp.com • 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.

ACCT 553 Week 6 Homework For more course tutorials visit www.uophelp.com • Miyasyke,Inc.,acalendaryearScorporation,hasfiveequalshareholdersattheendofthetaxyear.Miyasykehad • $75,000oftaxableincome.Miyasykemadedistributionsto itsshareholdersof$32,000each,foratotalof$160,000. Eachshareholder'sbasisin theScorporationis$100,000atthebeginningofthetaxyear.Whatamountfrom Miyasykeshould be includedin eachshareholder'sgrossincome?

ACCT 553 Week 7 Homework For more course tutorials visit www.uophelp.com • 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? What is the holding period for the new asset? (5 pts.)

ACCT 553 Your world/uophelp.com For more course tutorials visit www.uophelp.com

ACCT 553 Your world/uophelp.com