ACCT 553 Endless Education /uophelp.com

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2. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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

3. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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

4. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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

5. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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?

6. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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)

7. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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?

8. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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?

9. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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). Chapter 8 3. Macy had a lot of medical expenses this year that were3 not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses total $8,356 and her AGI for

10. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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? (b) Should John and Jane file separate or joint tax returns?

11. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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

12. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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.)

13. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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:

14. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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. Part III: Discuss the tax consequences of contributing cash, property, and/or services to the new entity.

15. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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?

16. ACCT 553 Endless Education/Uophelp.Com CJA 234 MART The power of possibility/cja234martdotcom 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.) 4. David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000. Susan sold the stock the next month for $ 252,000. What is Susan's gain or loss and what is the character of the gain or loss? ( 5 pts.)

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