ACCT 553 Slingshot Academy / acct553study.com

1. ACCT 553 Slingshot Academy / acct553study.com For More Tutorials www.acct553study.com

2. ACCT 553 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / 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 Slingshot Academy / acct553study.com For More Tutorials www.acct553study.com