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ACCT 553 Week 4 Homework Assignment Chapter 14 Please describe the concept of “double taxation” and discuss which entity(ies) are subject to this type of taxation. (5 pts) What type of taxpayers are considered “eligible” taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.) Please describe the concept of “Depreciation…

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ACCT 553 Midterm Exam (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5) amortizable or unamortizable. limited-life or indefinite-life. specifically identifiable or goodwill-type. legally restricted or goodwill-type. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5) Copyrights Customer lists Perpetual franchises All of these intangible assets should be amortized.

ACCT 553 Week 1 Homework Assignment Chapter 1 (5 pts) Briefly discuss the purpose of the Sixteenth Amendment Chapter 2 (5 pts) Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax. Chapter 3 (5 pts) 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? Chapter 13 (5 pts) What is an Installment Sale? Is it a form of…

ACCT 553 Week 2 Homework Assignment Chapter 4 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) Which of the following items would beexcludedfrom 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…

ACCT 553 Week 3 Homework Assignment Chapter 7 In your “own” words, please describe what a “Suspended Loss” is, how it is generated and when it is becomes deductible. (5 pts) Please describe “Active Participation” as it relates to a taxpayer’s involvement in an investment in Real Estate. (5 pts). Chapter 8 Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses…

ACCT 553 Week 3 Quiz (TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the: (TCO F) A business bad debt is deductible for tax purposes as a(n): (TCO I) Under the cash method of tax accounting, tax deductions are generally taken when: (TCO A) Which of the following constitutes tax evasion? (TCO C) Which of the following items is not subject to federal income tax?

ACCT 553 Final Exam (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. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy…

ACCT 553 Week 4 You Decide 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?

ACCT 553 Week 5 Homework Assignment Chapter 14 Please explain how Charitable Contributions come into play in determining “Corporate” taxable income. (5 pts) 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.)

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