Chapter 1
7 Pages

Chapter 1

Course Number: ACCT 3260, Fall 2012

College/University: GA Southern

Word Count: 4941

Rating:

Document Preview

Chapter 1 I:1 Chapter An Introduction to Taxation True-False I:1-1. The federal income tax is the dominant form of taxation by the federal government. T, p. I:1-2. I:1-2. The Sixteenth Amendment permits the passage of a federal income tax. T, p. I:1-2. I:1-3. When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. F, p. I:1-3. Solution: The federal income tax...

Unformatted Document Excerpt
Coursehero >> Georgia >> GA Southern >> ACCT 3260

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Chapter 1 I:1 Chapter An Introduction to Taxation True-False I:1-1. The federal income tax is the dominant form of taxation by the federal government. T, p. I:1-2. I:1-2. The Sixteenth Amendment permits the passage of a federal income tax. T, p. I:1-2. I:1-3. When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised. F, p. I:1-3. Solution: The federal income tax law is changed on an incremental basis. I:1-4. A progressive tax rate structure is one where the rate of tax increases as the tax base increases. T, p. I:1-4. I:1-5. The terms "progressive tax" and "flat tax" are synonymous. F, p. I:1-4. Solution: A proportional tax and flat tax are synonymous. I:1-6. A proportional tax rate is one where the rate of the tax is the same for all taxpayers, regardless of income levels. T, p. I:1-4. I:1-7. Regressive tax rates decrease as the tax base increases. T, p. I:1-4. I:1-8. The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction. T, p. I:1-5. I:1-9. A planning because it measures the tax effect of a proposed transaction.

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

GA Southern - ACCT - 3260
Chapter 2I:2 Chapter Determination of Tax True-False I:2-1. Gross income is income from whateversource derived less exclusions. T, p. I:2-3. I:2-2. While exclusions are usually not reported on anindividual's income tax return, interest income on state
GA Southern - ACCT - 3260
Chapter 3:3 Chapter Gross Income-Inclusions True-False I:3-1. Except as otherwise provided, grossincome means all income from whatever source derived. T, p. I:3-2. I:3-2. Under the economistsdefinition, unrealized gains, as well as gifts and inheritanc
GA Southern - ACCT - 3260
Chapter 4:4 Chapter Gross Income-Exclusions True-False I:4-1. Loan proceeds are taxable in the yearreceived in cash. F, p. I:4-2. I:4-2. A taxpayer must include in gross income the rental value of hisor her personal residence. F, p. I:4-3. I:4-3. Upon
GA Southern - ACCT - 3260
I:5 Chapter Property Transactions-Capital Gains and Losses True-False I:5-1. All recognizedgains and losses must eventually be classified either as capital or ordinary. T, p. I:5-2. I:5-2.Tax rates of 5% and 15% currently apply to capital assets sold by
GA Southern - ACCT - 3260
Course Hero has millions of student submitted documents similar to the one below includingstudy guides, practice problems, reference materials, practice exams, textbook help and tutorsupport.I:6 Chapter Deductions and Losses True-False I:6-1. Expenses
GA Southern - ACCT - 3260
I:7 Chapter Itemized Deductions True-False I:7-1. For individuals, all deductible expenses mustbe classified as deductions for AGI or deductions from AGI. T, p. I:7-2. I:7-2. Medical expensesare deductible as a from AGI deduction to the extent that they
GA Southern - ACCT - 3260
I:8 Chapter Losses and Bad Debts True-False I:8-1. A loss must be both realized and recognizedto be deductible. T, p. I:8-2. I:8-2. The amount of loss realized on the sale of property iscomputed by subtracting adjusted basis from amount realized. T, p.
GA Southern - ACCT - 3260
I:9 Chapter Employee Expenses and Deferred CompensationDeferred compensation refers to methods of compensating employees based upontheir current service where the benefits are deferred until future periods. T, p. I:9-2. I:9-2.If an individual is self-e
GA Southern - ACCT - 3260
I:10 Chapter Depreciation, Cost Recovery, Amortization and DepletionTrue-False I:10-1. The MACRS system applies to property acquired after December 31,1986. T, p. I:10-2. I:10-2. Most of the property depreciated under the original ACRSsystem is now ful
GA Southern - ACCT - 3260
I:10 Chapter Depreciation, Cost Recovery, Amortization and DepletionTrue-False I:10-1. The MACRS system applies to property acquired after December 31,1986. T, p. I:10-2. I:10-2. Most of the property depreciated under the original ACRSsystem is now ful
GA Southern - ACCT - 3260
I:11 Chapter Accounting Periods and Methods True-False I:11-1. A taxpayers tax yearmust coincide with the year used to keep the taxpayer's books and records. T, p. I:11-2.I:11-2. A fiscal year is a 12-month period that ends on the last day of any month
GA Southern - ACCT - 3260
I:12 Chapter Property Transactions: Nontaxable Exchanges True-False I:12-1. I:12-2.I:12-3. Realized gain or loss must be recognized unless a specific Code sectionprovides for nonrecognition treatment. T, p. I:12-2. In a like-kind exchange, both theprop
GA Southern - ACCT - 3260
I:14 Chapter Special Tax Computation Methods, Tax Credits and Payment of Tax TrueFalse I:14-1. The present AMT applies to individuals, corporations, estates, and trusts.T, p. I:14-2. I:14-2. The alternative minimum tax applies to individuals only if it e
GA Southern - ACCT - 3260
I:15 Chapter Tax Research True-False I:15-1. The Statements on Standards for TaxServices provide guidance for CPAs in tax practice. T. p. I:15-2. I:15-2. With regard totax research, in a closed-fact situation, the client contacts the tax advisor afterc
GA Southern - ACCT - 3260
C:1 Tax 1Chapter Research Learning Objectives After studying this chapter, the studentshould be able to: 1. 2. 3. 4. 5. 6. 7. 8. Describe the steps in the tax research process.Explain how the facts influence the tax consequences. Identify the sources of
GA Southern - ACCT - 3260
C:2 Chapter Corporate Formations and Capital Structure Learning Objectives Afterstudying this chapter, the student should be able to: 1. 2. 3. 4. 5. 6. 7. Explain the taxadvantages and disadvantages of using each of the alternative business forms. Apply
GA Southern - ACCT - 3260
Chapter C:3 The Corporate Income Tax Learning Objectives After studying this chapterthe student should be able to: 1. 2. 3. 4. 5. Apply the requirements for selecting taxyears and accounting methods to various types of C corporations. Compute acorporat
GA Southern - ACCT - 3260
C:4 Chapter Corporate Nonliquidating Distributions Learning Objectives After studyingthis chapter, the student should be able to: 1. 2. 3. 4. 5. 6. 7. Calculate current earningsand profits (E&P). Understand the difference between current and accumulated
GA Southern - ACCT - 3260
Chapter C:5 Other Corporate Tax Levies Learning Objectives After studying this chapter,the student should be able to: 1. 2. 3. 4. 5. 6. 7. 8. Calculate the corporation's alternativeminimum tax liability (if any). Determine whether a corporation is a per
GA Southern - ACCT - 3260
C:6 Chapter Corporate Liquidating Distributions Learning Objectives After studying thischapter, the student should be able to: 1. 2. 3. 4. 5. Understand the difference betweena complete liquidation and dissolution. Apply the general shareholder gain and
GA Southern - ACCT - 3260
C:7 Chapter Corporate Acquisitions and Reorganizations Learning Objectives Afterstudying this chapter, the student should be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. Identify thetypes of taxable acquisition transactions. Distinguish between taxable and nonta
GA Southern - ACCT - 3260
C:8 Chapter Consolidated Tax Returns Learning Objectives After studying this chapter,the student should be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Determine whether a groupof corporations is an affiliated group. Explain the advantages and disadvanta
GA Southern - ACCT - 3260
C:9 Chapter Partnership Formation and Operation Learning Objectives After studyingthis chapter, the student should be able to: 1. 2. 3. 4. Differentiate between general andlimited partnerships. Explain the tax results of a contribution of property or se
GA Southern - ACCT - 3260
C:10 Chapter Special Partnership Issues Learning Objectives After studying thischapter, the student should be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Determine the amountand character of gain or loss a partner recognizes in a nonliquidating partnership
FSU - ECO - 101
Marisa FiumefreddoECO 201Mr. MurphyFebruary 22, 2011Chapter 5 homework1. (Review Question 5-1)The decrease in production will decrease supply from S0 to S1.The increase in demand for gasoline for vacation travel will increase demand from D0 toD1.
University of Illinois, Urbana Champaign - ECON - 102
GeneticallyModifiedFoodsAllison HuntToday, I am going to inform you on whatgenetically modified foods are, howcommon they are and why they are used.What are Genetically ModifiedFoods and how common arethey?Why are they used?GM CornGM SoyGM Ca
University of Illinois, Urbana Champaign - ECON - 102
Chapter 8Messaging and MediaStrategiesWhy Promotion Needs CreativityHow we recognize and define creativityin marketing rests on our understandingof the achievements of acknowledgedcreative geniuses from the worlds of art,literature, music, science
University of Illinois, Urbana Champaign - ECON - 102
Chapter 8Messaging and MediaStrategiesWhy Promotion Needs CreativityHow we recognize and define creativityin marketing rests on our understandingof the achievements of acknowledgedcreative geniuses from the worlds of art,literature, music, science
University of Illinois, Urbana Champaign - ECON - 102
Chapter 5Understanding BuyerBehavior and theCommunicationProcessConsumers as Decision MakersBegins with the realization that you have a need for a product,aka, jeans, shoes, etc.consumers go through a decision making process each day.Exhibit 5.1
University of Illinois, Urbana Champaign - ECON - 102
Chapter 7The InternationalMarket Environmentfor Brand PromotionCommandersafeguardcreatedcartoonhelpedchildrenengagedand thesales ofsafeguardincreases.International brandpromotionpreparation andplacement of brandcommunication indi
University of Illinois, Urbana Champaign - ANTH - 103
ANTH 103Chapter 3: What do Anthropologists do?I. The Four Fields Biological/ Physical Anthropology Linguistic Anthropology- how language shapes our world Archaeology- work with cultures of the past Cultural or Social AnthropologyII. Ethnography Th
University of Illinois, Urbana Champaign - CHLH - 210
Healthcare Timeline in theUS1900-2000 CHLH 210 Fall 2012 Lecture 2 August 29, 20121900s American Medical Association(AMA) becomes a powerfulnational force. Membership increases fromabout _ physicians in1900 to _ in 1910 - halfthe physicians i
University of Illinois, Urbana Champaign - CHLH - 210
Healthcare Timeline in the US1900-2000 CHLH 210 Fall 2012 Lecture 2 August 29, 20121900s American Medical Association (AMA)becomes a powerful national force. Membership increases from about_ physicians in 1900 to _in 1910 - half the physicians i
University of Illinois, Urbana Champaign - CHLH - 210
CHLH 210 Syllabus 1CHLH 210 Community Health Organizations213 Gregory HallM & W 1p-1:50p2 credit hoursFall 2012Instructor:Stephen J. Notaro, Ph.D.2005 Huff Hall; snotaro@illinois.eduT.A.:Miranda Sue Terry, M.S.95A Huff Hall; msterry@illinois.ed
University of Illinois, Urbana Champaign - CHLH - 210
1FALL 2012ANTH 180 SyllabusANTHROPOLOGICAL AND ARCHAEOLOGICAL PERSPECTIVES ON DEATHprofessor: Dr. Helaine Silvermanemail: helaine@illinois.eduIf you email me, always put ANTH 180 in the subject line.DEATH. We all face it. Death is the greatest of t
University of Illinois, Urbana Champaign - RLST - 110
Kayla MooreNathan Raybeck 10am.2045Ninian Smart enlightened the world with the six dimensions of religion in the midnineteen hundreds and two of the most important of these are the mythological and ritualdimensions. Religions still exist today becaus
University of Illinois, Urbana Champaign - RLST - 110
Vocab SectionChristianity:Old Testament- The Old Testament in Christianity is very similar but not the same as the JewishBible. The 3 big differences are that they contain books or parts of books that are not recognized inthe Jewish canon, the books a
University of Illinois, Urbana Champaign - RLST - 110
World Religions Midterm Study GuideVocab:Monism: the oneness of everything. A subtle term of Hinduism that means that otherthings can exist but there is only one reality. Spiritual liberation achieved when oneunderstands the unity of all things. The u
University of Illinois, Urbana Champaign - ATMS - 100
D ateTopic28-Aug Topic I30-Aug Topic I4-Sep Topic IReadingHealth Care SystemsHealth Care SystemsHealth Care SystemsIntroductionHistory and determinants of healthMcLaughlin, C. G., Wyszewianshi, L.(2002). Access to Care: Remembering OldLessons
University of Illinois, Urbana Champaign - ATMS - 100
1CMN 321 Strategies in PersuasionDr. John MurphyKatie Irwin4082 Lincoln HallOH: 11:00-11:30 MWF; 1:00-2:30 MW (Murphy). By appointment.11:30-12:30 MWF; 1:00-2:00 T (Irwin). By appointmente-mail: jmmurphy@illinois.edu; klirwon@illinois.eduTexts: Wi
University of Illinois, Urbana Champaign - ATMS - 100
ATMS-100: EXAM III REVIEW SHEETFROM BEFORE: What is the difference between satellites and radar? Satellites- view clouds from spaceRadar- view precipitation from ground How is wind direction defined? Wind direction- the direction FROM which the wind
University of Illinois, Urbana Champaign - ATMS - 100
ATMS-100: EXAM I REVIEW SHEETLECTURE #1Which gases are the primary constituents of the atmosphere?Argon 0.93%CO2 0.038%Oxygen 20.95%Nitrogen 78.08%Other 0.002%What is the difference between weather and climate?Weather- atmospheric conditions at a
University of Illinois, Urbana Champaign - ATMS - 100
FROM BEFORE:What is the difference between weather and climate?Weather- atmospheric conditions at a particular time and place (what you get)Climate- the average weather over a long period of time (what you expect)What is the difference between satelli
University of Illinois, Urbana Champaign - ATMS - 100
IB150Exam1Notes05:05Pg.1&2Organismalifeform,alivingentitymadeupofoneormorecells5fundamentalcharacteristicsa.i. Energytostayaliveandreproduce,organismshavetoacquireanduse energy.a.i.1. Plantsabsorbsunlighta.i.2. Animalsingestfooda.ii. CellsOrganis
USC - BUAD - 310
BUAD310Lecture1IntroductiontoProbabilityProvidessummaryofspecialrandomexperimentsarandomexperimenthasknownoutcomesComplementofeventAusthesetifoutcomesoutsideofA.togethertheyequalSAandBaremutuallyexclusiveiftheyhavenosimpleeventsincommon.Probability
UConn - BIO - 1107
SocialStructureandInteraction19:01jLevelsofsociologicalanalysisMacrosociologyLargescalefeaturesofsociallifeMicrosociologyFocusonsocialinteractionsMacrosociologyperspectiveSocialstructure:thewayinwhichsocietyisorganizedintopredictablerelationships(
UConn - BIO - 1107
Chapter 41:Anatomy: study of physical structuresPhysiology: study of physical structures and their functionsBiologist who study anatomy and physiology, study adaptions along withcompromise and constraintAdaptions are heritable traits that allow and i
UConn - BIO - 1107
Chapter 42:Electrolyte: Compound that dissociates into ions when dissolved in waterOsmolarity: concentration of dissolved substances in a solutionOsmoconformers: tissues isotonic relative to seawaterOsmoregulators: regulate osmolarity inside body to a
UConn - BIO - 1107
Introduction:Enzymes are proteins and they function as catalysts. They speed up the rate of achemical reaction by lowering the activation energy but they are not consumed in thereaction. Processes such as exporting or importing materials, generating ch
Maryland - ACCT - 424
The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admissionof new partner, Eden.Eden acquired a 20% interest in the partnership by contributing a total of $71,500 directly to theother four partners. Goodwill is to be
Maryland - ACCT - 424
A partnership has the following capital balances:Allen,CapitalBurns,CapitalCostello,Capital$60,00030,00090,000Profits and losses are split as follows: Allen (20%), Burns (30%), and Costello (50%). Costellowants to leave the partnership and is
Maryland - ACCT - 424
A local partnership is liquidating and is currently reporting the following capital balances:Angela, capital (50%share of all profits and $losses)Woodrow, capital(30%)Cassidy, capital(20%)19,00018,000(12,000)Cassidy has indicated that a forthco
Maryland - ACCT - 424
A partnership begins its first year with the following capital balances:Arthur, CapitalBaxter, CapitalCartwright, Capital$60,00080,000100,000The articles of partnership stipulate that profits and losses be assigned in the following manner: Each p
Maryland - ACCT - 424
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheetaccounts as of January 1, 2011:Assets$ 320,000LiabilitiesAthos,capitalPorthos,capitalAramis,capital$ 120,00080,00070,00050,000According to the artic
Maryland - ACCT - 424
Bartlett Company, headquartered in Cincinnati, Ohio, has occasional transactions withcompanies in a foreign country whose currency is the lira.Transactions in 2011Feb. 1Apr. 1Jun. 1Aug. 1Oct. 1Nov. 1Bought equipment for 40,000 lira on credit.Pai
Maryland - ACCT - 424
Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1,2011, with payment of 20,000 korunas to be received on March 1, 2012. Brandlin enters into aforward contract on December 1, 2011, to sell 20,000 korunas on March 1,
Maryland - ACCT - 424
Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2011:The appropriate exchange rates during 2011 were as follows:PROBLEM1. Prepare all journal entries in U.S. dollars along with any December 31
Maryland - ACCT - 424
ACCT 424 Summer 2012 Final Exam1. Whitley Corporation identified four operating segments: Automotive, Electrical, Lawn Equipment, andSporting Goods. Automotive met the revenue test and the profit or loss test. Electrical met all three tests. LawnEquipm
Maryland - ACCT - 424
Holmes Corporation has filed a voluntary petition with the bankruptcy court in hope ofreorganizing. A statement of financial affairs has been prepared for the company showing thesedebts:Liabilities with priority:Salaries payableFully secured creditor
Maryland - ACCT - 424
1. When an investor uses the equity method to account for investments in common stock,cash dividends received by the investor from the investee should be recorded asA deduction from the investors share of the investees profits.A deduction from the stoc
Maryland - ACCT - 424
1. When an investor elects the fair-value option for a significant influence investment, cashdividends received by the investor from the investee should be recorded asDividend income.A deduction from the investment account.A reduction from accumulated