Chap13%20HW%20Solutions

Chap13%20HW%20Solutions - Instructor's Manual 227...

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Instructor's Manual 227 Inventories: Lower-of-Cost-or-Market Method 24. The lower-of-cost-or-market inventory method allows each inventory item to be written down to the lower of its cost-or-market value. Market value is defined as the replacement cost of the inventory item. Installment Sales: Comparison to Cash Sales 25. The tax may be deferred, but so are the payments. There are default and purchasing power risks. Installment Sales: Forgiveness of Debts 26. In addition to the gift tax, the gain is accelerated unless the seller elected out of installment reporting and recognized the gain upon the sale. Installment Sales: Liabilities in Excess of Basis 27. The liabilities in excess of basis in an installment sale are treated as a payment in the year of sale and as part of the contract price. The result is to limit the gross profit percentage to 100 by accelerating some of the gain. ANSWERS TO PROBLEMS—CHAPTER 13 Topical List of Problems 28. Taxable Income (¶13,001) 29. Tax Year: Partnerships (¶13,015) 30. Tax Year: S Corporations (¶13,015) 31. Accounting Periods: Business Organizations and Employees (¶13,015) 32. Accounting Periods: Partnerships—Short Periods (¶13,015) 33. Accounting Periods: Changes—Procedural Requirements (¶13,101) 34. Accounting Periods: Changes—Procedural Requirements (¶13,101 and ¶13,165) 35. Accounting Periods: Changes—Short Periods (¶13,165) 36. Accounting Periods: Tax Planning (¶13,115) 37. Accounting Methods: Accrual-Basis Taxpayers (¶13,235) 38. Accounting Methods: Business Organizations and Estates (¶13,201, ¶13,501, ¶13,265, and ¶13,215) 39. Accounting Methods: Cash-Basis Taxpayers (¶13,215) 40. Accounting Methods: Accrual-Basis Taxpayers (¶13,325) 41. Accounting Methods: Separate Businesses (¶13,245) 42. Hybrid Methods (¶13,265) 43. Accounting Methods: Changes (¶13,301) 44. Inventories: FIFO v. LIFO (¶13,425 and ¶13,453) 45. Inventories: Simplified Production Method (¶13,435) Chapter 13
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228 CCH Federal Taxation—Basic Principles 46. Inventories: Simplified Resale Method (¶13,435) 47. Inventories: Lower-of-Cost-or-Market (¶13,445) 48. Inventories: FIFO v. LIFO (¶13,453) 49. Inventories: Dollar-Value LIFO (¶13,473) 50. Long-Term Contracts (¶13,501 and ¶13,515) 51. Installment Sales: Computation of Gain (¶13,655) 52. Installment Sales: Installment Reporting (¶13,601) 53. Installment Sales: Nondealer Real Estate Obligations (¶13,699) 54. Installment Sales: Computation of Gain (¶13,655, ¶13,675, and ¶13,699) 55. Installment Sales: Installment Plans (¶13,655) 56. Installment Sales: Depreciation Recapture (¶13,601) 57. Multiple Choice—Accounting Methods: Changes (¶13,325) 58. Multiple Choice—Installment Sales: Computation of Gain (¶13,601) 59. Multiple Choice—Installment Sales: Computation of Gain (¶13,655) 60. Multiple Choice—Accounting Periods (¶13,007) 61. Multiple Choice—Accounting Methods (¶13,215 and ¶13,230) 62. Multiple Choice—Accounting Methods (¶13,235) 63. Multiple Choice—Accounting Methods (¶13,245 and ¶13,301) 64. Multiple Choice—Accounting Methods (¶13,453) 65. Multiple Choice—Accounting Methods (¶13,453) 66. Multiple Choice—Installment Sales: Dispositions (¶13,685) 67. Multiple Choice—Installment Sales: Repossessions (¶13,695) 68. Multiple Choice—Installment Sales: Repossessions (¶13,695) 69. Comprehensive Problem—Accounting Methods: Cash-Basis Taxpayers (¶13,215) 70.
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This homework help was uploaded on 04/09/2008 for the course ACCT Acct 308 taught by Professor Lau during the Summer '06 term at CSU Fullerton.

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Chap13%20HW%20Solutions - Instructor's Manual 227...

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