HWk01 - Intro The worksheet that follows provides a pro...

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Unformatted text preview: Intro The worksheet that follows provides a pro forma workpaper to help you solve the assigned homework problem. It organizes your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you should continuously analyze the organization of the solution and the answers that you receive, as you work the problems. That is the only way that you will learn the skills and techniques that you will need for your long-term success. You should also refrain from checking the correct answers until after you have completed your solution. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then submit it in the manner prescribed in the course syllabus. NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 Intro Page 2 For each tax in column A in the table below, record the entity responsible for paying the tax (col. D), the period (or event) when the tax base is valued (col. F), and the items that are included in the tax base (col. G). Ignore the columns that are greyed out. You can find information about these taxes in chapter 1 of the text. Tax Base Tax Rate Schedule Tax Brackets % Valuation…. Tax Paying Entity Method Period Property Realty Personalty owner of the property owner of the property Assessment Date (per gov't) Assessment Date (per gov't) Transactions Sales Use Severence purchaser of the good purchaser of the good extractor of goods point of sale point of sale when extracted Gratutitous Transfers Gift Estate the recievor of the gift the estate date of gift date of death Income U.S. Individual U.S. Corporation the individual the corporation calendar year calendar year or fiscal year e tax (col. D), the period (or se (col. G). Ignore the columns ase Valuation…. Items real estate and capital improvements all assets that aren't realty all items that can be taxable when sold all items that can be taxable when sold natural resources that are extractable the wealth of the gift the wealth of the estate total income of the individual total income of the corporation ...
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