Homework 01 - Intro The worksheet that follows provides a...

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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 send it as an email attachment to [email protected] Make sure that you put the following description in the email's Subject line, including the spaces: 346 Homework 01 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 For each tax inin 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 For each tax 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 inin the tax base (col. G). Ignore the columns that are greyed out. You can find information about these taxes in (col. F), and the items that are included the tax base (col. G). Ignore the columns that are greyed out. You can find information about these taxes in chapter 1 1 of the text. chapter of the text. Tax Base Tax Tax Rate Schedule Brackets % Valuation…. Tax Paying Entity Method Period Items Property Realty Personalty Business or Personal property use Business or Personal property use Length of owning the property Life of assets Value of property and capital improvements of property All assets that are not property. Tangible and intangible. Transactions Sales Use Severence Consumers Consumers that reside in another state States interested in natural resources Foreseeable future Foreseeable future Foreseeable future Almost all items purchased in stores. Use, consumption, or storage of tangible property purchased in another state Natural resources Gratutitous Transfers Gift Estate Property owner's that transfer property before death Property owner's that transfer property at death Life of property Life of property Current and past taxable gifts property values. Value of the property Income U.S. Individual U.S. Corporation Taxpaying individuals Taxpaying cororations Year of tax Year of tax Taxpayers income both taxable and non-taxable Corporations income both taxable and non taxable ...
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