Week 3 : Deductions, Losses & Depreciation - Homework ES
Question 1.1. (TCO 2) Saul is single, under age 65, and has gross income of $50,000. His bona fide deductible expenses are as follows:
Charitable contributions $2,000
Course Project Notes Part 1
The $1,900 interest on the City of Cheyenne bonds is nontaxable but is reported on Line 8b
(page 1 of Form 1040). The $1,100 interest on the CD and the $400 interest on the money
market account are separately listed in Part
1. (TCO 2) In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. (Points : 2)
Ted is not required to recognize any income until he has collected 40 payments
Week 5 : AMT, Tax Credits, & Tax Payments - Homework ES
Question 1.1. (TCO 4) Richard is considering making a $5,000 investment during 2012 in a venture that its promoter promises will generate immediate tax benefits for him. Richard, who does not ant
Week 6 Quiz
Each Question is worth 2 points for a total of 20 points.
LO.4 Individuals who receive substantial Social Security benefits are usually not
eligible for the tax credit for the elderly or disabled because these benefits effectively
1. David is self-employed and reports his business income on Schedule C. Both his consulting
fees of $92,800 and his expense reimbursements of $20,420 should be included on Line 1.
The travel expenses are deducted on Line 24a [airfare $8,200 + lodging $5,
Question 1.1. (TCO 6) Steve purchased his home for $500,000. As a sole proprietor, he operates a certified public accounting practice in his home. For this business, he uses one room exclusively and regularly as a home office. In Year 1, $3,042 of deprec
12. Because the items received were made out of affection, respect, admiration, charity or like
impulses they are considered as gifts. Tax Act of 1913 all the recipient of gifts to exclude the value from
13. The following items can be claimed as i
1. On June 30, 20xx, Mike gave his brother, Bob, a bond with a $10,000 face amount that pays $1,000
interest annually on December 31. How much interest should each include in his 20xx gross income.
ANSWER: received on 6/30each brother owned it for 6 month
ACCT324 Week-1-Classroom Exercises
Week of July 6th -12th, 2016
Professor: Martin Ely
What are Adam Smiths 4 Canons of Taxation? P. 1-4, 1-5
Equality each taxpayer enjoys fair or equitable treatment by paying taxes in
proportion to his/her income level
Accounting Information Systems
Chapter 7 Control and Accounting Information Systems
(30 x 2 points each = 60 points)
Explain basic control concepts and explain why computer control and security are important.
1) Why are threats to accounting informa
. (TCO 6) Recognized gains and losses must be properly classified. Proper classification depends upon three characteristics. Which of the following is NOT one of those three characteristics? (Points : 2)
The tax status of the property
134 The manner of
4. LO.1 Classify each of the following expenditures as a deduction for AGI,
a deductionfrom AGI, or not deductible:
a. Amos contributes to his H.R. 10 plan (i.e., a retirement plan for a
self-employed individual). Deduction for AGI
b. Keith pays
Final Exam- 250 Points
Short Answer- 20 Questions- 5 Points Each
1. Ch. 1- When was the first 1040 due under the Revenue Act of 1913?
2. For Ad Valorem tax purposes, what are some types of intangible personalty?
stocks, bonds, and
Multiple Choice 5 pts. each
1. Which of the following would be considered substantial authority for the
assessment of additional tax under IRC 6662?
A. General counsel memoranda
B. The Bluebook
C. Revenue ruling
D. Letter ruling
E. All of the Ab
9. On June 14, 2014, the Millers sold 500 shares of Garnet Corporation for $17,500 ($35 per share). They owned 1,000
shares, acquired as follows: 500 shares on November 5, 2013, for $25 a share and 700 shares on April 5, 2014, for $30 a
share. The Millers
As a tax preparer you will be faced with a multitude of unique situations where you will
have to make executive decisions based on codes set forth by the IRS using ba
A. F., Manager
V. C., Assistant Manager
Desktop Publishing Final Report
December 15, 1998
On October 19th, 1998, you requested an investigation into the possibility of switching suppliers for AG Inn's
publicity materials from an o
1) Over the past several years, the flurry of advances in technology, fueled by the globalization
of work, the integration of global financial markets and economies, as well as the economic
downturn, provide a platform for both opportunities and chall
How do I look at two
careers in a report?
the considering of two things with
regard to some characteristic that is
common to both, as the likening of a
hero to a lion in terms of courage.
Running head: KELLY SERVICES
Professional Writing: Professor Michelle Disbrow-Smith
Remember, this is just an example. This group decided to include a table of contents and a title
page, which makes it appear longer.
4. The home office deduction is computed on Form 8829 (Expenses for Business Use of
Your Home). For depreciation purposes, the basis of the residence is the lesser of
$450,000 (fair market value) or Davids inherited basis of $360,000 under 1014. The
Week 1 : Federal Tax Law and Process - Homework ES
Question 1.1. (TCO 1) Which, if any, of the following taxes is progressive (rather than proportional)? (Points : 2)
A city's excise tax on hotel occupancy
Medicare component of FICA and FUTA
1/ how does the Windsor Case impact federal taxes? Please advise
Jason-DOMA was supreceded this summer by the Windsor Supreme Court Case. As a result, same-sex couples (if married,
civil unions do not count), can file a joint tax return for the first time
Chapter 18: Taxes: Equity vs. Efficiency
Chapter 18: Taxes: Equity vs. Efficiency
Multiple Choice Questions
WHAT IS INCOME?
1. Personal income:
A) Is the sum of wealth and in-kind income.
B) Is the sum of taxes, in-kind income, and personal consumption.