ACC 470/570 Winter 2011
Graded Homework 1:
This assignment is due in class on Thursday Wednesday January 26th. The assignment is
to be completed individually. You may consult with classmates to discuss the problems,
but each individual student must turn i
1
Term Project 2
Xinyang Tian & Jia Zou
Due: 3/15
Instructor: Christopher Gibbs
E-mail: gibbs@uoregon.edu
U.S. Financial Crisis
A very disastrous financial crisis occurred in the US, which began in December
2007 appeared to the fall of 2009. It has to be
ACC 470/570 Winter 2015
Graded Homework 1:
This assignment is due in class on Wednesday January 28th. The assignment is to be
completed individually. You may consult with classmates to discuss the problems, but
each individual student must turn in a solut
Accounting 470-570 (Instructor: Brian Williams)
Chapter 2 Recommended HW Problems Solutions:
3. Marginal Tax Rates
Solution: Currently, Beta Corporations marginal tax rate is 34%. Betas income would need
to exceed $10,000,000 to step-up to the next tax br
ACTG 351
Columbia On-Line Networks Case
Due:
Monday, April 15 (at the beginning of class). Also, please be prepared to
discuss the case and your solution in class on this date.
Required:
Refer to the current, relevant accounting guidance to answer the que
Graded Homework 2
This assignment is due at the beginning of class on Monday February 14th. The assignment is to
be completed individually. You may consult with classmates to discuss the problems, but each
individual student must turn in a solution showin
Solutions to Graded Homework 1
Problem 1:
Cash sales
Municipal bond interest income
Cost of goods sold
Cash payments for utilities
Cash payments for rent
Tax depreciation
Political contribution
OID income
225,000
0
(45,000)
(3,500)
(18,000)
(40,000)
0
823
Solutions to Chapter 6 Problem Assignments
Check Your Understanding
1. [LO 6.1] Basis
Solution: Lindas basis is $30,000, the fair market value at the date of death.
2. [LO 6.1] Depreciation
Solution: No, depreciation must be taken in the year to which it
5. Timing of Expense Deduction
Solution: Businesses are not permitted to use reserves for expenses for tax purposes. Aloha
can only deduct the repair expenses in the year the repairs are performed, if it is an
accrual-basis taxpayer, or when they are paid
18. Taxable Income
Solution: Taxable income = $49,000
$450,000 Gross receipts
minus
145,00 Cost of goods sold
0
equals $305,000 Gross income
plus
20,00 Gain on sale
0
minus
276,00 Expenses
0
equals $49,000 Taxable income
The $500 interest on State of New
19. Student Loan Interest
Solution: Her deduction is $1,667.50
$130,000 AGI - $120,000 threshold = $10,000 excess
$10,000 excess/$30,000 phase out range = 33.3% phase out
$2,500 maximum ($2,500 x 33.3% phase out) = $1,667.50.
21. Dependency Exemptions
Sol
ACC 470/570 Fall 2013
Graded Homework 1:
This assignment is due in class on Thursday October 17th. The assignment is to be
completed individually. You may consult with classmates to discuss the problems, but
each individual student must turn in a solution
Solutions to Chapter 3 Problem Assignments
Check Your Understanding
1. [LO 3.1] Realization Principle
Solution: Income is not recognized (included in gross income) until the taxpayer has
realization. Realization usually takes place when an arms-length tra
Solutions to Chapter 8 Problem Assignments
Check Your Understanding
1. [LO 8.1] Gain/Loss Deferral
Solution: Gain or loss on disposal of an asset is usually deferred by adjusting the basis of the
asset acquired in the transaction, such as a like-kind exch
ACTG470/570
Chapter11PracticeProblem
Paul and Donna Decker are married taxpayers, ages 44 and 42, who file a joint return for 2013.
Paul and Donna have two children, Larry and Jane, ages 17 and 18. Larry lived with Paul and
Donna 12 months during 2013. Ja
Chapter 11: Taxation of Individuals 3
Solutions to Chapter 11 Problem Assignments
Check Your Understanding
1. Deductions for AGI
Solution: Student loan interest: Taxpayers can deduct up to $2,500 of qualified student loan
interest; the deduction is phased
3. fmgirm] Tax Rates
Solution: Currently. Beta C o1porations marginal tax rate is 34%. Betas income would need
to exceed $10.000.000 to step-up to the next tax bracket. Therefore, Beta Corporation should
use a 34% marginal tax rate in evaluating a project
Chapter 1: An Introduction to Taxation 1
Solutions to Chapter 1 Problem Assignments
Check Your Understanding
1. Constitutional Authority
Solution: The 16th amendment to the United States Constitution was passed in 1913.
2. Type of Tax
Solution: A tax t
Chapter 2: The Tax Practice Environment 3
Solutions to Chapter 2 Problem Assignments
Check Your Understanding
1. Tax Planning vs. Compliance
Solution: Tax compliance involves the gathering of relevant information, evaluating and
classifying that informati
Chapter 3: Determining Gross Income 3
Solutions to Chapter 3 Problem Assignments
Check Your Understanding
1. Choice of Tax Year
Solution: The sole proprietorships operating results will all be reported on Michelles tax
return. As a result, it will have to
Chapter 3: Determining Gross Income 7
receive $700 ($10,000 x 7%) in interest income but will pay $105 ($700 x 15%) in
tax on that income resulting in an after-tax cash flow of $595 ($700 - $105).
b. Jessica will now pay $196 ($700 x 28%) in tax on the co
10 Solutions Manual for Taxation for Decision Makers
36. Medicare Surtax
Solution: $1,607, $803 and $720.
Andrew pays $1,606.89 ($60,000 x 92.35% x 2.9%) in self-employment tax.
He can deduct the $803.45 employers half of his self-employment tax.
His Medi
Chapter 4: Employee Compensation 3
Solutions to Chapter 4 Problem Assignments
Check Your Understanding
1. Deferred Compensation
Solution: (1) Ricardo includes the entire $3,900,000 ($325,000 x 12 months) in taxable
income this year and his employer deduct
Solutions to Chapter 6 Problem Assignments
5. [LO 6.2] Timing of Expense Deduction
Aloha Airlines is required by law to have its aircraft engines tested and recertified after 5,000
flight hours. Molokai Maintenance performs the engine tests and recertific
Agenda for Today
Continue with Chapter 3
Sections 3.4 & 3.5
Specific Provisions:
Inclusions
Exclusions
Specific Provisions:
Inclusions
Dividends
Gains and losses from property transactions
Tax benefit rule
Discharge of debt
Transfers from others
Specific
Group Activity: Choice of
Ashley runs a small business in Boulder, CO, that makes snow skies.
Entity
She expects the business to grow substantially over the next 3 years.
Because she is concerned about product liability she is currently
considering incor
Agenda for Today
Continue with Chapter 1 & 2
Tax planning
Calculating the tax liability considering
the time value of money
Calculating the tax liabilities for different
business entities
1
Tax Planning
Over and over again, courts have said that
there i
Agenda for Today
Recap of Day 1
Continue Chapter 1
Considerations of tax laws
Tax structures
Calculating the tax liability from taxable
income
1
Recap Day 1
Public Policy Overview
Different Types of Taxes
Difficulties in Assessing Taxes
Importance of Taxe