Describe the advantages and disadvantages of being employed versus being self-employed.
Provide an example showing the advantages and disadvantages.
The difference between employed individuals and those who are self-employed
encompasses several things. Wh
DB 3 Reply 1
Marcie owns a 10 percent interest in a shopping mall located in Portland, Maine. Her
adjusted basis for her interest is $250,000, and its fair market value is $900,000. She exchanges it
for undeveloped land in York, Pennsylvania, tha
Question 5: Some family members have net losses from gambling while another family member has a substantial gain from winning the lottery. You know that the family members are going to give the losing tickets to the winning family member. How would y
Matt recently deposited $31,500 in a savings account paying a guaranteed interest rate of 2.20 percent for the next 10
years. (Do not round your intermediate calculations. Round your answers to the nearest dollar amount. Omit
the "$" sign in your response
In 2011, Lisa and Fred, a married couple, have taxable income of $655,000. If they were to file separate tax returns,
Lisa would have reported taxable income of $287,500 and Fred would have reported taxable income of $367,500.
Use Tax Rate Schedule for re
Jorge and Anita, married taxpayers, earn $142,000 in taxable income and $50,000 in interest from an investment in
City of Heflin bonds.
Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average
Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time.
During the current year Junior:
Personally stayed in the home for 25 days.
Rented it to his favorite brother at a discount for 19 days.
For each of the following independent situations, indicate the amount the taxpayer must include in gross income:
(Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
a. Phil won $650 in the scratch-off st
Rafael sold an asset to Jamal.
What is Rafael's amount realized on the sale in each of the following alternative scenarios? (Omit the "$" sign in
a. Rafael received $107,000 of cash and a vehicle worth $12,700. Rafael also pays $5,900 in s
Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $27,250. In
addition, Jose incurred the following expenses before using the van: shipping costs of $840; paint to match the
other fleet vehicles at a
Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school
Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following
circumstances: (Leave no cells
In 2011, Nina contributes 7 percent of her $103,000 annual salary to her 401(k) account. She expects to earn a 12
percent before-tax rate of return.
Assuming she leaves this (and any employer contributions) in the account until she retires in 32 years, wh
Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $422,500 in 2011. Assume TTT has a
35 percent marginal tax rate.
What is TTT Corporations after-tax cost of paying Lynettes salary excluding FICA taxes? (Omit the "$" sign in
Melissa recently paid $545 for round-trip airfare to San Francisco to attend a
Melissa also paid the following expenses:
conference for three days.
$280 fee to register for the conference,
$330 per night for three nights lodging,
$190 for meals,
Running Head: DISCUSSION BOARD III
Discussion Board III
April 21, 2016
DISCUSSION BOARD III
Question 5: One often hears the phrase render unto Caesar what is Caesars. This
could easily be applied to taxatio
Question 5: Taxation has a lot of grey areas that can be taken advantage of by taxpayers. The Bible
discusses the importance of honesty and integrity. Specifically, in what ways can tax preparers use
Biblical principles to guide their clients using the ch
Wes can continue to do this legally as long as he can prove that the farm is to earn a
profit. Now if Wes wants to do this just for a hobby then he cant legally deduct his losses from
his income. But if Wes is a qualified farmer, then he can offset the co
I enjoyed reading your response to question 4. I can say with confidence that I
completely agree with your assessment of the question. There are situations in life that
are acceptable to be lenient in and situations that are not. This particular s
I enjoyed reading your response to question 5. I agree with your assessment that
Matthias will not be able to claim the sale proceeds as a capital gain. I agree that the
goods that Matthias is liquidating dont qualify as a capital asset because t
Running Head: DISCUSSION BOARD II
Discussion Board II
April 7, 2016
DISCUSSION BOARD II
Question 1: For years, there has been a debate over what was known as the
marriage penalty. Does the penalty still exi
Question 5: One often hears the phrase render unto Caesar what is Caesars. This could
easily be applied to taxation. Do you feel that taking adjustments, deductions, and credits is a
violation of paying what is truly owed to the government, or that these
Running Head: DISCUSSION BOARD I
Discussion Board I
March 24, 2016
DISCUSSION BOARD I
Question 1: Tax preparers often have a difference of opinion with their clients as to
how some transactions should be tr
I would not release the tax return without the information. I would tell my customer that
he needed to bring in the correct documentation before I would release his tax return and submit
it. If he refuses to bring the information in, I would know that he
Discussion Board Assignment
The advice I would provide to the parties regarding taking into consideration the Eagles
Stadium income statement is that according the FASB ASC, paragraph 810-10-10-1, states that
consolidated financial stateme
ACCT 401 Course Syllabus
A study of the legal and accounting aspects of federal taxation with an emphasis on individuals
and unincorporated businesses.
This course will provide the necessary
Course content may be changed, term to term, without
notice. The information below is provided as a guide
for course selection and is not binding in any form,
and should not be used to purchase course materials.
ACCT 401 Syllabus
Money is one of the most discussed topics in the Bible. How can one apply Biblical principles to
the field of taxation?
The nation is currently at odds regarding the role of Biblical principles in taxation.
Christians are continuously fighting
Auditor independence refers to the position of the external auditors level of personal and
financial ties to a particular organization which can sometimes be complex. When deciding
whether to accept an auditing engagement, one must ju
Question 3: One of your clients owns a farm that has been experiencing losses.
Should your client claim the losses as hobby losses or on a Schedule F? Justify
As proper protocol and to keep books as clean as possible, if my client
owned a far