ACCT 553 Dreams Come True /uophelp.com

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ACCT 553 Dreams Come True/Uophelp.Com
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Entire Course For more course tutorials
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Details under individual Assignments ACCT 553
Week 1 Homework ACCT 553 Week 2 Homework ACCT
553 Week 3 Homework ACCT 553 Week 3 Homework ES
(Quiz, Set 1) ACCT 553 Week 3 Homework ES
(Quiz, Set 2)
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Final Exam (New) For more course
tutorials visit www.uophelp.com     1. (TCO E)
Zelda Zayer has been a widow for over 3 years and
files a return as a single taxpayer. Items of
income received by Zelda in 2011 were as
follows. (TCO E) Distinguish between realized
gains and losses and recognized gains and losses.
(Points 17) (TCO F) Describe the current tax
law for sale of residence. (Points 17) (TCO I)
Amos, a single individual with a salary of
50,000, incurred and paid the following expenses
during the year. Question 4.
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Midterm Exam For more course tutorials
visit www.uophelp.com     1. (TCO C) Under
current accounting practice, intangible assets
are classified as (Points 5) 2. (TCO C) Which of
the following intangible assets should not be
amortized? (Points 5) 3. (TCO C) The intangible
asset goodwill may be (Points 5) 4. (TCO C) ELO
Corporation purchased a patent for 90,000 on
September 1, 2008. It had a useful life of ten
years. On January 1, 2010, ELO spent 22,000 to
successfully defend the patent in a lawsuit. ELO
feels that as of that date, the remaining useful
life is five years. What amount should be
reported for patent amortization expense for
2010? (Points 5) 5. (TCO C) During 2011, Bond
Company purchased the net assets of May
Corporation for 1,000,000. On the
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 1 Homework For more course
tutorials visit www.uophelp.com     Chapter 1 (5
pts) 1. Briefly discuss the purpose of the
Sixteenth Amendment Chapter 2 (5 pts) 2. Explain
the two "safe harbors" available to an Individual
taxpayer to avoid a penalty for underpayment of
estimated tax. Chapter 3 (5 pts) 3. Explain the
distinction between an "above the line" deduction
(i.e. FOR AGI) and a below the line deduction
(i.e. FROM AGI). Which one is more valuable?
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 2 Homework For more course
tutorials visit www.uophelp.com     Chapter 4 1.
Your brother is short on cash and cannot pay his
rent this month. You pay his rent for him. Is
this taxable income to your brother? Do you get a
deduction? (2 pts) 2. Which of the following
items would be excluded from income? (a) 100
bill found under the sugar caddy at the
restaurant (b) Inheritance of a car from your
grandmother valued at 5,000. (c) Loan from your
father-in-law to start your business, (d) Child
Support received totaling 16,500. (4 pts)
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ACCT 553 Week 3 Homework ES (Quiz Set 1) For
more course tutorials visit www.uophelp.com     1.
(TCO A) A taxpayer may litigate a tax dispute
without first paying the tax in the 2. (TCO F) A
business bad debt is deductible for tax purposes
as a(n) 3. (TCO I) Under the cash method of tax
accounting, tax deductions are generally taken
when 4. (TCO A) Which of the following
constitutes tax evasion? 5. (TCO C) Which of the
following items is not subject to federal income
tax? 6. (TCO B) Sam owes Bob 8,000. Bob cancels
(forgives) the debt. The cancellation is not a
gift, and Sam is
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ACCT 553 Week 3 Homework ES (Quiz Set 2) For
more course tutorials visit www.uophelp.com     1.
A business bad debt is deductible for tax
purposes as a(n) Your Answer
2. Which of the following items is not
subject to federal income tax? 3. Sam owes Bob
8,000. Bob cancels (forgives) the debt. The
cancellation is not a gift and Sam is neither
insolvent nor bankrupt. Which of the following
statements is correct concerning the impact of
this transaction?
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 3 Homework For more course
tutorials visit www.uophelp.com     Chapter 7 1.
In your "own" words, please describe what a
"Suspended Loss" is, how it is generated and when
it is becomes deductible. (5 pts) 2. Please
describe "Active Participation" as it relates to
a taxpayer's involvement in an investment in Real
Estate. (5 pts). Chapter 8 3. Macy had a lot of
medical expenses this year that were3 not covered
by her insurance (either due to a deductible,
co-insurance, or co-pay). Her un-reimbursed
qualifying medical expenses total 8,356 and her
AGI for 2013 is 45,000. Assuming she will
itemize on her 2013 tax return, how much of her
medical expenses will she be
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 4 Assignment YouDecide For more
course tutorials visit www.uophelp.com     Jane
Smith Case How is the 300,000 treated for
purposes of federal tax income? Jane Smith Tax
Issues (a) What are the different tax
consequences between paying down the mortgage
debt and assuming a new mortgage debt for federal
income tax purposes? (b) Should John and Jane
file separate or joint tax returns?
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 4 Homework For more course
tutorials visit www.uophelp.com     Chapter 14 1.
Please describe the concept of "double taxation"
and discuss which entity(ies) are subject to this
type of taxation. (5 pts) 2. What type of
taxpayers are considered "eligible" taxpayers
with regard to special ordinary loss treatment of
IRC Section 1244 stock? (5 pts.) 3. Please
describe how the treatment of capital
gains(losses) differ for a C Corporation as
compared to an Individual. ( 5 pts.) 4. Please
describe the concept of "Depreciation recapture".
( 5 pts.)
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 5 Homework For more course
tutorials visit www.uophelp.com     Chapter 14 1.
Please explain how Charitable Contributions come
into play in determining "Corporate" taxable
income. (5 pts) 2. What happens to a loss on the
Corporate Tax Return (Form 1120)? Does it pass
through to the shareholders? Is it available for
future or past periods? Please explain in detail.
(5 pts.) 3. Please describe the purpose of
Sch3edules M-1 and M-3. When is a Schedule M-3
required in lieu of a Schedule M-1. (5 pts.)
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 5 Quiz For more course tutorials
visit www.uophelp.com     1. (TCO E) For federal
tax purposes, royalty income not derived in the
ordinary course of a business is classified
as 2. (TCO F) When comparing corporate and
individual taxation, the following statements are
true, except 3. (TCO H) Al and Amy file a joint
return for the 2012 tax year. Their adjusted
gross income is 80,000. They had a net
investment income of 8,000. In 2012, they had
the following interest expenses   Personal
credit card interest 4,000
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ACCT 553 Week 6 Assignment You Decide For more
course tutorials visit www.uophelp.com     ACCT
553 Week 6 You Decide Mark, and John Case Part I
Discuss the various forms of organization that
are available to Penelope, Mark, and John Part
II Make your recommendation as to what form of
organization you believe will be best, and be
sure to explain the reasoning for your choice.
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 6 Homework For more course
tutorials visit www.uophelp.com     Miyasyke,Inc.,
acalendaryearScorporation,hasfiveequalshareholders
attheendofthetaxyear.Miyasykehad 75,000oftaxablei
ncome.Miyasykemadedistributionsto
itsshareholdersof32,000each,foratotalof160,000.
Eachshareholder'sbasisin theScorporationis100,000
atthebeginningofthetaxyear.Whatamountfrom
Miyasykeshould be includedin eachshareholder'sgros
sincome? Asoleproprietorshipincorporatedon
January1andelectedScorporationstatus.Theownercontr
ibutedthefollowing assetsto theScorporation
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ACCT 553 Dreams Come True/Uophelp.Com
ACCT 553 Week 7 Homework For more course
tutorials visit www.uophelp.com     Chapters
10-11-12 1. Please explain the distinction
between a "realized" gain and a "recognized"
gain. (5 pts) 2. Are there any limits to the
deductibility of losses on sales and exchanges
between related parties? What code section
defines this limitation? (5 pts.) 3. What is the
basis of property received (i.e. new property) in
a like-kind exchange? What is the holding period
for the new asset? (5 pts.)
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