ACCT 553 Your world/uophelp.com

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Title: ACCT 553 Your world/uophelp.com

1
ACCT 553 Your world/uophelp.com

2
ACCT 553 Entire Course
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3
ACCT 553 Final Exam (New)
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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.

4
ACCT 553 Midterm Exam
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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
ACCT 553 Week 1 Homework
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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?

6
ACCT 553 Week 2 Homework
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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)
Chapter 5

7
ACCT 553 Week 3 Homework ES (Quiz Set 1)
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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?

8
ACCT 553 Week 3 Homework ES (Quiz Set 2)
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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?

9
ACCT 553 Week 3 Homework
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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).

10
ACCT 553 Week 4 Assignment YouDecide
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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?

11
ACCT 553 Week 4 Homework
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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.)

12
ACCT 553 Week 5 Homework
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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.)

13
ACCT 553 Week 5 Quiz
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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

14
ACCT 553 Week 6 Assignment You Decide
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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.

15
ACCT 553 Week 6 Homework
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Miyasyke,Inc.,acalendaryearScorporation,hasfiveequ
alshareholdersattheendofthetaxyear.Miyasykehad
75,000oftaxableincome.Miyasykemadedistributionsto
itsshareholdersof32,000each,foratotalof160,000.
Eachshareholder'sbasisin theScorporationis100,00
0atthebeginningofthetaxyear.Whatamountfrom
Miyasykeshould be includedin eachshareholder'sgros
sincome?

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ACCT 553 Week 7 Homework
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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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ACCT 553 Your world/uophelp.com

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