ACCT 553 STUDY Learn by Doing/acct553study.com

1
ACCT 553 STUDY Learn by Doing/acct553study.com
2
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 All Homework, Quiz, Midterm, Final, You
Decide FOR MORE CLASSES VISIT www.acct553study.c
om Please check the 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)
3
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Final Exam (New) FOR MORE CLASSES VISIT
www.acct553study.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)
4
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Midterm Exam FOR MORE CLASSES VISIT
www.acct553study.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.
5
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 1 Homework FOR MORE CLASSES VISIT
www.acct553study.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?
6
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 2 Homework FOR MORE CLASSES VISIT
www.acct553study.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)
7
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 3 Homework ES (Quiz, Set 1) FOR
MORE CLASSES VISIT www.acct553study.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?
8
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 3 Homework ES (Quiz, Set 2) FOR
MORE CLASSES VISIT www.acct553study.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?
9
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 3 Homework FOR MORE CLASSES VISIT
www.acct553study.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).
10
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 4 Assignment You Decide FOR MORE
CLASSES VISIT www.acct553study.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?
11
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 4 Homework FOR MORE CLASSES VISIT
www.acct553study.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.)
12
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 5 Homework FOR MORE CLASSES VISIT
www.acct553study.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.)
13
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 5 Quiz FOR MORE CLASSES VISIT
www.acct553study.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
14
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 6 Assignment You Decide FOR MORE
CLASSES VISIT www.acct553study.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.
15
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 6 Homework FOR MORE CLASSES VISIT
www.acct553study.com Miyasyke, Inc., a calendar
year S corporation, has five equal shareholders
at the end of the tax year. Miyasyke had 75,000
of taxable income. Miyasyke made distributions to
its shareholders of 32,000 each, for a total of
160,000. Each shareholder's basis in the S
corporation is 100,000 at the beginning of the
tax year. What amount from Miyasyke should be
included in each shareholder's gross income?
16
CJA 234 MART The power of possibility/cja234martd
otcom
ACCT 553 STUDY Learn by Doing/acct553study.com
ACCT 553 Week 7 Homework FOR MORE CLASSES VISIT
www.acct553study.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.)
17
ACCT 553 STUDY Learn by Doing/acct553study.com