ACC 547 OUTLET Empowering and Inspiring/acc547outlet.com

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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Final Exam Guide FOR MORE CLASSES VISIT
www.acc547outlet.com 1.      In 2016, Sayers,
who is single, gave an outright gift of 50,000
to a friend, Johnson, who needed the money to pay
medical expenses. In filing the 2016 gift tax
return, Sayers was entitled to a maximum
exclusion of 2.      On July 1, 2016, Vega made a
transfer by gift in an amount sufficient to
require the filing of a gift tax return. Vega was
still alive in 2016. If Vega did not request an
extension of time for filing the 2016 gift tax
return, the due date for filing was 3.      Under
the unified rate schedule, 4.      During the
current year, Mann, an unmarried U.S. citizen,
made a 5,000 cash gift to an only child and also
paid 25,000 in tuition expenses directly to a
grandchild's university on the grandchild's
behalf. Mann made no other lifetime transfers.
Assume that the gift tax annual exclusion is
14,000. For gift tax purposes, what was Mann's
taxable gift? 5.      George and Suzanne have
been married for 40 years. Suzanne inherited
1,000,000 from her mother.
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Week 1 Tax Research Paper FOR MORE
CLASSES VISIT www.acc547outlet.com Review two
sources that discuss the different types of tax
authority (specifically primary and secondary
sources).  Createa 700- to 1,050-word (at least
meet the minimum words) document that addresses
the following  What are the two different
categories of tax research (open and closed
transactions)?  Of the two known sources, primary
secondary, which has more authority ?  Explain
your answer. Give three examples of primary and
secondary sources, discuss where you can find the
sources, whether they are paid or free sources,
and what kind of information you will find about
a given tax situation.
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Week 2 Getting Personal FOR MORE CLASSES
VISIT www.acc547outlet.com Introduction Gross
Income Above the Line Deductions Itemize
Deductions Personal Exemptions Taxable Income Tax
Credits Conclusion
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Week 3 Comprehensive Problem Machines
Inc FOR MORE CLASSES VISIT www.acc547outlet.com C
omprehensive Problem for Chapters 7 and 8. Sam
Johnson started a small machine shop, Machines,
Inc., in his garage and incorporated it in March
of 2013 as a calendar-year corporation. At that
time, he began using his personal computer and
tools solely for the business as part of his
contribution to the corporation. The computer
cost 2,700 but had a fair market value of only
900 at conversion and the tools, which had cost
1,500, were valued at 1,100. During 2013,
Machines, Inc. purchased two machines Machine A,
purchased on May 2, cost 24,000 Machine B,
purchased on June 5, cost 40,000. The
corporation expensed Machine A under Section 179.
The computer, tools, and Machine B were
depreciated using accelerated MACRS only. The
corporation did not take any depreciation on the
garage nor did Sam charge the business rent
because the business moved to a building the
business purchased for 125,000 on January 5,
2014.
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Week 5 Sales and Use Tax FOR MORE CLASSES
VISIT www.acc547outlet.com Sales and Use Tax
What is the Solution? Introduction Sales and Use
Tax Laws Should There Be a Federal Sales and Use
Tax System? Conclusion
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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ACC 547 Week 6 Godfreys Assets FOR MORE CLASSES
VISIT www.acc547outlet.com When Godfrey died in
2016, his assets were valued as follows  Asset  
Date of death valuation          Valuation six
months later Stocks 2,220,000     
2,180,000 Bonds  4,600,000       
4,620,000 Home  800,000          
780,000 Total    7,620,000      7,580,000  The
executor sold the stock two months after the
decedent's death for 2,200,000. The bonds were
sold seven months after the decedent's death for
4,630,000. What valuation should be used for the
gross estate? Prepare a 350- to 700-word document
that addresses and includes the amount of taxable
estate for each of the following Address the
question at the end of the scenario. If Godfrey
came to you before his death and told you that he
had a spouse and two children under the age of
18, what kind of estate plan would you suggest
for him?
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ACC 547 OUTLET Empowering and Inspiring/acc547outl
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