ACCT 553 All Homework Week 1 - 6

ACCT 553 All Homework Week 1 - 6 PLDZ-47

ACCT 553 Week 1 Homework

  • 3-31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions......?
  • 3-32. Compute Marie's taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000,.......
  • 3-36. Compute Stanley's taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income.....
  • 13-55. Mr. Z, a non-dealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2012. Relevant data include:
  • 13-69. Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which of the following December items result in gross income or deductions for the current year? 


ACCT 553 Week 2 Homework
  • 4/25 Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2012:.............
  • 4/32 Arnold and Barbara Cane were divorced in June 2012. Pursuant to the divorce decree, Arnold is obliged to perform as follows:.............
  • 5/26 Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following:......? Why?.........
  • 6/29 Which of the following trade or business expenditures of Ajax Inc. are deductible.................
  • 6/34 For the current month, Jackson Cement Co. incurred payroll expenses as follows:.......


ACCT 553 Week 3 Homework
(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 were not covered by her insurance (either due to a deductible, co-insurance, or co-pay).   Her un-reimbursed qualifying medical expenses......? (5 pts)
  • 4. Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000.   In 2013, they incurred $46,400 of mortgage.....? (5 pts)
  • 7-7 Differentiate between the following: active income, passive income, and portfolio income.
  • 7-13 Briefly, what is "material participation"? Why is the determination....?
  • 7-46 Mary Beth is a CPA, devoting 3,000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her time to the management of the office........?


ACCT 553 Week 4 Homework
(Chapter 14) 
  • 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject..... (5 pts)
  • 2. What type of taxpayers are considered "eligible" taxpayers with regard to special.....? (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.)


ACCT 553 Week 5 Homework
(Chapter 14)
  • 24. What is the purpose of the dividends received deduction? What corporations are entitled to claim this deduction? What dividends qualify for this deduction?
  • 51. What is the purpose of the reconciliation of taxable income with book income?
  • 52. Sam Rogers forms a corporation. Sam transfers to the corporation property having a basis to him of $15,000 and a fair market value of $27,000 for 900 shares of the $10 par stock of the corporation....(a)  How much gain does Sam recognize on his exchange? What is the basis to Sam of his 900 shares? (b)    How much gain does Bill recognize on his exchange? What is the basis to Bill of his 100 shares? (c)  What gain or loss is recognized by the corporation when it issues its shares to Sam? What is the basis to the corporation of the property it received from Sam? (d) What is the gain or loss recognized by the corporation when......?
(Chapter 17)
  • 1. Identify and briefly describe the seven types of corporate reorganization.


ACCT 553 Week 6 Homework
  • Penelope, Mark, and John Entity Selection: After 20+ years of working for other firms, Penelope (Enrolled Agent, age 41), Mark (CPA, age 43) and John (CVA, age 65) want to leave the firms they are currently employed by and become their own bosses.Penelope specializes in Taxes, Mark is the Auditor and John is a Business Valuation expert. There are so many options available to how they can structure the new business(s). The appropriate business entity for any individual(s) will depend on their particular facts and circumstances........

ACCT 553 Week 1 Homework 3-31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions......? 3-32. Compute Marie's taxable income for 2012, assuming she is single and claims two
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