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ACCT 553
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ACCT 553 Course Experience Tradition
Education must, be not only a transmission of
culture but also a provider of alternative views
of the world and a strengthener of the will to
explore them.
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Entire Course
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) ACCT 553
Week 3 Homework ES (Quiz, Set 2) ACCT 553 Week 4
Homework ACCT 553 Week 5 Homework ACCT 553 Week
5 Quiz ACCT 553 Week 6 Homework
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Final Exam (New)
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)
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Midterm Exam
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.
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 1 Homework
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? Chapter 13 (5 pts)
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 2 Homework
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 beexcluded 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
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ACCT 553 Course Experience Tradition
ACCT 553 Week 3 Homework ES (Quiz Set 2)
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
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ACCT 553 Course Experience Tradition
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).
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 4 Homework
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
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ACCT 553 Course Experience Tradition
ACCT 553 Week 4 You Decide
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
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ACCT 553 Course Experience Tradition
ACCT 553 Week 5 Homework
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 Schedules M-1 and
M-3. When is a Schedule M-3 required in lieu of a
Schedule M-1. (5 pts.) Chapter 17 4. Please
define and differentiate a Spin-off, Split-off,
and Split-up. ( 5 pts.)
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 5 Quiz
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
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 6 Assignment You Decide
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. Part III Discuss the tax
consequences of contributing cash, property,
and/or services to the new entity. ACCT 553 Week
6 Assignment You Decide
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 6 Homework
Miyasyke,Inc.,acalendaryearScorporation,hasfiveequ
alshareholdersattheendofthetaxyear.Miyasykehad 75
,000oftaxableincome.Miyasykemadedistributionsto
itsshareholdersof32,000each,foratotalof160,000.
Eachshareholder'sbasisin theScorporationis100,000
atthebeginningofthetaxyear.Whatamountfrom
Miyasykeshould be includedin eachshareholder'sgros
sincome?
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ACCT 553
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ACCT 553 Course Experience Tradition
ACCT 553 Week 7 Homework
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
www.snaptutorial.com
ACCT 553 Course Experience Tradition
Education must, be not only a transmission of
culture but also a provider of alternative views
of the world and a strengthener of the will to
explore them.
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