ACC 401 Reading feeds the Imagination/Uophelpdotcom

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ACC 401 Reading feeds the Imagination/Uophelpdotco
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ACC 401 Week 1 Assignment Chapter 2 Problems 32,
33 38

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• 32) List the five types of filing status and
  briefly explain the requirements for the use of
  each one.
• 33) In which of the following cases may the
  taxpayer claim head of household filing status?
• a. The taxpayer is single and maintains a
  household which is the principal place of abode
  of her infant son.
• b. The taxpayer is single and maintains a
  household for herself and maintains a separate
  household which is the principal place of abode
  of her dependent widowed mother.
• c. The taxpayer is married from January to
  October and lived with his spouse from January to
  May. From June 1 to December 31, the taxpayer
  maintained a household that was the principal
  place of abode of his married son and
  daughter-in-law whom the taxpayer can claim as
  dependents.
• Same as (c) except the taxpayer lived with his
  ex-spouse until August and maintained the
  household for his married son and daughter-in-law
  from September 1 to the end of the year
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ACC 401 Week 1 DQ 1 Basic Concepts

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• From Chapter 1, complete discussion questions 6,
  9, 10. From Chapter 2, complete discussion
  questions 3, 6, 9, 10. Review Appendix E (2014
  IRS Tax Forms) to see where dependents are shown
  on the tax return. Remember to complete all parts
  of the problems and report the results of your
  analysis. Do not forget to show the necessary
  steps and explain how you attained that outcome.
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ACC 401 Week 1 DQ 2 Gross Income

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• From Chapter 3, answer discussion questions 1, 2,
  3, 10, 12, 15. Remember to complete all parts
  of the problems and report the results of your
  analysis. Do not forget to show the necessary
  steps and explain how you attained that outcome.
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ACC 401 Week 1 Quiz Set 2

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• 1. Question What is the amount of the social
  security wage limitation for 2014?
• 2. Question With respect to the income tax
  formula, which of the following statements is
• 3. Question To be a qualifying child, the
  taxpayermust meet three general tests and five
• specific tests. Which one is not part of the five
  specific tests?
• 4. Question Which of the following would
  disqualify a taxpayer from filing a Form 1040EZ?
• 5. Question The basic standard deduction in
  2014 for a single taxpayer who is 67 years old
• and not blind is
• 6. Question The basic standard deduction in
  2014 for a taxpayer, 67 and not blind, filing
  head
• of household is
• 7. Question What is the amount of the tax
  liability for a married couple having taxable
  income
• of 153,500? All answers should be rounded to the
  nearest dollar.
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ACC 401 Week 1 Quiz

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• ACC 401 Week 1 Quiz
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ACC 401 Week 2 Assignment Chapter 4 problem 53
and problem 55

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• 53. Under the terms of a divorce decree executed
  May 1, 2008, Rob transferred a house worth
  650,000 to his ex-wife, Linda, and was to make
  alimony payments of 3,000 per month. The
  property has a tax basis to Rob of 300,000.
• a. How much of this must be reported on Lindas
  tax return?
• b. Of that amount, how much is taxable gain or
  loss that Linda must recognize related to the
  transfer of the house?
• 54. Under the alimony recapture rules, what
  amounts are designated for recapture
  reclassification, and what are the tax
  consequences?
• 55. Indicate whether each of the following items
  is considered a for AGI, (above-the line)
  deduction for the 2009 tax year.
• Chapter 5, complete problem 54, problem 61, and
  problem 62
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ACC 401 Week 2 DQ 1 Adjusted Gross Income

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• 38. What are some of the limitations concerning
  deductibility of student loan interest? Be
  specific and comprehensive
• 43. How much, if any, may Antonio take as a
  moving expense deduction on his 2014 tax return?
  Is that deduction subject to any conditions that
  could change its deductibility in the future?
• 47. Three types of payments are associated with a
  decree of separation or a divorce.
•             a. What are those three payments
• b. Which one has a tax consequence
• c. What is the timing rule regarding the
  recapture period of those payments
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ACC 401 Week 2 DQ 2 Itemized Deductions

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• Ch5.
• 48. Mickey is a 12-year-old dialysis patient.
  Three times a week he and his mother, Sue, drive
  20 miles one way to Mickeys dialysis clinic. On
  the way home they go 10 miles out of their way to
  stop at Mickeys favorite restaurant. Their total
  round trip is 50 miles per day. How many of those
  miles, if any, can Sue use to calculate an
  itemized deduction for transportation? Use the
  mileage rate in effect for 2010. Explain your
  answer.
• 52. On April 1, 2010, Paul sold a house to Amy.
  The property tax on the house, which is based on
  a calendar year, was due September 1, 2010. Amy
  paid the full amount of property tax of 2,500.
  Calculate both Pauls and Amys allowable
  deductions for the property tax. Assume a 365 day
  year.
• 53. In 2009 Sherri, a single taxpayer, had 3,600
  in state tax withheld from her paycheck. She
  properly deducted that amount on her 2009 tax
  return as an itemized deduction that she
  qualified for, thus reducing her tax liability.
  After filing her 2009 tax return, Sherri
  discovered that she had overpaid her state tax by
  316. She received her refund in July 2010. What
  must Sherri do with the 316 refund? Explain
  your answer.
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ACC 401 Week 2 Quiz

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• QUIZ 2
• 1) Henry graduated from university of Maryland in
  2006, in 2009, to take advantage of lower
  interest rates, he refinanced his qualified
  education loans with another loan. He is not a
  dependent on another persons tax return. What is
  the maximum deduction available to him for the
  3,200 he paid for educational loan interest in
  2009?
• 2) Which of the following interest expenses
  incurred by Amanda is treated as personal
  interest expense and, therefore not deductible as
  an itemized deduction?
• 3) Which of the following miscellaneous itemized
  deduction is not subject to the 2 of adjusted
  gross income limitation?
• 4) For the deduction of self-employment taxes,
  which of the following statements is correct?

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ACC 401 Week 3 Assignment Chapter 6

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• 39. David is a college professor who does some
  consulting work on the side. He uses 25 of his
  home exclusively for the consulting practice. He
  is single and 63 years old. His AGI (without
  consideration of consulting income) is 45,000.
  Other information follows
• Income from consulting business 4,000
• Consulting expenses other than home office 1,500
• Total costs relating to home
• Interest and taxes 6,500
• Utilities 1,500
• Maintenance and repairs 450
• Depreciation (business part only) 1,500
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ACC 401 Week 3 DQ 1 Self-Employed Business Income
Capital Gains

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• Ch6.
• 1.    Discuss the definition of trade or
  business. Why does it matter whether a taxpayer
  is classified as an employee or as self-employed?
• 2.    Discuss the concepts of ordinary,
  necessary, and reasonable in relation to trade or
  business expenses.
• 9.  Discuss the concept of electing 179 expense.
  Does the election allow a larger expense
  deduction in the year of asset acquisition?
• 15. Why were the hobby loss rules established?
  What factors determine whether an activity is a
  trade or business or a hobby? Is any one factor
  controlling?
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ACC 401 Week 3 DQ 2 Rental Property Royalties

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• Ch8.
• 33. Ramone is a tax attorney and he also owns an
  office building that he rents for 8,500 /month.
  He is responsible for paying all taxes and
  expenses relating to the buildings operation and
  maintenance. Is Ramone engaged in the trade or
  business of renting real estate?
• 34. Kelvin owns and lives in a duplex. He rents
  the other unit for 750 per month. He incurs the
  following expenses during the current year for
  the entire property
• How are the expenditures treated for tax
  purposes? On what tax form(s) are these amounts
  reported?
• 35. In the current year, Sandra rented her
  vacation home for 75 days, used it for personal
  use for 22 days, and left it vacant for the
  remainder of the year. Her income and expenses
  are as follows
• What is Sandras net income or loss from the
  activity? Use the tax court method.
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ACC 401 Week 3 Quiz

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• QUIZ 3
• 1) Which one of the following is Section 1231
  property?
• 2) Which of the following expense items is (are)
  deductible as rental expense?
• 3) If an activity is considered a hobby, which of
  the following is true?
• 4) 179 expense is available for all of the
  following business assets except
• 5) Brad and Kate receive 9,500 for rent from
  Mike and Janet, who are renting their home in
  Santa Ana, California. Brad and Kate do not use
  this property for personal use. The rent covers
  eight months from August 1 of the current year to
  March 31 of the following year. The amount also
  includes a security deposit of 1,500. How much
  should Brad and Kate report as rental income in
  the current tax year?
• 6) The adjusted basis of an asset is
• 7) Samantha is a full-time author and recently
  published her 8th romance novel. The royalty
  income she receives from the publisher this year
  should be reported on what schedule?
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ACC 401 Week 4 Assignment Chapter 9, Problem 42
problem 49

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• 42. Tim and Martha paid 7,900 in qualified
  employment-related expenses for their three young
  children who live with them in their household.
  Martha received 1,800 of dependent care
  assistance from her employer, which was properly
  excluded from gross income. The couple had
  57,000 of AGI earned equally by Tim and Martha.
  What amount of child and dependent care tax
  credit can they claim on their Form 1040? How
  would your answer differ (if at all) if the
  couple had AGI of 36,000 that was entirely
  earned by Tim?
• 49. Jeremy and Celeste paid the following for
  their daughter, Alyssa, to attend University of
  Colorado, during 2009. Alyssa was in her first
  year of college and attended full-time
• Tuition and fees (for fall semester 2009) 1,950
• Tuition and fees (for spring semester 2010)1,000
• Books 600
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ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes

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• From Chapter 9, complete questions 3 and 7, and
  problem 43. From Chapter 10, complete question 1
  and question 7. Remember to complete all parts of
  the problems and report the results of your
  analysis. Do not forget to show the necessary
  steps and explain how you attained that outcome.
  Respond to at least two of your classmates'
  postings.

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ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement
Plans

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• From Chapter 10, complete questions 12 and 13.
  From Chapter 11, complete question 5, question
  15, and question 19. Remember to complete all
  parts of the problems and report the results of
  your analysis. Do not forget to show the
  necessary steps and explain how you attained that
  outcome.
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ACC 401 Week 5 DQ 1 Partnership Taxation

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• Chapter 14, problems 1, 3, 12, and 15.
• 1.  Discuss the formation of a partnership.  Is
  any gain or loss recognized? Explain.
• 3.  How do taxation for the corporate form and
  taxation for the partnership form differ?
• 12.  Can a partner have a salary from a
  partnership?  Why?  What is a guaranteed payment?
• 15.  If a partner owns a 20 interest, does that
  necessarily mean that he or she will receive 20
  of the net income from the partnership?  Explain.
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ACC 401 Week 5 DQ 2 Corporate taxation

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• Chapter 15, problems 4, 6, 14 and 16.
• 4.Explain the 80 rule as it pertains to the
  formation of a corporation.
• 6.An individual contributes property with a fair
  market value in excess of basis to a corporation
  in exchange for stock. What is the basis of the
  stock in the hands of the shareholder, and what
  is the basis of the property contributed in the
  hands of the corporation?
• 14.A corporation may make a distribution to its
  shareholders. Depending on the circumstances, in
  the hands of the shareholder, the distribution
  can be classified as a dividend, a tax-free
  distribution, or a capital gain. Explain the
  circumstances in which each classification can
  occur.
• 16.What is Schedule M-1, and what is its purpose?
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ACC 401 Week 5 Final Paper Assignment

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• QAppendix A
• Please use this information for your Tax Return
  and Paper.
• All people, businesses, and information are
  fictional. Any relation to an actual person or
  business is accidental.
• Harold Petersan
• SSN 0XX-01-1XXX
• Date of Birth (DOB) 05/27/1975
• Gross Pay 51,750
• 401(k) contributions 4,140
• Healthcare costs (payroll deductions) 1347
• Reported wages 46,263
• Social Security Wages 50,403
• Medicare Wages 50,403
• State Wages 46,263
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ACC 401 Reading feeds the Imagination/Uophelpdotco
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