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ACC 401 Entire Course

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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38

ACC 401 Week 1 Quiz

ACC 401 Week 1 Quiz Set 2

ACC 401 Week 1 DQ 1 Basic Concepts

ACC 401 Week 1 DQ 2 Gross Income

ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55

ACC 401 Week 2 DQ 1 Adjusted Gross Income

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.

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.

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.

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?

ACC 401 Week 1 Quiz

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ACC 401 Week 1 Quiz

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 Linda’s tax return?

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?

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 Mickey’s dialysis clinic. On the way home they go 10 miles out of their way to stop at Mickey’s 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.

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 person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009?

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:

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?

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 building’s operation and maintenance. Is Ramone engaged in the trade or business of renting real estate?

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,

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?

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.

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.

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.

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?