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ACCT 553 Course Great Wisdom / tutorialrank.com

For more course tutorials visit<br>www.tutorialrank.com<br>Chapter 4<br><br>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)<br><br>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)<br>

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ACCT 553 Course Great Wisdom / tutorialrank.com

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  1. ACCT 553 Course Great Wisdom-tutorialrank.com For More Tutorials www.tutorialrank.com

  2. ACCT 553 Week 2 Homework Assignment ACCT 553 Week 4 Homework Assignment • 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) • ACCT 553 Week 4 Homework Assignment • . ACCT 553 Course Great Wisdom-tutorialrank.com

  3. ACCT 553 Week 4 Homework Assignment ACCT 553 Week 4 You Decide • ACCT 553 Week 4 Homework Assignment • ACCT 553 Week 4 You Decide ACCT 553 Course Great Wisdom-tutorialrank.com

  4. ACCT 553 Week 5 Homework Assignment ACCT 553 Week 6 Homework Assignment • 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.) • Chapter 21  • 1. Please explain how an S Corporation is created. (5 pts)  • 2. Please explain how Charitable Contributions made at the S-Corporation level are treated for tax purposes. (5 pts.) • 3. How are fringe benefits received by an S Corporation Shareholder treated for tax purposes? (5 pts ACCT 553 Course Great Wisdom-tutorialrank.com

  5. ACCT 553 Week 7 Homework Assignment 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.) • ACCT 553 Week 7 Homework ACCT 553 Course Great Wisdom-tutorialrank.com

  6. ACCT 553 Course Great Wisdom-tutorialrank.com For More Tutorials www.tutorialrank.com

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