ACC 307 Federal Taxation

ACC 307 WEEK 11 QUIZ 1. TF Qu. 38 A self-employed taxpayer reports home office... A self-employed taxpayer reports home office expenses as for AGI deductions while employees report home office expenses as from AGI deductions. 2. TF Qu. 4 A taxpayer may be required to pay tax on a g... A taxpayer may be required to pay tax on a gain the taxpayer realizes when she sells her principal residence. 3. TF Qu. 31 When allocating expenses of a

10 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 11 DISCUSSION Week 11 Discussion "Course Wrap-up and Final Thoughts"Please respond to the following: Identify at least two (2) concepts that were reviewed in this course that were the most beneficial to you. As a result of taking this course, determine whether or not you feel confident in preparing a personal income return as a paid tax preparer. Indicate how these two (2) new concepts of knowledge identified in the previous di

7 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 10 QUIZ 1. TF Qu. 27 If a taxpayer's marginal tax rate is decreasing... If a taxpayer's marginal tax rate is decreasing, a taxpayer contributing to a traditional IRA can earn an after-tax rate of return greater than her before-tax rate of return. TF Qu. 14 An employer may contribute to an employee's... An employer may contribute to an employee's traditional 401(k) account but the employer may not 3. TF Qu. 8 Both employers a

10 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 10 DISCUSSION Week 10 Discussion "Dual-Residency Dilemma"Please respond to the following: A client solicits tax advice on homestead, vacation homes, and rental income in the preparation of their tax return. The client has a condo in Florida on the beach where they reside 7 months out of the year. A family home is maintained in Michigan although Florida is now considered home by the client. During the time the family is in Michig

7 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 10 Chapter 14 Homework Chapter 14 Homework 1. Problem 14-39 (LO 14-2) Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $700,000.(Leave no answer blank. Enter zero if applicable.) a. What amount of gain on the sale o

5 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 QUIZ 1. TF Qu. 13 Taxpayers can recognize a taxable gain even ... Taxpayers can recognize a taxable gain even though an asset's real economic value has declined. 2. TF Qu. 20 Unrecaptured §1250 gains apply only to ... Unrecaptured §1250 gains apply only to individuals. 3. MC Qu. 49 Which of the following gains does not result... Which of the following gains does not result solely in an ordinary gain or loss? S

10 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 DICUSSION Week 9 Discussion "Employee and Owner Tax Benefits"Please respond to the following: A business owner comes into your office and asks for guidance as to the best way to maximize tax deductions for the company and the employees. Explain the tax deferral concepts and the impact on the business, the employee, and potential tax consequences on both. Please be specific with your recommendations.

7 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 Chapter 13 Homework Chapter 13 Homework 1. Problem 13-57 (LO 13-3) Marissa participates in her employer’s nonqualified deferred compensation plan. For 2015, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her marginal income tax rate is 30 percent, how muchtaxdoes Marissa save in 2015 by deferring this income(ignore payroll taxes)?

7 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 Chapter 12 Homework Chapter 12 Homework 1. Problem 12-26 (LO 12-1) Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in the current year. Assume TTT has a 35 percent marginal tax rate. a. What is TTT Corporation’s after-tax cost of paying Lynette’s salary? Explanation: a. TTT’s after-tax cost is $130,000,

5 Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 8 QUIZ 1. TF Qu. 30 Businesses may immediately expense research ... Businesses may immediately expense research and experimentation expenditures or they may elect to capitalize these costs and amortize them using the straight-line method over a period of not less than 60 months. 2. TF Qu. 4 An asset's capitalized cost basis includes only the... An asset's capitalized cost basis includes only the actual purchase price; whereas e

10 Other / Other strayer university / ACC 307 02 Sep 2017