ACC 307 Federal Taxation

ACC 307 WEEK 8 HOMEWORK 2 1. Problem 11-36 (LO 11-1, LO 11-2) Hannah Tywin owns 100 shares of MM Inc. stock. She sells the stock on December 11 for $25 per share. She received the stock as a gift from her Aunt Pam on March 20 of this year when the fair market value of the stock was $18 per share. Aunt Pam originally purchased the stock seven years ago at a price of $12 per share. What is the amount and character of Hannah’s recog

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

ACC 307 WEEK 8 HOMEWORK 1 1. Problem 10-39 (LO 10-1) Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $10,000 to repair the roof (does not extend the roof life), $5,000 to make the interior suitable for her finished goods, and $300 in legal fees. What is Emily’s cost ba

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

ACC 307 WEEK 8 DISCUSSION Week 8 Discussion "Employee Business Expenses"Please respond to the following: As part of his contract at his new job, Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations, dinner, etc. Explain the applicable tax law regarding employee compensation and the c

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

ACC 307 WEEK 7 DISCUSSION Week 7 Discussion "Business Expenditures and Deductions"Please respond to the following: Jane’s Air Conditioning Service decided that this year was the year to “take over” the air conditioning business in her town. Beginning in January, she started advertising her business (even though there was snow on the ground), bought a supply of Freon, updated her vehicles and bought new uniforms for her serv

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

ACC 307 WEEK 7 ASSIGNMENT Assignment 1: Should the U.S. Convert to a Zero Personal Income Tax? Due Week 7 and worth 280 points In a recent news article located athttp://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971, NBC News reported that the U.S. Government spends $3.6 trillion per year to fund Social Security, Medicare, homeland defense and safety, education, transportation, and the interest on debt

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