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Acct 553 Entire Course Federal Taxes and Management Decisions

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ACCT 553 Entire Course Federal Taxes and Management Decisions

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ACCT 553 Entire Course Federal Taxes and Management Decisions

ACCT 553 Week 1 Homework

Chapter 1 (5 pts)
1. Briefly discuss the purpose of the Sixteenth Amendment
Chapter 2 (5 pts)
2. Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax.
Chapter 3 (5 pts)
3. Explain the distinction between an “above the line” deduction (i.e. FOR AGI) and a below the line deduction (i.e. FROM AGI). Which one is more valuable?
Chapter 13 (5 pts)
4. What is an Installment Sale? Is it a form of income “deferral” ? Whencan’tyou elect this form of reporting?

ACCT 553 Week 2 Homework

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)
2. Which of the following items would beexcludedfrom 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)
Chapter 5
3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? (4 pts)
4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes   ). (5 pts)
Chapter 6
5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment? (5 pts)

ACCT 553 Week 3 Homework

Chapter 7
1. In your “own” words, please describe what a “Suspended Loss”...


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