ACC 547 Uop Material-acc547dotcom

providing accessible, easy to understand

ACC 547 Entire Course

For more course tutorials visit

www.acc547.com

ACC 547 Week 1 Individual Assignment Personal Budget, Balance Sheet, and Cash Flow Statement

ACC 547 Week 2 - Problem Set # I5-67, I5-61

ACC 547 Week 2 Individual Assignment Week Two Problem Set 72 , 49 (Ch 2), 40 (Ch 3) 41 (Ch 4)

ACC 547 Week 3 Individual Assignment Problem 67 (Ch. 5), 66 (Ch. 6), 81 (Ch. 8)

ACC 547 Week 3 - DQ I6-23 Problems: I8-40, C3-38, C3-58, & C3-59 ,I10-52 Tax Strategy I13-65

ACC 547 Week 4 Learning Team Assignment Week Four Problem 16 (Ch 14)

ACC 547 Week 4Problems I14-42, Problem C5-36, Problem C6-41, Problem C7-43, Case Study C4-60 Summarize

ACC 547 Week 5 Individual Assignment Week Five Problem 83 (Ch. 15), 39 (Ch. 19)

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

ACC 547 Week 1 Individual Assignment Personal Budget, Balance Sheet, and Cash Flow Statement

For more course tutorials visit

www.acc547.com

Choose a client or yourself. For confidentiality purposes, use a fictitious name.

Prepare a personal budget, balance sheet, and cash flow statement.

Write a memo that includes the following:

A summary of the facts, including ages of the client, spouse, and dependents; educational background; income status of client and spouse; and two major concerns and goals.

Summary of key items and findings from the personal budget, balance sheet, and cash flow statement.

Recommendations and support for improving the financial situation

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

ACC 547 Week 2 - Problem Set # I5-67, I5-61

For more course tutorials visit

www.acc547.com

As a political consultant for an aspiring politician, you have been hired to evaluate the following statements that pertain to capital gains and losses. Evaluate the statement and provide at least a one-paragraph explanation of each statement. As you prepare your answer, consider the fact that the aspiring politician does not have much knowledge about taxation.

a.The tax on capital gains is considered a voluntary tax.

b.On October 22, 1986, the Tax Reform Act of 1986 was passed, which eliminated the60% of net capital gain deduction (i.e., an individual taxpayer with $10,000 of netcapital gain was entitled to a $6,000 deduction when computing AGI) before January1, 1987. Many state governments enjoyed a substantial increase in 1986 tax revenue.

c.High-income taxpayers receive the most benefit from preferential treatment for capital gains.

Comprehensive Problem I5-61

Betty incurs the following transactions during the current year. Without considering the transactions, her 2006 AGI is $40,000. Analyze the transactions and answer the following questions:

  • On March 10, 2006, she sells a painting for $2,000. Betty is the artist, and she completed the painting in 2001. Her basis for the painting is $50.
  • On June 18, 2006, she receives $28,500 from the sale of stock purchased by her uncle in 1996 for $10,000, which she inherits on February 20, 2006, as a result of her uncle’s death. The stock’s FMV on that date is $30,000.•On July 30, 2006, she sells land for $25,000 that was received as a gift from her brother on April 8, 2006, when the land’s FMV was $30,000. Her brother purchased the land for $43,000 on October 12, 1998. No gift tax was paid.
  • a.What is her NSTCL or NSTCG?

    b.What is her NLTCL or NLTCG?

    c.What is the effect of capital gains and losses on her AGI?

    d.What is her capital loss carryforward to 2007?

    :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    ACC 547 Week 2 Individual Assignment Week Two Problem Set 72 , 49 (Ch 2), 40 (Ch 3) 41 (Ch 4)

    For more course tutorials visit

    www.acc547.com

    Complete the following problems located in Taxation of Individuals and Business Entities:

    Problem 72 (Ch. 2)

    Problem 49 (Ch. 3)

    Comprehensive Problems 40 & 41 (Ch. 4)

    :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    ACC 547 Week 3 - DQ I6-23 Problems: I8-40, C3-38, C3-58, & C3-59 ,I10-52 Tax Strategy I13-65

    For more course tutorials visit

    www.acc547.com

    Complete the following in Federal Taxation Comprehensive:

    o Discussion Question I6-23
    o Problems I8-40, C3-38, C3-58, & C3-59
    o Case Study I10-52
    o Tax Strategy Problem I13-65

    Discussion Question I6-23

    Under the related party rules of Sec. 267, why has Congress imposed the concept of constructive
    ownership?

    Problem I8-40

    Amount and Character of Loss Transactions. On September 30 of the current year Silver
    Fox Corporation files for bankruptcy. At the time, it estimates that the total FMV of its
    assets is $725,000, whereas the total amount of its outstanding debt amounts to
    $950,000. Silver Fox Corporation has been engaged in the resale of tax preparation and
    tax research-related books and software for several years.
    a. At the time of the bankruptcy, Silver Fox is owned by Randall, who purchased the
    stock from an investor for $250,000 several years ago. Randall is single. What are the
    amount and character of the loss sustained by Randall upon Silver Fox’s bankruptcy?
    b. How would your answer to part a change if Randall originally organized Silver Fox
    Corporation, capitalizing it with $250,000 of cash and assuming Silver Fox qualifies as
    a small business corporation?
    c. How would your answer to Part a change if Randall were a corporation instead of an
    individual?
    d. How would your answer to Part b change if Randall were a corporation instead of an
    individual?

    Problem C3-38

    Charitable Contribution Deduction Limitation. Zeta Corporation reports the following
    results for 2006 and 2007:
    Adjusted taxable income $180,000 $125,000
    Charitable contributions (cash) 20,000 12,000

    ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    ACC 547 Week 3 Individual Assignment Problem 67 (Ch.

    For more course tutorials visit

    www.acc547.com

    Complete the following problems located in Taxation of Individuals and Business Entities:

    Comprehensive Problem 67 (Ch. 5)

    Comprehensive Problem 66 (Ch. 6)

    Comprehensive Problem 81 (Ch. 8)

    :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    ACC 547 Week 4 Learning Team Assignment Week Four Problem 16 (Ch 14)

    For more course tutorials visit

    www.acc547.com

    Complete, individually, Problem 61 in Ch. 14 of Taxation of Individuals and Business Entities.

    Respond to all the questions. Support your answers with calculations, as needed.

    Discuss your results with your team.

    Decide on a final group submission.

    Submit your completed team assignment.

    :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

    ACC 547 Week 4Problems I14-42,

    For more course tutorials visit

    www.acc547.com

    ACC 547 Week 4Problems I14-42, Problem C5-36,Problem C6-41, Problem C7-43, Case Study C4-60 Summarize

    :::::::::::::::::::::::::::::::::::::::::::::::::::;

    ACC 547 Week 5 Individual Assignment Week Five Problem 83 (Ch.

    For more course tutorials visit

    www.acc547.com

    Complete the following problems located in Taxation of Individuals and Business Entities:

    Comprehensive Problem 83 (Ch. 15)

    Problem 39 (Ch. 19)

    Respond to all questions. Support your answers with calculations, as needed.

    Comment Stream