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Wednesday, 29 July 2015

ACC547 Complete Course

ACC 547 ACC547 Complete Course
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ACC547 Week 1 Tax Law Research Worksheet
Complete the Tax Law Research Worksheet - Week 1.
Format your responses consistent with APA guidelines.
Write an APA-formatted response of no more than 200 words for each the following questions:
The Internal Revenue Code (IRC) is the supreme source of income tax law. When trying to resolve an income tax question, a tax practitioner will look to other sources in addition to the IRC. For example, the tax practitioner may consult IRC regulations, revenue rulings, procedures, private letter rulings, and court cases. What are some reasons a tax practitioner would not consult the IRC only? Why is there a need for administrative rulings and court cases? If court cases conflict in their rulings, which ruling should you rely on? Why?
A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one example for each.

ACC 547 Week 1 CPAexcel Assignment Posting Area
Review the Week 1 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC547 Week 2Textbook Problems
Complete the following problems located in Taxation of Individuals and Business Entities
  • Problem 74 (Ch. 2)
  • Problems 49 & 50 (Ch. 3)
  • Comprehensive Problem 53 (Ch. 4) 
Completion of applicable IRS forms is encouraged.

ACC 547 Week 2 Tax Law Research Worksheet
Write an APA-formatted response of no more than 200 words for each the following questions:

·         What are the differences between the following components of taxable income? Provide at least one example of each.

o    Deductions for AGI and deductions from AGI
o    Gross income and AGI
o    AGI and taxable income
o    Tax deduction and tax credit
o    Personal exemption and dependency exemption

·         Section 61 of the Internal Revenue Code defines income as “income from whatever source derived unless otherwise excluded” (2014, IRC Code). In determining income, several key concepts have evolved from this definition. Explain the following concepts, and provide at least one example of each. Explain which concept you think is most beneficial from a taxpayer’s point of view and which concept is most beneficial from IRS’s point of view.

o    Realized income
o    Recognized income
o    Return of capital doctrine
o    Constructive receipt
o    Tax benefit rule
o    Wherewithal to pay doctrine
·         How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some adjustments and preferences to regular taxable income to compute alternative minimum taxable income?

·         Sue owns a home in Arizona and in New York. She spends winters in Arizona and summers in New York. She also has a houseboat in Hawaii. All of these are her personal residences, and none is rented. All of the properties have mortgages on which she pays interest.

o    What are the limits, if any, on the deductibility of the mortgage interest?
o    Is the deduction for AGI or from AGI?
o    When a taxpayer has loans that exceed the limits for deductibility, how is the amount of deductible interest expense determined?

ACC 547 Week 2 CPAexcel Assignment Posting Area
Review the Week 2 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
 Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC 547 Week 3 Textbook Problems
Complete the following problems located in Taxation of Individuals and Business Entities
  • Comprehensive Problem 75 (Ch. 5)
  • Comprehensive Problem 69 (Ch. 6)
  • Comprehensive Problem 81 (Ch. 8) 
Completion of applicable IRS forms is encouraged.

ACC 547 Week 3 Tax Law Research Worksheet
Write an APA-formatted response of no more than 100 words for each the following questions:
·         What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?

·         What is the difference between an ordinary, a capital, and a Section 1231 asset? Why is this distinction important? What assets are subject to depreciation recapture? Compare Section 1245 and Section 1250 recapture.

·         How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some adjustments and preferences to regular taxable income to compute alternative minimum taxable income?

·         Sue owns a home in Arizona and in New York. She spends winters in Arizona and summers in New York. She also has a houseboat in Hawaii. All of these are her personal residences, and none is rented. All of the properties have mortgages on which she pays interest.

o    What are the limits, if any, on the deductibility of the mortgage interest?
o    Is the deduction for AGI or from AGI?
o    When a taxpayer has loans that exceed the limits for deductibility, how is the amount of deductible interest expense determined?

ACC 547 Week 3 CPAexcel Assignment Posting Area
Review the Week 3 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
  Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC 547 Week 4Textbook Problems
Complete Problems 64 & 65 in Ch. 14 of Taxation of Individuals and Business Entities.
Respond to all the questions. Support your answers with calculations, as needed.
Completion of applicable IRS forms is encouraged.

ACC 547 Week 4 Tax Law Research Worksheet
Write an APA-formatted response of no more than 100 words for each the following questions
·         What are some common legal entities used for operating a business? What types of business entities does the U.S.tax system recognize? What are tax and nontax advantages of business entities recognized by the tax system?

·         What are the statutory requirements of Section 351? What is the definition of control under Section 351? Why does Congress require shareholders to control a corporation to receive a preferential tax treatment? When might a taxpayer not want to meet the requirements of Section 351?

·         What is the process for computing a corporation’s taxable income, assuming the corporation must use generally accepted accounting principles (GAAP) to determine financial income? How might this differ for corporations not required to use GAAP?

·         How do current earnings and profits differ from accumulated earnings and profits? Is there any reason to keep the two accounts separate? How does a corporation’s computation of earnings and profits differ based on the tax treatment of a stock redemption as a dividend as opposed to an exchange?

ACC 547 Week 4CPAexcel Assignment Posting Area
Review the Week 4 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
 Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.
ACC 547 Week 5 Tax Law Research Worksheet
Write an APA-formatted response of no more than 100 words for each the following questions:
·         What is a partnership interest? What rights does it confer to the partner? What are inside basis and outside basis, and why are they important?


·         What is a flow-through entity?What advantages do flow-through entities have over a regular corporation? Compare the tax characteristics of an Scorporation and a partnership.

How does the basis calculation of anS corporation shareholder basis differ from a partner and a partnership? Discuss any recent developments in the calculation of the S corporation shareholder’s
basis.

·         Compare and contrast the requirements for the formation and termination of an Scorporation and a partnership.What is the effect on both the business entity and its owners?

·         What are the distinctions between net ordinary income and separately stated income and deductions?What is the rationale for separately stating those items as individual K and the K-1?

ACC 547 Week 5Textbook Problems
Complete the following problems located in Taxation of Individuals and Business Entities
  • Problem 58 (Ch. 15)
  • Problem 39 (Ch. 19) 
Respond to all questions. Support your answers with calculations, as needed. 
Completion of applicable IRS forms is encouraged.

ACC 547 Week 5 CPAexcel Assignment Posting Area
Review the Week 5 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
  Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC 547 Week 6 Tax Law Research Worksheet
Write an APA-formatted response of no more than 100 words for each the following questions:
·         How does the gross estate differ from a probate estate? What determines whether an item passes to heirs outside the probate process? Are there items subject to estate tax that are not subject to income tax? Why or why not? Is a probate estate subject to income tax? Explain your answer.

·         Are gifts subject to an income tax? Why or why not? What constitutes a gift?

·         What is the annual amount a donor can give to a recipient each year and not have to file a gift tax return? If the donor gives more than this amount, is the donor required to pay a gift tax? Recommend a tax strategy, other than giving only the annual exclusion amount, to minimize the gift tax.

ACC 547 Week 6 Textbook Problems
Complete the following problems located in Taxation of Individuals and Business Entities
  • Problems 50 & 51 (Ch. 22)
  • Discussion Questions 1, 2, 3, & 31 (Ch. 25) 
Respond to all questions. Support your answers with calculations, as needed. 
Completion of necessary IRS is encouraged.

ACC 547 Week 6 CPAexcel Assignment Posting Area
Review the Week 6 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
  Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC 547 Week 6 Final Exam
ACC 547 ACC547 Complete Course
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