ACCT 553 DEVRY COMPLETE HOMEWORK PACKAGE
ACCT 553 DeVry Complete Homework Package
(ACCT 553 Federal Taxes and Management – DeVry)
ACCT 553 DeVry Week 1 Homework
3-31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2012?
3-32. Compute Marie’s taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000.
3-36. Compute Stanley’s taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents’ return.
13-55. Mr. Z, a non-dealer, sold assets on an installment plan. Determine Mr. Z’s gross income for 2012. Relevant data include:
13-69. Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which of the following December items result in gross income or deductions for the current year?
ACCT 553 DeVry Week 2 Homework
4/25 Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2012:………….
4/32 Arnold and Barbara Cane were divorced in June 2012. Pursuant to the divorce decree, Arnold is obliged to perform as follows:………….
5/26 Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: ACCT 553 DeVry Complete Homework Package U.S. Series EE bonds, bonds for industrial development for mass transit, and qualified veterans’ mortgage bonds. Which should he choose for his investment? Why?…………….
6/29 Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid deduction……………..
6/34 For the current month, Jackson Cement Co. incurred payroll expenses ACCT553DeVryAllWeekHomework as follows:…….
ACCT 553 DeVry Week 3 Homework
1. In your “own” words, please describe what a “Suspended Loss” is, how it is generated and when it is becomes deductible. (5 pts)
2. Please describe “Active Participation” as it relates to a taxpayer’s involvement in an investment in Real Estate. (5 pts)
3. Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses total $8,356 and her AGI for 2013 is $45,000. Assuming she will itemize on her 2013 tax return, how much of her medical expenses will she be able to deduct? (5 pts)
4. Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. ACCT553DeVryCompleteHomeworkPackage In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A? (5 pts)
7-7 Differentiate between the following: active income, passive income, and portfolio income.
7-13 Briefly, what is “material participation”? Why is the determination of whether a taxpayer materiallyparticipates important?
7-46 Mary Beth is a CPA, devoting 3,000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her time to the management of the office building. She has a property management firm make all management decisions for her. During 2012, she incurred a loss, for tax purposes, of $30,000 on the office building. How must Mary Beth treat this loss on her 2012 tax return?
ACCT 553 DeVry Week 4 Homework
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