ACCT 224 DeVry Complete Week Discussions Package

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ACCT 224 DeVry Complete Week Discussions Package

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ACCT 224 DeVry Complete Week Discussions Package

ACCT224

ACCT 224 DeVry Complete Week Discussions Package

ACCT 224 DeVry Week 1 Discussion 1

Various Types of Taxes (graded)

The current tax structure in America is often likened to an interconnected maze. We as taxpayers pay a multitude of taxes to various levels of government and taxing authorities. Using your personal experience as a basis, describe the various types of taxes that you personally pay or that the business you own or work for pays.

 

ACCT 224 DeVry Week 1 Discussion 2

Tax Policies (graded)

What accounts for the complexity of the American tax system? As you ponder this question, consider the policies and concepts that influence the development of our tax laws and the resulting tax system.

 

ACCT 224 DeVry Week 2 Discussion 1

Determining Taxable Income (graded)

Although filing and paying taxes is a complex and time-consuming task, the basic formula for determining your total taxable amount can be summarized in a simple four-step process. Briefly describe this four-step process, and then select one of the four steps and describe, in detail, the elements that make it up.

 

ACCT 224 DeVry Week 2 Discussion 2

AMT (graded)

What is the alternative minimum tax, and why is it so controversial? Select one of the four steps and describe, in detail, the elements that make it up. This section lists options that can be used to view responses.

 

ACCT 224 DeVry Week 3 Discussion 1

Compensation Arrangements (graded)

Consider the issue of compensation from the viewpoint of a business and the viewpoint of the individual. What are the risks and rewards to each of treating a worker as an independent contractor or an employee?

 

ACCT 224 DeVry Week 3 Discussion 2

Passive Activities (graded)

Income and deductions derived from investments, business ventures, rental property, and so forth are of a unique character. With this concept in mind, briefly describe the concept of passive activities and the corresponding tax consequences of investments in such activities. What are the political underpinnings of the current tax treatment? This section lists options that can be used to view responses.

 

ACCT 224 DeVry Week 4 Discussion 1

Death Tax (graded)

It has become politically popular in recent years to criticize the estate tax (or, as it has become more commonly known, the death tax). Discuss the original policy basis for the estate tax, and discuss some of the planning techniques used to minimize the impact of the tax on wealth transfers. This section lists options that can be used to view responses.

 

ACCT 224 DeVry Week 4 Discussion 2

Home Ownership (graded)

Home ownership is the bedrock of the American Dream. What are the primary tax benefits of home ownership? What are the policy reasons for favorable treatment of home ownership? Are these principles still valid today?

 

ACCT 224 DeVry Week 5 Discussion 1

IRS Audits (graded)

The American federal tax system is enforced by a complex and elaborate government agency known as the IRS. Briefly discuss the types of audits that are conducted by the IRS. Please feel free to relate any personal or professional experiences you have had with the IRS audit process. This section lists options that can be used to view responses.

 

ACCT 224 DeVry Week 5 Discussion 2

Innocent Spouse Rule (graded)

A hot topic when discussing the IRS and the audit process is the innocent spouse rule. Define this rule, and provide an example of when it comes into play.

 

ACCT 224 DeVry Week 6 Discussion 1

Accounting Methods for Business (graded)

The taxation of businesses requires us to think in a different conceptual framework. In general, how does the selection of a firm’s tax year and accounting methods potentially impact the measurement of taxable income? Please use an example to explain your discussion.

 

ACCT 224 DeVry Week 6 Discussion 2

Cash Versus Accrual (graded)

The taxation of individuals is based on the concept of the timing of when one receives cash and when one spends cash to incur expenses. The business taxation system must account for the principles of accrual accounting and GAAP. What impact do these concepts have on the calculation of taxable income? This section lists options that can be used to view responses.

 

ACCT 224 DeVry Week 7 Discussion 1

Basis (graded)

The purchase and sale of business assets create unique tax issues. The concept of basis becomes very important. Define the term basis, and compare and contrast the terms cost basis, tax basis, and leverage cost basis.

 

ACCT 224 DeVry Week 7 Discussion 2

Like-Kind Exchange (graded)

The tax code allows various types of non-taxable exchanges of business property. What is the theoretical basis for non-taxable exchanges, specifically like-kind exchanges?