ACCT 224 Introduction to Individual Income Taxation DeVry Full Course

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ACCT 224 Introduction to Individual Income Taxation DeVry Full Course

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ACCT 224 Introduction to Individual Income Taxation DeVry Full Course

ACCT224

ACCT 224 Introduction to Individual Income Taxation DeVry Full Course

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?

 

 

ACCT 224 DeVry Week 1 Assignment You Decide

Activity

Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the Erbs:

  • The different types of local, state, and federal taxes they pay, and why they are each important
  • The basic standards for taxes
  • Why they should pay taxes

Grading Rubric

Category Points Description
Comprehension 10 Demonstrate a strong grasp of the problem at hand. Demonstrate an understanding of how the course concepts apply to the problem.
Analysis 15 Apply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.
Execution 5 Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.
Total 30 A quality paper will meet or exceed all of the above requirements.

 

Note! Submit your assignment to the Dropbox, located at the top of this page. (See the Syllabus section “Due Dates for Assignments & Exams” for due dates.)

 

 

ACCT 224 DeVry Week 2 Assignment You Decide

Activity

Prepare the Erbs Form 1040 tax return using .equella.ecollege.com/file/33659931-e9a7-4513-84f0-0cfe7d784d83/1/images–acct224_w2.gif”>Jackson’s W-2. Click .equella.ecollege.com/file/33659931-e9a7-4513-84f0-0cfe7d784d83/1/documents–YouDecide_wk21040.pdf”>here for a fillable Form 1040.

Prepare a two- to three-page paper (approximately 350 words per page) explaining the following to the Erbs.

  • Why can’t you give them a refund?
  • How were their refund and taxes due calculated?
  • Why are they or why are they not subject to the AMT?

Grading Rubric

 

Category Points Description
Comprehension 10 Demonstrate a strong grasp of the problem at hand. Demonstrate an understanding of how the course concepts apply to the problem.
Analysis 15 Apply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.
Execution 5 Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.
Total 30 A quality paper will meet or exceed all of the above requirements.

 

 

 

 

 

ACCT 224 DeVry Week 3 Homework Assignment

Please complete the below problems and submit your answers in the Week 3 Drop Box.

See “Syllabus/Due Dates for Assignments & Exams” for due date information.

  1. Compare and contrast being an employee and an independent contractor. Which one would you rather have as a business owner? Which one would you rather be as a worker? Why?
  2. What is the passive activity loss limitation? Are rental activies passive activities? Why or why not?

 

 

ACCT 224 DeVry Week 4 Homework Assignment

Please complete the below problems and submit your answers in the Week 4 Drop Box.

See “Syllabus/Due Dates for Assignments & Exams” for due date information.

  1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy’s marginal tax rate for the current year is 45%; her grandson’s is 25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?
  2. Tom and Judy Bell, who file jointly, collected $6,000 of Social Security benefits, $18,000 in fully taxable pension payments and $10,000 of tax-exempt interest. How much of their Social Security is included in gross income? How would this change if they had received $20,000 in tax-exempt interest?

 

 

ACCT 224 DeVry Week 5 Homework Assignment

Please complete the below problems and submit your answers in the Week 5 Drop Box.

See “Syllabus/Due Dates for Assignments & Exams” for due date information.

  1. How do you determine the filing date and extended filing date for income tax returns?
  2. How do you compute the late-filing and late-payment penalty?
  3. Describe the statute of limitations for a tax return?

 

 

ACCT 224 DeVry Week 6 Assignment You Decide

Activity

Prepare a two- to three-page paper (approximately 350 words per page) explaining the following to the Erbs:

  • What constitutes a business expense?
  • The difference between a business and a hobby.
  • The difference between the cash and accrual methods.

Grading Rubric:

Category Points Description
Comprehension 10 Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem.
Analysis 15 Apply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.
Execution 5 Write your answer clearly and succinctly, using strong organization and proper grammar. Use citations correctly.
Total 30 A quality paper will meet or exceed all of the above requirements.

 

 

 

 

ACCT 224 DeVry Week 7 Homework Assignment

Please complete the below problems and submit your answers in the Week 7 Drop Box.

See “Syllabus/Due Dates for Assignments & Exams” for due date information.

  1. What is MACRS? In your explanation, please describe the recovery periods, depreciation methods and depreciation conventions.
  2. What is the difference between a recognized gain/loss and a realized gain/loss?

 

 

ACCT 224 DeVry Week 1 Quiz Latest

(TCO 1) A payment for the ownership of a tangible good is referred to as a(n):

  • excise tax
  • use tax
  • penalty charge

(General Feedback: Chapter 1, pages 4 – 10) Comments:

 

Question 2. Question : (TCO 1) Larimer County assesses a 4.5% tax on every sale of gasoline in the county. This is an example of:

  • use tax
  • activity-based tax
  • user’s fee
  • excise tax

(General Feedback: Chapter 1 , page 9) Comments:

 

Question 3. Question : (TCO 1) Annually, Jacob and Lillian pay a tax to the county based on the value of her home. This tax is best described as:

  • property taxes
  • transfer taxes
  • excise taxes
  • sales taxes

(General Feedback: Chapter 1, pages 4-10) Comments:

 

Question 4. Question : (TCO 1) The Internal Revenue Code of 1986 is an example of:

  • judicial authority
  • statutory authority
  • administrative authority
  • operational authority

(General Feedback: Chapter 1, pages 14-16) Comments:

 

Question 5. Question : (TCO 2) If a tax generates enough revenue to pay for public goods and services, it meets the standard that a good tax should be:

  • sufficient
  • convenient
  • efficient
  • fair

(General Feedback: Chapter 2, pages 22-30) Comments:

 

 

ACCT 224 DeVry Week 2 Quiz Latest

(TCO 3) During 2013, Judy, a single taxpayer, 23 years old, had $48,000 of gross income. Her itemized deductions totaled $6,000. Her 10-year-old brother lived with and was fully supported by her. What is Judy’s taxable income for 2013?

  • 31,250
  • 34,750
  • 32,250
  • 48,050

 

Question 2. Question : (TCO 3) Mr. and Mrs. Airs had taxable income of $114,000 for 2013. He was 27; she was 35. What is their tax liability if they elect to file married filing jointly?

  • 20,357.50
  • 21,400
  • 22,650
  • 26,500

 

Question 3. Question : (TCO 3) Mr. and Mrs. Roberts are joint filers with $90,000 of AGI. The couple has three dependent children: Jacob, their 19-year-old son, Jared, their 16-year-old son, and Robby, their 8-year-old son. For 2013, their child credit is

  • $1,800.
  • $2,000.
  • $1,200.
  • $0.

 

Question 4. Question : (TCO 3) Which of the following statements concerning extensions of time to file an individual tax return is true?

  • The extension extends the time for payment of tax.
  • The first extension is for 6 months.
  • A second extension of 4 additional months is available with the approval of the Internal Revenue Service.
  • An extension prevents the taxpayer from owing interest and penalties.

 

Question 5. Question : (TCO 3) For 2013, Michelle (a single person) had the following tax information:

Wages: $56,000

Itemized deductions: $3,350

Michelle’s taxable income for the year is

  • 46,000.
  • 43,850.
  • 45,350.
  • 40,550.

(General Feedback: Chapter 14. $56,000 -$6,100 – $3,900)

 

ACCT 224 DeVry Week 3 Quiz Latest

(TCO 4) Which of the following statements is NOT true?

  • In theory, the IRS should collect the same amount of tax on a worker’s compensation, whether the worker is an employee or an independent contractor.
  • The IRS believes that contractors pay more taxes than employees.
  • An employer has a financial incentive to treat workers as independent contractors rather than employees.
  • If the IRS reclassifies a worker from independent contractor to employee, the employer can become liable for the employee’s share of the unpaid interest and penalties.

(General Feedback: Chapter 15, page 444) Comments:

 

Question 2. Question : (TCO 4) Tom’s annual compensation is $145,000. What is the maximum amount that Tom’s employer may contribute to a defined contribution plan on his behalf in 2013?

  • 49,000
  • 3,500
  • 49,000
  • 51,000

(General Feedback: Chapter 15 Contribution is limited to lesser of compensation or $51,000, page 465)

 

Question 3. Question : (TCO 5) Which of the following statements is NOT true?

  • The interest earned on state and local debt instruments is excluded from income for federal tax purposes.
  • Treasury notes have maturity periods from one to ten years.
  • Treasury bonds have maturity periods from 10 to 30 years.
  • The interest on U.S. debt obligations is subject to federal income tax.

(General Feedback: Chapter 16, pages 494) Comments:

 

Question 4. Question : (TCO 5) Which of the following is false about the tax policy reasons offered to justify a preferential tax rate for capital gains?

  • Capital gain accrues over time but is taxed only in the year of sale. Therefore, it is taxed at a higher marginal rate than would have been likely if gain had been recognized as it accrued.
  • A preferential rate is not necessary to counteract the effects of inflation.
  • A preferential rate encourages the mobility of capital.
  • All of these are not reasons offered to justify a preferential tax rate for capital gains.

(General Feedback: Chapter 16, pages 505-506) Comments:

 

Question 5. Question : (TCO 5) Julia owns an apartment complex. She is active with respect to this rental activity. This year, the complex generated a loss of $75,000. Assuming that her AGI before this item is $120,000 and there are no other passive activities, she may deduct:

  • None, and carry over $75,000 of the loss.
  • $25,000, and carry over the rest of the loss.
  • $15,000, and carry over the rest of the loss.
  • $10,000, and carry over the rest of the loss.

(General Feedback: Chapter 16, pages 508-510. ($120,000-$100,000) * 50%=$10,000, then $25,000 – $10,000)

 

 

ACCT 224 DeVry Week 5 Quiz Latest

(TCO 8) Which of the following statements is false?

  • A taxpayer can be charged a penalty for the late payment of taxes even if an extension to file was granted.
  • The interest charged on the late payment of taxes is not deductible on the federal tax return.
  • The penalty for late filing and late payment of taxes is 10% of the balance of tax due with the return for each month it is delinquent.
  • A taxpayer who can establish a reasonable cause for the late filing of his or her tax return will not be charged a late filing penalty.

(General Feedback: Chapter 18, pages 574–577)  Comments:

 

Question 2. Question : (TCO 8) Thomas did not extend or file his 2013 federal tax return until December 3, 2014. His total tax liability was $5,000; the return showed a net refund due of $75. He filed late because he was in Vegas with his old fraternity buddies. What amount of late-filing penalty will he owe for the 2013 tax year?

$2,500

$150

$0

$75

(General Feedback: Chapter 18, page 576. The IRS does not assess a penalty if no tax is due. )

 

 

Question 3. Question : (TCO 8) Mr. and Mrs. Lee filed a complete and accurate return for 2013 on April 14, 2014. When will the statute of limitations expire for their 2013 return?

  • April 15, 2019
  • April 15, 2017
  • August 15, 2016
  • October 14, 2015

(General Feedback: Chapter 18. The IRS has 3 years from the later of the April 15 due date or the date the return was actually filed.)

 

Question 4. Question : (TCO 8) Which of the following is generally considered an indication that Ken has committed tax fraud?

  • Ken made major addition errors.
  • Ken’s business records and documents were destroyed in a flood.
  • Ken does not have any receipts for large deductions taken on his tax return.
  • Ken employed a CPA to prepare his tax return.

(General Feedback: Chapter 18, page 580) Comments:

 

Question 5. Question : (TCO 8) Which of the following statements concerning the innocent spouse rule is/are true?

  • The tax deficiency in question must be attributable to the omission of gross income or the claim of bogus deductions or credits made by both spouses on their joint return.
  • The innocent spouse must show that he or she did not know, and had no reason to know, that the return understated the joint federal tax liability.
  • A spouse is generally relieved of the additional tax liability to the extent that he or she did NOT significantly benefit from the omitted income and was ignorant of the omission.
  • All of the above

(General Feedback: Chapter 18, pages 587–588) Comments:

 

 

ACCT 224 DeVry Week 6 Quiz Latest

(TCO 9) Which of the following is NOT a realization event for tax purposes?

  • Chad found $500 in the street.
  • Justin traded a baseball card worth $100 for stock certificates.
  • John sold his a bond worth $10,000.
  • Jacob sold 100 shares of Google stock.

(General Feedback: Chapter 6, page 129. Realization occurs when the earnings process for goods and services is complete, regardless of when payment is received.)

 

Question 2. Question : (TCO 9) In which of these cases is the realization principle applied differently for tax purposes if the taxpayer is cash basis rather than accrual basis?

  • The taxpayer receives January salary income in December. The taxpayer pays January’s water bill in December.
  • There is no difference in the application of the realization principle in these cases.
  • The realization principle does not apply to cash basis taxpayers.

(General Feedback: Chapter 6 Pages 126 and 136. Cash and accrual taxpayers follow the same rule for prepaid income, but not for prepaid expenses. )

 

Question 3. Question : (TCO 9) A company that measures their taxable income from April 1 through March 31 every year has what type of taxable year?

  • Calendar year
  • Fiscal year
  • Temporary year
  • None of the above are correct

(General Feedback: Chapter 6, page 119)

 

Question 4. Question : (TCO 9) What is a permanent source of a book/tax difference?

  • Prepaid income
  • Bad debts
  • Related party accruals
  • Interest on state and local bonds

(General Feedback: Chapter 6, page 144)

 

Question 5. Question : (TCO 9) In which of the following instance(s) is the measurement of net income for tax purposes different for accrual basis and cash basis calendar year taxpayers?

  • In December, the taxpayer signs a contract for routine legal service to be performed in December and paid for in January of the following year.
  • The taxpayer’s equipment is repaired in November and the bill is paid in December.
  • The measurement of net income is different in both of these cases.
  • Net income would be the same under both cash and accrual methods.

(General Feedback: Chapter 6. The concept of substantial economic performance means that the accrual basis taxpayer cannot deduct the cost until the work is performed, unless the work is routine and paid within nine months. The concept does not apply here.)

 

 

ACCT 224 DeVry Week 7 Quiz Latest

(TCO 10) The tax basis of an asset includes:

  • the fair market value of property received in a non-taxable exchange.
  • the fair market value of services given in exchange.
  • the amount of debt relief given in the exchange.
  • All of the above

(General Feedback: Chapter 7, lecture) Comments:

 

Question 2. Question : (TCO 10) In general, an expenditure must be capitalized for tax purposes if:

  • it creates or enhances an asset with a useful life of one taxable year.
  • it results in no long-term benefit to the firm.
  • tax treatment of the expenditure is certain.
  • None of the above

(General Feedback: Chapter 7, page 158) Comments:

 

 

Question 3. Question : (TCO 10) On December 15, a calendar year taxpayer placed in service $100,000 of five-year recovery property. If this was in addition to another $250,000 of assets placed into service early in the year, it will be subject to:

  • the mid-quarter convention.
  • the mid-month convention.
  • the half-year convention.
  • no convention.

(General Feedback: Chapter 7, page 168-169) Comments:

 

Question 4. Question : (TCO 10) Bent Pretzel Inc. sold a building that it held for investment for several years. In this transaction, Bent Pretzel received land that it will use in its business. The FMV of the building is $80,000 and the value of the land is $80,000 too. The adjusted basis of the building is $55,000 and the land is $30,000.

What is Bent Pretzel’s recognized gain?

  • $55,000
  • $25,000
  • $80,000
  • $0

(General Feedback: Chapter 9. Like-kind exchange; no boot.) Comments:

 

Question 5. Question : (TCO 10) In a qualifying like-kind exchange, Van Halen exchanges musical equipment with an adjusted basis of $350,000 (fair market value of $300,000) for other musical equipment.

What is his basis in the new equipment?

  • $200,000
  • $225,000
  • $350,000
  • $230,000

(General Feedback: Chapter 9. The FMV of the property received transfer basis ($300,000) plus the loss not recognized ($50,000).)