History: * First tax in 1861 to fund Civil War * Repealed in 1865 * Income tax law passed in 1894 but rejected by Supreme Court * 16th amendment was passed in 1913 * 42% of revenue is raised from individual income tax * 40% from social security, 9% corporate income tax, 9% other Tax Structure: * Progressive tax structure: tax rate increases as the tax base increases * US income tax system is this way * Proportional tax structure (flat tax): tax rate remains
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1. Leonard lamberts commercial building which had an adjusted basis of $500,000, was partially destroyed by fire. the fair market value was $800,000 just before the fire and $600,000 immeditately after Leonard received $150,000 insurance proceeds and deducted a $50,000 casualty loss. what is leonard's basis in the building before nay repairs are made? a.300,000 b.350,000 c.450,000 d.500,000 e.600,000 2.lenn sells 100 shares (basis of $5,000) of x corporation common stock on March 8 2010,
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ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ACCT 324
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Corp: o 1120 Warning: This Corporation should file forms for Tax Year 2011. o 1120 Error: The Business activity code no. is not valid; must be between 111100 and 813000 OR if applicable, enter "Inactive". o 1120 Warning: Determine whether the IRS may discuss this return with the preparer and select appropriate response box. o 1120 Warning: The amount entered as buildings and other depreciable assets at the end of tax year on Sch L does not equal the amount from Form 4562. o 1120
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31, 2013 Corporate Tax Return Problem - first year of operation Cash $180,000 1,400,000 Other assets (fixed assets and bond investments) Accounts payable and other liabilities $250,000 Capital stock 1,000,000 Retained earnings Service revenue 700,000 Sec. 103 Interest income - State of North Carolina Bonds 50,000 Salary expense, payroll taxes, rent, depreciation, etc. 400,000 Sec. 1211, 1212 Loss on sale of capital assets 20,000 Trial Balance Total (before recording the income tax provision) $2,000
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RESEARCH PAPER ACCOUNTING 483 - FEDERAL TAX Section 01 1st Research Paper Fall 2011 Due Wednesday, October 26, 2011 Speedy Karr is the used car sales manager of Fast Talking Ed's Car Sales, a local new and used car dealership in Moscow, Idaho. Speedy Karr’s income is about $80,000 a year from his salary and bonus (his bonus is a percentage of the net income of the dealership). In addition to his income from Fast Talking Ed's, Speedy also has income from rentals of about $15,000 a year. Speedy's
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ACCT 323 Week 4 Homework Click Link Below To Buy: http://hwaid.com/shop/acct-323-week-4-homework/ 1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition, he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B and C respectively. Activities A, B, and C are passive activities that Gunther acquired in the current year. What amount of loss may Gunther deduct on his current year taxes with respect to each
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ACCT 323 Homework 5 Solutions Click Link Below To Buy: http://hwaid.com/ . Umair sold some equipment he used in his business on August 29, 2014, that was originally purchased for $70,000 on November 21, 2013. The equipment was depreciated using the 7-year MACRS method for a total of $18,574. Assume there is no additional netting of gains and losses for this taxpayer. a. Assume Umair sold the equipment for $50,000: (1) What is the amount of realized gain or loss on the sale of the equipment
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ACCT 340 Avoiding Penalties A common assumption is that the IRS is always right but that has been proven to be a myth. If one believes that the IRS has made an error, there are multiple actions that can be made to appeal their decision. According to a report prepared by Nina E. Olsen, a National Taxpayer Advocate (NTA), a major issue that was brought to the attention of Tax Court included the issue of “Failure to File and Pay Penalties”. Many cases have been brought to court because of this
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Week 7 Research Project (Set #1) DeVry University Acct 429 TAX RESEARCH MEMORANDUM ASSIGNMENT 2 It appears as though a couple of your clients have encountered an unfortunate development in their financial situation. Cindy and Ralph Edmonds own TidyCo., Inc. TidyCo, in turn, owns and operates several coin Laundromats
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