rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) - No, this would not be taxable income to my brother. A person cannot reassign income to another person. It would fall under the gift category which has its own set of rules. No, you would not have a deduction for your taxes. In fact if the amount you gave your brother was over $13,000 you would have to pay a gift tax. 2. Which of the following items would be excluded from income? (a) $100 bill found
Words: 529 - Pages: 3
ACCT553 Week 7 Homework Chapters 10-11-12 1. Please explain the distinction between a "realized" gain and a "recognized" gain. (5 pts) A realized gain is the excess of the amount realized on a sale or exchange over the basis of the property sold or exchanged. The recognized gain is the amount of the realized gain that will be treated as income and subject to tax on the seller’s income tax return. 2. Are there any limits to the deductibility of losses on sales and exchanges between related
Words: 322 - Pages: 2
ACCT553 Week 4 Homework ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬_________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Double taxation is tax on income of a business entity and second tax on distributions made to owners. The classic example is dividends paid
Words: 297 - Pages: 2
ACCT553 Week 4 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Corporations other than S Corps are considered double taxed. The corp is taxed on income and then if the earnings are paid out to shareholders that money is
Words: 371 - Pages: 2
ACCT553 Week 1 Homework _______________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment. The 16th amendment states that congress has the power to indirectly or directly tax income from any source derived. The purpose of the sixteenth amendment is to allow the government to create income taxes. The 16th amendment was
Words: 403 - Pages: 2
ACCT553 Week 5 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Don't forget you also have a "Homework ES" due this week that you will complete under the Week 5 tab and you can take it over and over again during the week until you earn 8/8 MC's - don't forget you 'must' re-submit your essay responses EACH time! Chapter 14 1. Please explain how Charitable Contributions
Words: 542 - Pages: 3
ACCT553 Week 5 Homework Solutions _________________________________________________________ Chapter 14 1. Please explain how Charitable Contributions come into play in determining "Corporate" taxable income. (5 pts) The maximum amount deductible by a corporation for charitable contributions is 10 percent of its adjusted taxable income. The deduction is limited to the lesser of 10 percent of adjusted taxable income or the sum of the initial measures of all property donated during the tax year. Adjusted
Words: 543 - Pages: 3
ACCT553 Week 2 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. ID # D40300930 Name : Rahim Ramzan Ali Gilani Chapter 4 1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) No, this would not be taxable income to my brother. A person cannot
Words: 554 - Pages: 3
ACCT553 Week 7 Homework – Tanushant Sharma _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapters 10-11-12 1. Please explain the distinction between a "realized" gain and a "recognized" gain. (5 pts) Difference between: Recognized Gain: Profit from sale of asset, which is reported for income tax purpose. It is the difference between basis of asset and the sale price
Words: 513 - Pages: 3
ACCT553 Week 1 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment. The sixteenth amendment, which was passed by Congress in 1909, grants the power to collect federal income taxes (Smith et al. 2015). Congress is given the authority to collect tax on any source of income, whether directly
Words: 872 - Pages: 4
