ACCT 553 DEVRY ENTIRE COURSE,ACCT 553 DEVRY ENTIRE CLASS,ACCT 553 DEVRY TUTORIAL,ACCT 553 DEVRY ASSIGNMENT

Question 1

DEVRY ACCT 553 Entire Course

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ACCT 553 Entire Course
ACCT 553 Week 1 Homework Assignment
ACCT 553 Week 2 Homework Assignment
ACCT 553 Week 3 Homework Assignment
ACCT 553 Week 3 Quiz
ACCT 553 Week 4 Homework Assignment
ACCT 553 Week 4 You Decide  .
ACCT 553 Week 5 Homework Assignment
ACCT 553 Week 5 Quiz
ACCT 553 Week 6 Homework Assignment
ACCT 553 Week 6 You Decide  .
ACCT 553 Week 7 Homework Assignment
ACCT 553 Midterm Exam
ACCT 553 Final Exam

Answer 1

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Question 2

DEVRY ACCT 553 Final Exam

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ACCT 553 Final Exam
1. (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows.
Interest on savings account with Bank of America: $50
Interest on state income tax refund: $25
Gambling winnings: $2,400
Dividends from mutual life insurance company on life insurance policy: $500
Dividends from Better Auto Co. received on January 2, 2011: $875

Answer 2

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Question 3

DEVRY ACCT 553 Midterm Exam

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ACCT 553 Midterm Exam

1. (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5)

amortizable or unamortizable.
limited-life or indefinite-life.
specifically identifiable or goodwill-type.
legally restricted or goodwill-type.

2. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5)

Copyrights
Customer lists

Answer 3

DEVRY ACCT 553 Final Exam

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ACCT 553 Final Exam
1. (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows.
Interest on savings account with Bank of America: $50
Interest on state income tax refund: $25
Gambling winnings: $2,400
Dividends from mutual life insurance company on life insurance policy: $500
Dividends from Better Auto Co. received on January 2, 2011: $875

Question 4

DEVRY ACCT 553 Week 1 Homework Assignment

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ACCT 553 Week 1 Homework Assignment
Chapter 1 (5 pts)
Briefly discuss the purpose of the Sixteenth Amendment
Chapter 2 (5 pts)
Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax.
Chapter 3 (5 pts)
Explain the distinction between an “above the line” deduction (i.e. FOR AGI) and a below the line deduction (i.e. FROM AGI). Which one is more valuable

Answer 4

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Question 5

DEVRY ACCT 553 Week 2 Homework Assignment

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ACCT 553 Week 2 Homework Assignment
Chapter 4
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)
Which of the following items would beexcludedfrom income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts)

Answer 5

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Question 6

DEVRY ACCT 553 Week 3 Homework Assignment

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ACCT 553 Week 3 Homework Assignment
Chapter 7
In your “own” words, please describe what a “Suspended Loss” is, how it is generated and when it is becomes deductible. (5 pts)
Please describe “Active Participation” as it relates to a taxpayer’s involvement in an investment in Real Estate. (5 pts).
Chapter 8
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

Answer 6

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Question 7

DEVRY ACCT 553 Week 3 Quiz

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ACCT 553 Week 3 Quiz
(TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the:
(TCO F) A business bad debt is deductible for tax purposes as a(n):
(TCO I) Under the cash method of tax accounting, tax deductions are generally taken when:
(TCO A) Which of the following constitutes tax evasion?
(TCO C) Which of the following items is not subject to federal income tax?
(TCO B) Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, and Sam is bankrupt. Which of the following statements is correct concerning the impact of this transaction?
(TCO I) Johnny, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2012 gross rental income.

Answer 7

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Question 8

DEVRY ACCT 553 Week 4 Homework Assignment

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ACCT 553 Week 4 Homework Assignment
Chapter 14
Please describe the concept of “double taxation” and discuss which entity(ies) are subject to this type of taxation. (5 pts)
What type of taxpayers are considered “eligible” taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.)
Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.)
Please describe the concept of “Depreciation recapture”. ( 5 pts.)

Answer 8

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Question 9

DEVRY ACCT 553 Week 4 You Decide

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ACCT 553 Week 4 You Decide
Jane Smith Case

How is the $300,000 treated for purposes of federal tax income?

Jane Smith Tax Issues:

(a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes?
(b) Should John and Jane file separate or joint tax returns?

Answer 9

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Question 10

DEVRY ACCT 553 Week 5 Homework Assignment

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ACCT 553 Week 5 Homework Assignment
Chapter 14
Please explain how Charitable Contributions come into play in determining “Corporate” taxable income. (5 pts)
What happens to a loss on the Corporate Tax Return (Form 1120)? Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail. (5 pts.)
Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1. (5 pts.)
Chapter 17
Please define and differentiate a Spin-off, Split-off, and Split-up. ( 5 pts.)
$20.00 – Purchase

Answer 10

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Question 11

DEVRY ACCT 553 Week 5 Quiz

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ACCT 553 Week 5 Quiz
(TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as:
(TCO F) When comparing corporate and individual taxation, the following statements are true, except:
(TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $80,000. They had a net investment income of $8,000. In 2012, they had the following interest expenses:
Personal credit card interest: $4,000
Home mortgage interest: $8,000
Investment interest (on loans used to buy stocks): $10,000

Answer 11

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Question 12

DEVRY ACCT 553 Week 6 You Decide

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ACCT 553 Week 6 You Decide
Mark, and John Case
Part I: Discuss the various forms of organization that are available to Penelope, Mark, and John
Part II: Make your recommendation as to what form of organization you believe will be best, and be sure to explain the reasoning for your choice.
Part III: Discuss the tax consequences of contributing cash, property, and/or services to the new entity.

Answer 12

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Question 13

DEVRY ACCT 553 Week 6 Homework Assignment

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ACCT 553 Week 6 Homework Assignment
Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder’s basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder’s gross income?

Answer 13

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Question 14

DEVRY ACCT 553 Week 7 Homework Assignment

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ACCT 553 Week 7 Homework Assignment
Chapters 10-11-12
Please explain the distinction between a “realized” gain and a “recognized” gain. (5 pts)
Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? (5 pts.)
What is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset? (5 pts.)

Answer 14

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