# ACC 547 Week 1 Individual Assignment Personal Budget, Balance Sheet, and Cash Flow Statement

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Choose a client or yourself. For confidentiality purposes, use a fictitious name.

Prepare a personal budget, balance sheet, and cash flow statement.

Write a memo that includes the following:

•    A summary of the facts, including ages of the client, spouse, and dependents; educational background; income status of client and spouse; and two major concerns and goals.

•    Summary of key items and findings from the personal budget, balance sheet, and cash flow statement.

Recommendations and support for improving the financial situation

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# ACC 547 Week 5 Individual Assignment Week Five Problem 83 (Ch. 15), 39 (Ch. 19)

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ACC 547 Week 5 Individual Assignment Week Five Problem 83 (Ch. 15), 39 (Ch. 19)

Complete the following problems located in Taxation of Individuals and Business Entities:

•    Comprehensive Problem 83 (Ch. 15)

•    Problem 39 (Ch. 19)

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# ACC 547 Week 4 Learning Team Assignment Week Four Problem 16 (Ch 14)

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ACC 547 Week 4 Learning Team Assignment Week Four Problem 16 (Ch 14)

Complete, individually, Problem 61 in Ch. 14 of Taxation of Individuals and Business Entities. Respond to all the questions. Support your answers with calculations, as needed.

Decide on a final group submission.

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# ACC 547 Week 3 Individual Assignment Problem 67 (Ch. 5), 66 (Ch. 6), 81 (Ch. 8)

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ACC 547 Week 3 Individual Assignment Problem 67 (Ch. 5), 66 (Ch. 6), 81 (Ch. 8)

Complete the following problems located in Taxation of Individuals and Business Entities:

•    Comprehensive Problem 67 (Ch. 5)
•    Comprehensive Problem 66 (Ch. 6)
.    Comprehensive Problem 81 (Ch. 8)

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# ACC 547 Week 3 DQ I6-23 Problems: I8-40, C3-38, C3-58, C3-59 ,I10-52 Tax Strategy I13-65

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ACC 547 Week 3 DQ I6-23 Problems: I8-40, C3-38, C3-58, C3-59 ,I10-52 Tax Strategy I13-65

Complete the following in Federal Taxation Comprehensive:

o    Discussion Question I6-23
o    Problems I8-40, C3-38, C3-58, & C3-59
o    Case Study I10-52
o    Tax Strategy Problem I13-65

Discussion Question I6-23

Under the related party rules of Sec. 267, why has Congress imposed the concept of constructive ownership?
Problem I8-40

Amount and Character of Loss Transactions. On September 30 of the current year Silver Fox Corporation files for bankruptcy. At the time, it estimates that the total FMV of its assets is \$725,000, whereas the total amount of its outstanding debt amounts to \$950,000. Silver Fox Corporation has been engaged in the resale of tax preparation and tax research-related books and software for several years.

a. At the time of the bankruptcy, Silver Fox is owned by Randall, who purchased the stock from an investor for \$250,000 several years ago. Randall is single. What are the amount and character of the loss sustained by Randall upon Silver Fox’s bankruptcy?

b. How would your answer to part a change if Randall originally organized Silver Fox Corporation, capitalizing it with \$250,000 of cash and assuming Silver Fox qualifies as a small business corporation?

c. How would your answer to Part a change if Randall were a corporation instead of an individual?

d. How would your answer to Part b change if Randall were a corporation instead of an individual?
Problem C3-38

Charitable Contribution Deduction Limitation. Zeta Corporation reports the following results for 2006 and 2007:

Charitable contributions (cash) 20,000 12,000

The adjusted taxable income is before Zeta claims any charitable contributions deduction, NOL or capital loss carryback, dividends-received deduction, or U.S. production activities deduction.

a. How much is Zeta’s charitable contributions deduction in 2006? In 2007?

b. What is Zeta’s contribution carryover to 2008, if any?
Problem C3-58

Converting Book Income to Taxable Income. The following income and expense accounts appeared in the accounting records of Rocket Corporation, an accrual basis taxpayer, for the current calendar year. … …. …. … (details in the pdf file)

1. Dividends were from Star Corporation, a 30%-owned domestic corporation.

2. Interest revenue consists of interest on corporate bonds, \$15,000; and municipal bonds, \$3,000.

3. The stock is a capital asset held for three years prior to sale.

4. Rocket uses the specific writeoff method of accounting for bad debts.

5. Interest expense consists of \$11,000 interest incurred on funds borrowed for working capital and \$1,000 interest on funds borrowed to purchase municipal bonds.

6. Rocket paid all contributions in cash during the current year to State University.

7. Rocket calculated depreciation per books using the straight-line method. For income tax purposes, depreciation amounted to \$85,000.

8. Other expenses include premiums of \$5,000 on the key-person life insurance policy covering Rocket’s president, who died in December.
9. Qualified production activities income is \$250,000.

Required: Prepare a worksheet reconciling Rocket’s book income with its taxable income (before special deductions). Six columns should be used—two (one debit and one credit) for each of the following three major headings: book income, Schedule M-1 adjustments, and taxable income. (See the sample worksheet with Form 1120 in Appendix B if you need assistance).
Problem C3-59

Reconciling Book Income and Taxable Income. Zero Corporation reports the following results for the current year:

Net income per books (after taxes) \$33,000

Federal income tax per books 12,000

Tax-exempt interest income 6,000

Interest on loan to purchase tax-exempt bonds 8,000

MACRS depreciation exceeding book depreciation 3,000

Net capital loss 5,000

Insurance premium on life of corporate officer where Zero is the beneficiary 10,000

Excess charitable contributions carried over to next year 2,500

U.S. production activities deduction 1,000

Prepare a reconciliation of Zero’s taxable income before special deductions with its book income.

Case Study I10-52
Able Corporation is a manufacturer of electrical lighting fixtures. Able is currently negotiating with Ralph Johnson, the owner of an unincorporated business, to acquire his retail electrical lighting sales business. Johnson’s assets that are to be acquired include the following:

Inventory of electrical fixtures \$ 30,000 \$ 50,000

Store buildings 80,000 100,000

Land 40,000 100,000

Equipment: 7-year recovery period 30,000 50,000

Equipment: 5-year recovery period

Mr. Johnson indicates that a total purchase price of \$1,000,000 in cash is warranted for the business because of its high profitability and strategic locations and Able has agreed that the business is worth \$1,000,000. Despite the fact that both parties attribute the excess payment to be for goodwill, Able would prefer that the \$600,000 excess amount be designated as a 5-year covenant not to compete so that he can amortize the excess over
a 5-year period. You are a tax consultant for Able who has been asked to make recommendations as to the structuring of the purchase agreement and the amounts to be assigned to individual assets. Prepare a client memo to reflect your recommendations.

Tax Strategy Problem I13-65
Russ has never recognized any Sec. 1231 gains or losses. In December 2006, Russ is considering the sale of two Sec. 1231 assets. The sale of one asset will result in a \$20,000 Sec. 1231 gain while the sale of the other asset will result in a \$20,000 Sec. 1231 loss. Russ has no other capital or Sec. 1231 gains and losses in 2006 and does not expect to have any other capital or Sec. 1231 gains and losses in 2006. He is aware that it might be advantageous
to recognize the Sec. 1231 gain and the Sec. 1231 loss in different tax years. However, he does not know whether he should recognize the Sec. 1231 gain in 2006 and the Sec. 1231 loss in 2007 or vice versa. His marginal tax rate for each year is expected to be 33%. Advise the taxpayer with respect to these two alternatives:

a. Recognize the \$20,000 Sec. 1231 loss in 2006 and the \$20,000 Sec. 1231 gain in 2007.

b. Recognize the \$20,000 Sec. 1231 gain in 2006 and the \$20,000 Sec. 1231 loss in 2007.

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# ACC 547 Week 2 Problem Set I5-67, I5-61

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ACC 547 Week 2 Problem Set I5-67, I5-61

Case Study I5-67

As a political consultant for an aspiring politician, you have been hired to evaluate thefollowing statements that pertain to capital gains and losses. Evaluate the statement andprovide at least a one-paragraph explanation of each statement. As you prepare youranswer, consider the fact that the aspiring politician does not have much knowledgeabout taxation.

•    a.The tax on capital gains is considered a voluntary tax.

•    b.On October 22, 1986, the Tax Reform Act of 1986 was passed, which eliminated the60% of net capital gain deduction (i.e., an individual taxpayer with \$10,000 of netcapital gain was entitled to a \$6,000 deduction when computing AGI) before January1, 1987. Many state governments enjoyed a substantial increase in 1986 tax revenue.

•    c.High-income taxpayers receive the most benefit from preferential treatment for capitalgains.
Comprehensive Problem I5-61

Betty incurs the following transactions during the current year. Without considering thetransactions, her 2006 AGI is \$40,000. Analyze the transactions and answer the follow-ing questions:

•On March 10, 2006, she sells a painting for \$2,000. Betty is the artist, and she com-pleted the painting in 2001. Her basis for the painting is \$50.

•On June 18, 2006, she receives \$28,500 from the sale of stock purchased by her unclein 1996 for \$10,000, which she inherits on February 20, 2006, as a result of heruncle’s death. The stock’s FMV on that date is \$30,000.

•On July 30, 2006, she sells land for \$25,000 that was received as a gift from herbrother on April 8, 2006, when the land’s FMV was \$30,000. Her brother purchasedthe land for \$43,000 on October 12, 1998. No gift tax was paid.

•    a.What is her NSTCL or NSTCG?

•    b.What is her NLTCL or NLTCG?

•    c.What is the effect of capital gains and losses on her AGI?
d.What is her capital loss carryforward to 2007?

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# ACC 547 Week 2 Individual Assignment Week Two Problem Set 72 , 49 (Ch 2), 40 (Ch 3) 41 (Ch 4)

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ACC 547 Week 2 Individual Assignment Week Two Problem Set 72 , 49 (Ch 2), 40 (Ch 3) 41 (Ch 4)

Complete the following problems located in Taxation of Individuals and Business Entities:

•    Problem 72 (Ch. 2)

•    Problem 49 (Ch. 3)

.    Comprehensive Problems 40 & 41 (Ch. 4)

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