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week 1
How
might you apply the tax knowledge that you will acquire in this course? What
business or personal situations might require tax knowledge?
What
factors increase the benefits of accelerating deductions or deferring income?
Under what circumstances can these accelerations or deferrals be used. Provide
examples of each in your discussion.
week 2
Compare
and contrast realization of income for income tax purposes with recognition of
income for financial accounting purposes.
Gambling
losses are miscellaneous deductions not subject to the AGI floor. Explain why
this is the case. Is there a social purpose to not limiting gambling loss
deductions? Discuss the fact that gambling losses are not limited to the AGI
floor but unreimbursed employee business expenses are. Include references to
any tax code or publications that you use for your answer.
week
3
What
is the purpose of the alternative minimum tax? Discuss the pros and cons of
such a tax and whether you think it accomplishes the purpose for which it was
designed. Include references to any tax code or publications that you use for
your answer.
There
are several business expenses not allowed as deductions for tax purposes as a
matter of public policy. Discuss several of these expenses and the implications
for companies or individuals doing business in countries with different laws
and/or cultural norms regarding business transactions. Include references to
any tax code or publications that you use for your answer.
week
4
Explain
why the tax laws required the cost of certain assets to be capitalized and
recovered over time rather than immediately expensed. How does this reasoning
compare with the reasoning for financial accounting purposes? Include
references to any tax code or publications that you use for your answer.
Why
are capital gains and dividends taxed at a different rate than ordinary income?
Has this always been the case? Discuss the economic and social implications the
changes in tax rates for capital gains and dividends. Do you think the existing
policies are fair? Why or why not? Include references to any tax code or
publications that you use for your answer.
week
5
Why
are self-employed taxpayers allowed to deduct ½ of their self-employment taxes
to calculate adjusted gross income? Self-employment taxes are based on 92.35%
of self-employment net earnings (see Schedule SE). Does combining these two
features of self-employment taxes create a greater benefit than salaried
earnings on a W-2? Include references to any tax code or publications that you
use for your answer.
Explain
the tax similarities
and differences between qualified defined contribution plans and nonqualified
deferred compensation plans from anemployee’sperspective
and compare with the employer’sperspective.
Include references to any tax code or publications that you use for your
answer.
week
6
What
are the tax and non-tax considerations for choosing the legal form for
operating a business? Which form of organization likely provides the most tax
benefits and under what conditions? Include references to any tax code or
publications that you use for your answer.
Compare
and contrast taxable temporary differences, deductible temporary differences,
favorable temporary differences, and unfavorable temporary differences and
their interrelationships. Give an example of each. Include references to any
tax code or publications that you use for your answer.
week 7
How
does the issue of double taxation arise when a corporation decides between
making a distribution to a shareholder-employee as a dividend or compensation?
When might triple taxation arise? Include references to any tax code or
publications that you use for your answer.
diss
2
How
does the tax treatment of a partial liquidation differ from a stock redemption?
What are the tax implications for the corporation? For the stockholder? Include
references to any tax code or publications that you use for your answer.
week 8
When
are partnership liquidating distributions required? How are they treated and
what are the tax implications? Include references to any tax code or
publications that you use for your answer.
Compare
and contrast the aggregate and entity approaches for a sale of a partnership
interest. What are the tax implications of each? Which is preferable from a
partnership standpoint? From the purchaser’s? Include references to any tax
code or publications that you use for your answer.
week 2
Details:
Complete
the following problems at the end of each chapter:
1. Chapter 4:
Comprehensive Problem 54
2. Chapter 5:
Comprehensive Problem 75
3. Chapter 6:
Comprehensive Problem 65
The
assignment should be completed in an Excel spreadsheet, with one
The
assignment should be completed in an excel spreadsheet, with one problem on
each tab. Attached the Form 1040 page 1 for Problem 5-75 separately or copy in
to the spreadsheet. You must show your work, with notes on how you completed
the problem. Specifically, indicate which items you did not include in your
calculations because they were not taxable and explain items that are excluded
or limited.
An
example of a completed tax template and the related Form 1040 and schedules are
available under Resources>Course Materials>Course Add-ons. Demonstrations
are available in the module readings and Course Materials.
week
3
Details:
Complete
the following problems at the end of each chapter:
1. Chapter 7:
Comprehensive Problem 88
2. Chapter 8:
Comprehensive Problem 81
The
assignment should be completed in an excel spreadsheet, with one problem on
each tab. Attached the tax forms separately or copied in to the spreadsheet.
You must show your work, with notes on how you completed the problem.
Specifically, indicate which items you did not include in your calculations
because they were not taxable and explain items that are excluded or limited.
An
example of a completed tax template and the related Form 1040 and schedules are
available under Resources>Course Materials>Course Add-ons. Demonstrations
are available in the module readings and Course Materials.
week 4
Complete
the following problems at the end of each chapter:
1. Chapter 9: Problems
56 and 57
2. Chapter 10:
Comprehensive Problems 64 and 65
3. Chapter 11: Problem
61
The
assignment should be completed in an excel spreadsheet, with one problem on
each tab. You must show your work, with notes on how you completed the problem.
Specifically, indicate which items you did not include in your calculations
because they were not taxable and explain items that are excluded or limited.
An
example of a completed tax template and the related Form 1040 and schedules are
available under Resources>Course Materials>Course Add-ons. Demonstrations
are available in the module readings and Course Materials.
week 5
Details:
Complete
the Individual Tax Return Problem #5 in Appendix C.
Download
the appropriate tax forms from the IRS website, www.irs.gov. Make sure you
download the forms for the tax year in your assigned problem in Appendix C,
2011. If the forms for that tax year are no longer available, you can find
prior year forms by entering “2xxx Forms” in the search box. This will guide
you to a page that says “Prior Year Forms”.
Click
on this to get to the forms for your appropriate year. Include the necessary
supporting schedules and supporting documentation.
Demonstrations
are available in the module readings and Course Materials.
week
6
Details:
Complete
the following homework problem at the end of the chapter:
- Chapter
16: Comprehensive Problem 87
The
assignment should be completed in an excel spreadsheet, with one problem on
each tab. You must show your work, with notes on how you completed the problem.
Specifically, indicate which items you did not include in your calculations
because they were not taxable and explain items that are excluded or limited.
An
example of a completed tax template and the related Form 1040 and schedules are
available under Resources>Course Materials>Course Add-ons. Demonstrations
are available in the module readings and Course Materials.
week
7
Details:
Complete
the Corporate Tax Return Problem #2 in Appendix C.
Download
the appropriate tax forms from the IRS website, www.irs.gov. Make sure you
download the forms for the tax year in your assigned problem in Appendix C,
2011. Include the necessary supporting schedules and supporting documentation.
Demonstrations are available in course materials.
If
you have the ability, create one pdf file with all of the tax forms in the
order they
should
appear in a submitted tax return. If you do not, attach the files in the
assignment
dropbox in the order they should appear in a submitted tax return.
week
8
Details:
Complete
the Partnership Tax Return Problem 1 in Appendix C.
Demonstrations
are available in the module readings.
If
you have the ability, create one pdf file with all of the tax forms in the
order they
should
appear in a submitted tax return. If you do not, attach the files in the
assignment
dropbox in the order they should appear in a submitted tax return.
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