Professional Documents
Culture Documents
www.acc547outlet.com
Review two sources that discuss the different types of tax authority
(specifically primary and secondary sources).
What are the two different categories of tax research (open and
closed transactions)?
Of the two known sources, primary & secondary, which has more
authority ?
------------------------------------------------------------------------------------
Gross Income
Itemize Deductions
Personal Exemptions
Taxable Income
Tax Credits
Conclusion
------------------------------------------------------------------------------------
www.acc547outlet.com
Comprehensive Problem for Chapters 7 and 8. Sam Johnson started a
small machine shop, Machines, Inc., in his garage and incorporated it
in March of 2013 as a calendar-year corporation. At that time, he
began using his personal computer and tools solely for the business
as part of his contribution to the corporation. The computer cost
$2,700 but had a fair market value of only $900 at conversion and
the tools, which had cost $1,500, were valued at $1,100. During
2013, Machines, Inc. purchased two machines: Machine A, purchased
on May 2, cost $24,000; Machine B, purchased on June 5, cost
$40,000.
The corporation expensed Machine A under Section 179. The
computer, tools, and Machine B were depreciated using accelerated
MACRS only. The corporation did not take any depreciation on the
garage nor did Sam charge the business rent because the business
moved to a building the business purchased for $125,000 on January
5, 2014. On January 20, 2014, Machines purchased $4,000 of office
furniture and on July 7, it purchased Machine C for $48,000. It
depreciated these assets under MACRS (including allowable bonus
depreciation), but did not use Section 179 expensing. Machines
acquired no new assets in 2015.
------------------------------------------------------------------------------------
www.acc547outlet.com
Sales and Use Tax: What is the Solution?
Introduction
Conclusion
------------------------------------------------------------------------------------
www.acc547outlet.com
When Godfrey died in 2016, his assets were valued as follows:
The executor sold the stock two months after the decedent's death
for $2,200,000. The bonds were sold seven months after the
decedent's death for $4,630,000. What valuation should be used for
the gross estate?
------------------------------------------------------------------------------------