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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38
ACC 401 Week 1 Quiz
ACC 401 Week 1 Quiz Set 2
ACC 401 Week 1 DQ 1 Basic Concepts
ACC 401 Week 1 DQ 2 Gross Income
ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55
ACC 401 Week 2 DQ 1 Adjusted Gross Income
ACC 401 Week 2 DQ 2 Itemized Deductions

ACC 401 Week 2 Quiz
ACC 401 Week 3 Assignment Chapter 6
ACC 401 Week 3 DQ 1 Self-Employed Business Income & Capital
Gains
ACC 401 Week 3 DQ 2 Rental Property & Royalties
ACC 401 Week 3 Quiz
ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49
ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes
ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement Plans
ACC 401 Week 5 Final Paper Assignment

ACC 401 Week 5 DQ 1 Partnership Taxation
ACC 401 Week 5 DQ 2 Corporate taxation
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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 &
38 (UOP)
32) List the five types of filing status and briefly explain the
requirements for the use of each one.
33) In which of the following cases may the taxpayer claim head of
household filing status?
a. The taxpayer is single and maintains a household which is the
principal place of abode of her infant son.
b. The taxpayer is single and maintains a household for herself and
maintains a separate household which is the principal place of abode
of her dependent widowed mother.
c. The taxpayer is married from January to October and lived with his
spouse from January to May. From June 1 to December 31, the
taxpayer maintained a household that was the principal place of abode
of his married son and daughter-in-law whom the taxpayer can claim
as dependents.

Same as (c) except the taxpayer lived with his ex-spouse until August
and maintained the household for his married son and daughter-in-
law from September 1 to the end of the year
38) Julio and Martina are engaged and are planning to travel to Las
Vegas during the 2009 Christmas season and get married around the
end of the year. In 2009, Julio expects to earn $45,000 and Martina
expects to earn $15,000. Their employers have deducted the
appropriate amount of withholding from their paychecks throughout
the year. Neither Julio nor Martina has any itemized deductions. They
are trying to decide whether they should get married on December 31,
2009 or on January 1, 2010. What do you recommend? Explain your
answer (disregard the making work pay credit).
Chapter 3: Problems 35, 36, & 42
35) Determine the amount of taxable income that should be reported
by a cash-basis taxpayer in 2009 in each of the following independent
cases.
A taxpayer completes $500 of accounting services in December 2009
for a client who pays for the accounting work in January 2010.
A taxpayer is in the business of renting computers on a short-term
basis. On December 1, 2009, she rents a computer for a $200 rental fee
and receives a $500 deposit. The customer returns the computer and is
refunded the deposit on December 20, 2009.
Same facts as (b) except that the computer is returned on January 5,
2010.
On December 18, 2009, a landlord rents an apartment for $700 per
month and collects the first and last month’s rent up front. It is

customary that tenants apply the deposit to their last month’s rent
upon moving out.
An accountant agrees to perform $500 of tax services for an auto
mechanic who has agreed to perform repairs on the car of the wife of
the accountant. The mechanic repairs the car in December 2009 and
the accountant starts and completes the tax work in March 2010.
36. A taxpayer who purchases a Series EE U.S. Savings Bond must
report the interest income (i.e., increase in value) on the bond on the
date the bond is redeemed or the taxpayer can elect to report the
interest currently in income. Under what circumstances should a
taxpayer report income at maturity? Under what circumstances is it
more advantageous to report income currently?
42. Sean, who is single, received social security benefits of $8,000,
dividend income of $13,000, and interest income of $2,000. Except as
noted, those income items are reasonably consistent from year to year.
At the end of 2009, Sean is considering selling stock which would
result in an immediate gain of $10,000, a reduction in future dividends
of $1,000, and an increase in future interest income of $1,500. He has
asked you for advice. What course of action do you recommend
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ACC 401 Week 1 DQ 1 Basic Concepts

From Chapter 1, complete discussion questions 6, 9, & 10. From
Chapter 2, complete discussion questions 3, 6, 9, & 10. Review
Appendix E (2014 IRS Tax Forms) to see where dependents are shown
on the tax return. Remember to complete all parts of the problems and
report the results of your analysis. Do not forget to show the necessary
steps and explain how you attained that outcome.
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ACC 401 Week 1 DQ 2 Gross Income
From Chapter 3, answer discussion questions 1, 2, 3, 10, 12, & 15.
Remember to complete all parts of the problems and report the results
of your analysis. Do not forget to show the necessary steps and explain
how you attained that outcome.
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ACC 401 Week 1 Quiz (UOP)
QUIZ 1

1) Under the cash receipts and disbursements method, the taxpayer
reports income in the year:
2) What item should not be included in income?
3) Which of the following statements is true with respect to
marginal and average tax rates?
4) In terms of dollars, wage earning taxpayers will normally pay the
majority of their tax liability:
5) Income may be realized in the form of:
6) Maria is 21 years of age and a full-time student living by herself.
She had wages of $19,000 for 2007. Can Maria claim the exemption
for herself on her tax return?
7) For tax purpose, marital status is determined as of the ……. Day
of the year

8) Pedro agreed to repair a house for a client and started to work
on December 30, 2006. On January 2, 2008, he completed the job and
received payment from the client. Pedro must record the income in:
9) Which of the following items would not be considered as support
for a dependency exemption?
Employers report wage income to employees on a
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ACC 401 Week 1 Quiz Set 2
1. Question : What is the amount of the social security wage limitation
for 2014?
2. Question : With respect to the income tax formula, which of the
following statements is
3. Question : To be a qualifying child, the taxpayermust meet three
general tests and five
specific tests. Which one is not part of the five specific tests?

4. Question : Which of the following would disqualify a taxpayer from
filing a Form 1040EZ?
5. Question : The basic standard deduction in 2014 for a single
taxpayer who is 67 years old
and not blind is:
6. Question : The basic standard deduction in 2014 for a taxpayer, 67
and not blind, filing head
of household is:
7. Question : What is the amount of the tax liability for a married
couple having taxable income
of $153,500? All answers should be rounded to the nearest dollar.
8. Question : Which of the following trial courts hear tax cases?
9. Question : A 37-year-old taxpayer with a dependent child and
claiming head of household
status has received $21,000 in child support payments and earned
wages of
$46,000. Which is the simplest form this person canfile?
10. Question : The basic standard deduction in 2014 for a Head of
Household taxpayer who is 41
years old and not blind is:

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ACC 401 Week 2 Assignment Chapter 4 problem 53 and
problem 55 (UOP)
53. Under the terms of a divorce decree executed May 1, 2008, Rob
transferred a house worth $650,000 to his ex-wife, Linda, and was to
make alimony payments of $3,000 per month. The property has a tax
basis to Rob of $300,000.
a. How much of this must be reported on Linda’s tax return?
b. Of that amount, how much is taxable gain or loss that Linda must
recognize related to the transfer of the house?
54. Under the alimony recapture rules, what amounts are designated
for recapture reclassification, and what are the tax consequences?
55. Indicate whether each of the following items is considered a for
AGI, (above-the line) deduction for the 2009 tax year.
Chapter 5, complete problem 54, problem 61, and problem 62
54. Steve purchased a personal residence from Adam. To sell the
residence, Adam agreed to pay $4,500 in points related to Steve’s
mortgage. Discuss the tax consequences from the perspective of both
Steve and Adam.

61. Reynaldo and Sonya, a married couple, had flood damage in their
home due to a faulty water heater during 2009, which ruined the
furniture in their garage. The following items were completely
destroyed and not salvageable
Their homeowner’s insurance policy had a $10,000 deductible for the
personal property, which was deducted from their insurance
reimbursement of $12,700, resulting in a net payment of $2,800. Their
AGI for 2009 was $30,000. What is the amount of casualty loss that
Reynaldo and Sonya can claim on their joint return for 2009?
62. During the year 2009, Ricki, who is not self-employed and does not
receive employer reimbursement for business expenses, drove her car
5,000 miles to visit clients, 10,000 miles to get to her office, and 500
miles to attend business-related seminars. She spent $300 for airfare to
another business seminar and $200 for parking at her office. Using
the car expense rate of 55 cents per mile, what is her deductible
transportation expense?
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ACC 401 Week 2 DQ 1 Adjusted Gross Income
38. What are some of the limitations concerning deductibility of
student loan interest? Be specific and comprehensive

43. How much, if any, may Antonio take as a moving expense
deduction on his 2014 tax return? Is that deduction subject to any
conditions that could change its deductibility in the future?
47. Three types of payments are associated with a decree of separation
or a divorce.
a. What are those three payments
b. Which one has a tax consequence
c. What is the timing rule regarding the recapture period of those
payments
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ACC 401 Week 2 DQ 2 Itemized Deductions
Ch5.
48. Mickey is a 12-year-old dialysis patient. Three times a week he and
his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On
the way home they go 10 miles out of their way to stop at Mickey’s
favorite restaurant. Their total round trip is 50 miles per day. How
many of those miles, if any, can Sue use to calculate an itemized
deduction for transportation? Use the mileage rate in effect for 2010.
Explain your answer.

52. On April 1, 2010, Paul sold a house to Amy. The property tax on
the house, which is based on a calendar year, was due September 1,
2010. Amy paid the full amount of property tax of $ 2,500. Calculate
both Paul’s and Amy’s allowable deductions for the property tax.
Assume a 365 day year.
53. In 2009 Sherri, a single taxpayer, had $3,600 in state tax withheld
from her paycheck. She properly deducted that amount on her 2009
tax return as an itemized deduction that she qualified for, thus
reducing her tax liability. After filing her 2009 tax return, Sherri
discovered that she had overpaid her state tax by $316. She received
her refund in July 2010. What must Sherri do with the $ 316 refund?
Explain your answer.
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QUIZ 2
1) Henry graduated from university of Maryland in 2006, in 2009, to
take advantage of lower interest rates, he refinanced his qualified
education loans with another loan. He is not a dependent on another

person’s tax return. What is the maximum deduction available to him
for the $3,200 he paid for educational loan interest in 2009?
2) Which of the following interest expenses incurred by Amanda is
treated as personal interest expense and, therefore not deductible as an
itemized deduction?
3) Which of the following miscellaneous itemized deduction is not
subject to the 2% of adjusted gross income limitation?
4) For the deduction of self-employment taxes, which of the following
statements is correct?
5) Paola is a freshman in the UC-Davis degree program in veterinary
medicine. In 2008, Paola paid $3,000 in tuition, $500 for books, and
$250 for supplies for class. Paola also paid room and board of $3,500.
What is the total qualifying education expense for education loan for
Paola in 2007?
6) Which of the following costs are deductible on Form 1040,
Schedule A, as taxes?
7) Which of the following miscellaneous deductions are subjected to
the 2% of adjusted gross income limitation?
8) During 2009 Shakira paid the following expenses:
What is the total amount of medical expenses that would enter into
the calculation of itemized deductions on Shakira’s 2009 income tax
return?
9) The deduction for qualified tuition and related expenses included?
10) Maria files her tax return married filing separately. She has not
lived with her husband for over two years. Beginning in January 2009,
by court ordered decree, she paid her husband $600 per month as

separate maintenance. For 2009, how much will she be able to deduct
as alimony?
es on a
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ACC 401 Week 3 Assignment Chapter 6 (UOP)
39. David is a college professor who does some consulting work on the
side. He uses 25% of his home exclusively for the consulting practice.
He is single and 63 years old. His AGI (without consideration of
consulting income) is $45,000. Other information follows:
Income from consulting business $4,000
Consulting expenses other than home office 1,500
Total costs relating to home:
Interest and taxes 6,500
Utilities 1,500
Maintenance and repairs 450
Depreciation (business part only) 1,500
43. Janet purchased her personal residence in 2000 for $250,000.In
January 2009 she converted it to rental property. The fair market
value at the time of conversion was $210,000.

a. Determine the amount of cost recovery that can be taken in 2009:
b. Determine the amount of cost recovery that could be taken in 2009
if the fair market value of the property were $350,000:
Chapter 7
49. Ricardo acquired a warehouse for business purposes on August 30,
1992. The building cost $200,000.He took $133,333 of depreciation on
the building, and then sold it for $350,000 on July 1, 2009. What is the
amount and nature of Ricardo’s gain or loss on the sale of the
warehouse?
51. In 2009, Juanita sold stock considered short-term for a gain of
$875 and stock considered long-term for a loss of $2,400. She also had
a $2,000 short-term loss carryover from 2008 and a $240 long-term
loss carryover from 2008.
What amount will be shown as a short-term gain (loss) for 2009?
What amount will be shown as a long-term gain (loss) for 2009?
c. Will there be a carryover to 2010? If so, what is the nature and
amount of the carryover?
Chapter 8
37. Matt and Marie own a vacation home at the beach. During the
year, they rented the house for 42 days (6 weeks) at $890 per week and
used it for personal use for 58 days. The total costs of maintaining the
home are as follows:
Mortgage interest $4,200
Property taxes 700
Insurance 1,200

Utilities 3,200
Repairs 1,900
Depreciation 5,500
a. What is the proper tax treatment of this information on their tax
return using the Tax Court
method?
b. Is there an option for how to allocate the expense between personal
and rental use? Explain
c. What is the proper tax treatment if Matt and Marie rented the house
for only 14 days?
8. Janet owns a condominium at the beach. She incurs the following
expenses:
Mortgage interest $1,300
Property taxes 800
Insurance 1,500
Utilities 1,800
Repairs 300
Depreciation 4,000
What is the proper treatment of these expenses as applied to the
following situations? Use the Tax Court allocation method, if
applicable.
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ACC 401 Week 3 DQ 1 Self-Employed Business Income &
Capital Gains
Ch6.
1. Discuss the definition of trade or business. Why does it matter
whether a taxpayer is classified as an employee or as self-employed?
2. Discuss the concepts of ordinary, necessary, and reasonable in
relation to trade or business expenses.
9. Discuss the concept of electing §179 expense. Does the election
allow a larger expense deduction in the year of asset acquisition?
15. Why were the hobby loss rules established? What factors determine
whether an activity is a trade or business or a hobby? Is any one factor
controlling?
Ch7.
1. How are the terms basis, adjusted basis, and fair market value
defined as they apply to the calculation of gains and losses?
2. What is meant by the terms realized gain (loss) and recognized
gain (loss) as they apply to the sale of assets by a taxpayer?
8. What are the different classifications of capital assets? Define each
classification and explain the difference in the preferential tax
treatment (the rate at which the gains are taxed).

12. How is a net capital loss treated? Include in your answer a
discussion of how a net capital loss is treated in relation to other
income.
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ACC 401 Week 3 DQ 2 Rental Property & Royalties
Ch8.
33. Ramone is a tax attorney and he also owns an office building that
he rents for $8,500 /month. He is responsible for paying all taxes and
expenses relating to the building’s operation and maintenance. Is
Ramone engaged in the trade or business of renting real estate?
34. Kelvin owns and lives in a duplex. He rents the other unit for $750
per month. He incurs the following expenses during the current year
for the entire property:
How are the expenditures treated for tax purposes? On what tax
form(s) are these amounts reported?

35. In the current year, Sandra rented her vacation home for 75 days,
used it for personal use for 22 days, and left it vacant for the
remainder of the year. Her income and expenses are as follows:
What is Sandra’s net income or loss from the activity? Use the tax
court method.
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QUIZ 3
1) Which one of the following is Section 1231 property?
2) Which of the following expense items is (are) deductible as rental
expense?

3) If an activity is considered a hobby, which of the following is true?
4) $179 expense is available for all of the following business assets
except:
5) Brad and Kate receive $9,500 for rent from Mike and Janet, who
are renting their home in Santa Ana, California. Brad and Kate do not
use this property for personal use. The rent covers eight months from
August 1 of the current year to March 31 of the following year. The
amount also includes a security deposit of $1,500. How much should
Brad and Kate report as rental income in the current tax year?
6) The adjusted basis of an asset is:
7) Samantha is a full-time author and recently published her 8th
romance novel. The royalty income she receives from the publisher
this year should be reported on what schedule?
8) Patrice sells a parcel of land for $50,000 cash and the buyer
assumes Patrice’s liability of $7,000 on the land. Patrice’s basis in the
land is $40,000. What is the gain or loss she will recognize on the sale?
9) Jane and Don own a Chalet in Lake Tahoe and rented it for 12 days
for $8,000. The rest of year, the Chalet was used by them and their
friends and family. What is the proper tax treatment of $8,000?
10) Renita purchased 500 shares in Prompt Messenger services for
$12,000 on November 21, 2007. The company went bankrupt on June
13, 2008, with no hope of recovery for the shareholders. On what date
is the stock deemed to be worthless and what is the nature of loss?
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ACC 401 Week 4 Assignment Chapter 9, Problem 42
problem 49 (UOP)

42. Tim and Martha paid $7,900 in qualified employment-related
expenses for their three young children who live with them in their
household. Martha received $1,800 of dependent care assistance from
her employer, which was properly excluded from gross income. The
couple had $57,000 of AGI earned equally by Tim and Martha. What
amount of child and dependent care tax credit can they claim on their
Form 1040? How would your answer differ (if at all) if the couple had
AGI of $36,000 that was entirely earned by Tim?
49. Jeremy and Celeste paid the following for their daughter, Alyssa,
to attend University of Colorado, during 2009. Alyssa was in her first
year of college and attended full-time:
Tuition and fees (for fall semester 2009) $1,950
Tuition and fees (for spring semester 2010)1,000
Books 600
Room and board 1,200 The spring semester at University of Colorado
begins in January. In addition to the above, Alyssa’s uncle Devin sent
$800 as payment for her tuition directly to the University. Jeremy and
Celeste have modified AGI of $165,000.What is the amount of
qualifying expenses for purposes of the Hope credit? What is the
amount of Hope credit that Jeremy and Celeste can claim based on
their AGI?Chapter 10, complete problem 49 and problem 57.

49. Allison is paid $500 per week. What is the amount of federal
income tax withheld from Allison’s paycheck under the following
conditions? Use the percentage method table in the appendix to this
chapter.
a. Allison is single and claims three withholding allowances
b. Allison is married and claims three withholding allowances
c. Allison is single and claims one withholding allowance
57. Jones Company has the following employees on payroll:
Calculate the payroll for the last pay period in February. Include in
your calculations federal withholding, FICA, and FUTA. Assume that
Jones Company received the maximum credit for state unemployment
taxes
Chapter 11, complete problem 49 and problem 52. Submit these items
to your instructor.
49. Will, who is single and under age 50, is employed as a full-time tax
accountant at a local manufacturing company where he earns $60,000
per year. He participates in a pension plan through his employer. Will
also operates a small tax practice in his spare time during tax season
and has net Schedule C income of $8,000. He is interested in
establishing and contributing to other retirement plans. What options
are available to Will?
52. Ken is a self-employed architect in a small firm with four
employees: himself, his office assistant, and two drafters, all of whom
have worked for Ken full-time for the last four years. The office
assistant earns $30,000 per year and each drafter earns $40,000. Ken’s
net earnings from self-employment (after deducting all expenses and

one-half of self-employment taxes) are $305,000. Ken is considering
whether to establish an SEP plan and has a few questions.
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ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes
From Chapter 9, complete questions 3 and 7, and problem 43. From
Chapter 10, complete question 1 and question 7. Remember to
complete all parts of the problems and report the results of your
analysis. Do not forget to show the necessary steps and explain how
you attained that outcome. Respond to at least two of your classmates'
postings.
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ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement Plans
From Chapter 10, complete questions 12 and 13. From Chapter 11,
complete question 5, question 15, and question 19. Remember to
complete all parts of the problems and report the results of your
analysis. Do not forget to show the necessary steps and explain how
you attained that outcome.

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ACC 401 Week 5 DQ 1 Partnership Taxation
Chapter 14, problems 1, 3, 12, and 15.
1. Discuss the formation of a partnership. Is any gain or loss
recognized? Explain.
3. How do taxation for the corporate form and taxation for the
partnership form differ?
12. Can a partner have a salary from a partnership? Why? What is a
guaranteed payment?
15. If a partner owns a 20% interest, does that necessarily mean that
he or she will receive 20% of the net income from the partnership?
Explain.
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ACC 401 Week 5 DQ 2 Corporate taxation

Chapter 15, problems 4, 6, 14 and 16.
4.Explain the 80% rule as it pertains to the formation of a corporation.
6.An individual contributes property with a fair market value in excess
of basis to a corporation in exchange for stock. What is the basis of the
stock in the hands of the shareholder, and what is the basis of the
property contributed in the hands of the corporation?
14.A corporation may make a distribution to its shareholders.
Depending on the circumstances, in the hands of the shareholder, the
distribution can be classified as a dividend, a tax-free distribution, or a
capital gain. Explain the circumstances in which each classification
can occur.
16.What is Schedule M-1, and what is its purpose?
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ACC 401 Week 5 Final Paper Assignment (UOP)
Q:Appendix A
Please use this information for your Tax Return and Paper.
*All people, businesses, and information are fictional. Any relation to
an actual person or business is accidental.
Harold Petersan
SSN: 0XX-01-1XXX
Date of Birth (DOB): 05/27/1975
Gross Pay: $51,750
401(k) contributions: $4,140
Healthcare costs (payroll deductions): $1347
Reported wages: $46,263
Social Security Wages: $50,403
Medicare Wages: $50,403
State Wages: $46,263
Taxes withheld:
Federal: $2896.06

Social Security: $3124.99
Medicare: $730.34
State: $682.38
sdi (mandatory disability insurance): $393.24
Employer: PointMark, INC
Address: 1111 One Park Place
City: One City
State: California
Zip code: 11111
Employer’s FED ID number: 33-01XXX11
Sarah Petersan
SSN: 001-02-XXXX
DOB: 08/11/1979
Gross Pay: $50,000
401(k) contributions: $4,000
Healthcare costs (payroll deductions): $1347
Reported wages: $44,653
Social Security Wages: $48,653
Medicare Wages: $48,653
State Wages: $44,653
Taxes withheld:

Federal: $2795.28
Social Security: $3016.49
Medicare: $704.98
State: $658.63
sdi (mandatory disability insurance): $379.55
Employer: CompanyOne
Address: 1111 Place Road
City: One City
State: California
Zip code: 11112
Employer’s FED ID number: 33-01XXX22
Dependent:
Tara Petersan
SSN: 001-XX-XX00
DOB: 12/29/2004
Child Care Costs: $10,320
Child Care Provider: fabulous daycarecenter
Address: 121 Place Road
City: One City
State: California
Zip code: 11111

Identifying number: 33-XXXX011
Life Change Events
Home Sale:
Primary residence sale price $520,000
cost basis (incurred three years prior) $300,000
Property Tax paid: $1,500
Mortgage Interest paid: $14,400
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