1. ACC 4010 Week 1 Assignment 3 Understanding and Working
with Tax Law NEW
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ACC 4010 Week 1 Assignment 3 Understanding and Working
with Tax Law NEW
2. ACC 4010 Week 2 Assignment 2 Computing the Tax NEW
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Comment on the availability of head-of-household filing
status in each of the following independent situations.
Al lives alone but maintains the household of his parents. In
July 2012, the parents use their savings to purchase a Lexus
automobile for $62,000.
Bree maintains a home in which she and her father reside.
The father then enters a nursing facility for treatment for a
mental illness.
Chloe, a single parent, maintains a home in which she and
Dean, Chloe's unmarried son, live. Dean, age eighteen, earns
$5,000 from a part-time job.
Assume the same facts as in (c) except that Dean is age
nineteen, not eighteen.
Chee is married and maintains a household in which he and
his dependent stepson live.
3. Evie lives alone but maintains the household where her
dependent daughter Zoe lives.
Frank maintains a household that includes Georgia, an
unrelated friend who qualifies as his dependent.
Understanding Transactions vis-à-vis Taxes:
Gain on the sale of stock held as an investment for ten
months.
Gain on the sale of land held as an investment for four years.
Gain on the sale of a houseboat owned for two years and
used for family vacations.
Loss on the sale of a reconditioned motorcycle owned for
three years and used for recreational purposes.
Compute Taxable Income:
Compute taxable income in each of the following
independent situations.
Drew and Meg, ages forty and forty-one respectively, are
married and file a joint return. In addition to four dependent
children, they have AGI of $65,000 and itemized deductions
of $12,000.
Sybil, age forty, is single and supports her dependent
parents, who live with her. Sybil also supports her
grandfather, who lives in a nursing home. She has AGI of
$80,000 and itemized deductions of $8,000.
Scott, age forty-nine, is a surviving spouse. His household
includes two unmarried stepsons who qualify as his
4. dependents. He has AGI of $75,000 and itemized deductions
of $10,100.
Amelia, age thirty-three, is an abandoned spouse and
maintains a household for her three dependent children. She
has AGI of $58,000 and itemized deductions of $9,100.
Dale, age forty-two, is divorced but maintains the home in
which he and his daughter, Jill, live. Jill is single and
qualifies as Dale's dependent. Dale has AGI of $64,000 and
itemized deductions of $9,900.
Understanding Different Filing Statuses:
In each of the following independent situations, determine
Winston's filing status. Winston is not married.
Winston lives alone, but he maintains a household in which
his parents live. The mother qualifies as Winston's
dependent, but the father does not.
Winston lives alone, but he maintains a household in which
his married daughter, Karin, lives. Both Karin and her
husband (Winston's son-in-law) qualify as Winston's
dependents.
Winston maintains a household in which he and a family
friend, Ward, live. Ward qualifies as Winston's dependent.
Winston maintains a household in which he and his mother-
in-law live. Winston's wife died last year.
Same as (d), except that Winston's wife disappeared (i.e., she
did not die) two years ago.
5. ACC 4010 Week 3 Assignment 2 Qualified Tuition Program NEW
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ACC 4010 Week 3 Assignment 2 Qualified Tuition Program NEW
6. ACC 4010 Week 4 Assignment 2 NEW
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Tax Deductions for and from AGI
Hank was transferred from Phoenix to North Dakota on March
1 of the current year. He immediately put his home in Phoenix
up for rent. The home was rented May 1 to November 30 and
was vacant during the month of December. It was rented again
on January 1 for six months. What expenses, if any, can Hank
deduct on his return? Which deductions are for AGI, and which
ones are from AGI?
Tax Deductions on Stolen Items:
During 2012, someone broke into Jacob's personal residence
and took the following items:
Asset
Adjusted
Basis
Fair
Market
Value
(FMV)
before
Fair
Market
Value
(FMV)
after
Insurance
Recovery
Business
computer
$12,000 $10,000 $ –0– $ 7,000
Bearer
bonds
30,000 25,000 –0– –0–
Silverware 7,000 20,000 –0– 18,000
7. Cash 8,000 8,000 –0– –0–
Jacob is an employee and used the computer 100% of the time
in his employment. Although his homeowner's insurance policy
paid Jacob $7,000 for the stolen computer, Jacob's employer did
not reimburse Jacob for any of the remainder of his loss. Jacob's
AGI for the year, before considering any of the above items, is
$50,000. Determine the total deduction for the stolen items on
Jacob's 2012 tax return.
Cost Recovery:
On August 2, 2012, Wendy purchased a new office building for
$3.7 million. On October 1, 2012, she began to rent out office
space in the building. On July 15, 2016, Wendy sold the office
building.
Determine Wendy's cost recovery for
2012.
Determine Wendy's cost recovery for
2016.
Support your responses with examples.
8. ACC 4010 Week 5 Assignment 2 Tax Reform NEW
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