The document provides a series of case studies and scenarios related to tax regulations including gift tax, estate tax, and personal income tax for various individuals and situations. It covers key concepts such as taxable gifts, marital deductions, and forms for tax filings while detailing real-life examples of financial transactions and their tax implications. Additionally, it outlines the necessary steps and calculations for determining tax liabilities across multiple years and hypothetical tax situations.

1. ACC 547 Final Exam Guide
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000
to a friend, Johnson, who needed the money to pay medical
expenses. In filing the 2016 gift tax return, Sayers was entitled to a
maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount
sufficient to require the filing of a gift tax return. Vega was still alive
in 2016.
If Vega did not request an extension of time for filing the 2016 gift
tax return, the due date for filing was
3. Under the unified rate schedule,
4. During the current year, Mann, an unmarried U.S. citizen, made
a $5,000 cash gift to an only child and also paid $25,000 in tuition
expenses directly to a grandchild's university on the grandchild's
behalf. Mann made no other lifetime transfers. Assume that the gift
tax annual exclusion is $14,000. For gift tax purposes, what was
Mann's taxable gift?
5. George and Suzanne have been married for 40 years. Suzanne
inherited $1,000,000 from her mother. Assume that the annual gift-tax
exclusion is $14,000. What amount of the $1,000,000 can Suzanne
give to George without incurring a gift-tax liability?
6. Which of the following payments would require the donor to file
a gift tax return?

2. 7. The answer to each of the following questions would be relevant
in determining whether a tuition payment made on behalf of another
individual is excludible for gift tax purposes, EXCEPT:
8. When Jim and Nina became engaged in April 2016, Jim gave
Nina a ring that had a fair market value of $50,000. After their
wedding in July 2016, Jim gave Nina $75,000 in cash so that Nina
could have her own bank account. Both Jim and Nina are U.S.
citizens.
What was the amount of Jim's 2016 marital deduction?
9. Jan, an unmarried individual, gave the following outright gifts in
2016:
10. Which one of the following is a valid deduction from a decedent's
gross estate?
11. Which of the following credits may be offset against the gross
estate tax to determine the net estate tax of a U.S. citizen?
12. Under which of the following circumstances is trust property with
an independent trustee includible in the grantor's gross estate?
13. Bell, a cash basis calendar year taxpayer, died on June 1, 2016. In
2016, prior to her death, Bell incurred $2,000 in medical expenses.
The executor of the estate paid the medical expenses, which were a
claim against the estate, on July 1, 2016.
If the executor files the appropriate waiver, the medical expenses are
deductible on
14. Within how many months after the date of a decedent's death is
the federal estate tax return (Form 706) due if no extension of time for
filing is granted?
15. The generation-skipping transfer tax is imposed
16. Fred and Amy Kehl, both U.S. citizens, are married. All of their
real and personal property is owned by them as tenants by the entirety
or as joint tenants with right of survivorship. The gross estate of the
first spouse to die
17. What is the due date of a federal estate tax return (Form 706), for
a taxpayer who died on May 15, year 2, assuming that a request for an
extension of time is not filed?
18. In connection with a "buy-sell" agreement funded by a cross-
purchase insurance arrangement, business associate Adam bought a
policy on Burr's life to finance the purchase of Burr's interest. Adam,

3. the beneficiary, paid the premiums and retained all incidents of
ownership.
On the death of Burr, the insurance proceeds will be
19. The federal estate tax may not be reduced by a credit of
20. Ordinary and necessary administration expenses of an estate are
deductible:
21. H and W are married citizens. All of their real and personal
property is owned as tenants by the entirety or as joint tenants with
right of survivorship. The gross estate of the first spouse to die:
22. Under the provisions of a decedent's will, the estate's executor
made the following cash disbursements:
I. A charitable bequest to the American Red Cross.
II. Payment of the decedent's funeral expenses.
What deduction(s) is(are) allowable in determining the decedent's
taxable estate?
23. Which of the following items of property would be included in
the gross estate of a decedent who died in 2016?
24. If the executor of a decedent's estate elects the alternate valuation
date and none of the property included in the gross estate has been
sold or distributed, the estate assets must be valued as of how many
months after the decedent's death?
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ACC 547 Week 1 Tax Research Paper
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4. Review two sources that discuss the different types of tax authority
(specifically primary and secondary sources).
Createa 700- to 1,050-word (at least meet the minimum words)
document that addresses the following:
What are the two different categories of tax research (open and closed
transactions)?
Of the two known sources, primary & secondary, which has more
authority ?
Explain your answer. Give three examples of primary and secondary
sources, discuss where you can find the sources, whether they are paid
or free sources, and what kind of information you will find about a
given tax situation.
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ACC 547 Week 2 Getting Personal
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5. Introduction
Gross Income
Above the Line Deductions
Itemize Deductions
Personal Exemptions
Taxable Income
Tax Credits
Conclusion
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ACC 547 Week 3 Comprehensive Problem
Machines Inc
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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

6. 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.
On February 4, 2016, Machines bought a new computer system for
$5,100. It sold the old computer the same day for $300. On March 15,
it sold Machine A for $6,000 and purchased a more versatile machine
for $58,000. On August 15, Machines sold bonds it had purchased
with $9,800 of the cash Sam had originally contributed to the
corporation for $10,400 to pay creditors. The business takes only the
maximum allowable MACRS depreciation deduction on assets
purchased in 2016 with no Section 179 expensing or bonus
depreciation.
Determine Machines, Inc.'s depreciation expense deductions for 2013
through 2016.
Determine the realized and recognized gains or losses on the property
transactions in 2016.
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7. ACC 547 Week 4 Jordan and Diana Diego
(Score 85%)
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Jordan (SSN 150-66-7788)and Diana (SSN 150-67-4321)Diego are a
married couple who reside at 111 Coral Drive in Miami, FL 33156.
They have one dependent daughter, Emily (SSN 155-88-4321), age
18, who lives at home.
Jordan is a manager at Big Box Corporation. His Form W-2 wages are
$68,000 and federal income tax withheld is $8,300. The correct
payroll taxes were withheld.
Diana worked at a local department store for the first half of the year.
Her Form W-2 wages are $40,000 and federal income tax is $3,300.
The correct payroll taxes were also withheld.
The Diego family paid $9,200 interest on their home mortgage
(reported to them by the mortgage company on Form 1098). The
Diego family also owns a vacation home in Breckenridge, Colorado,
for which they paid $4,100 of mortgage interest. (This is qualified
mortgage interest for a second home.)
The Diego family paid real estate taxes on their principal residence of
$3,400, $2,000 of real estate taxes on their vacation home and $3,200
of sales taxes during the year.
The vacation home in Breckenridge was rented out for 120 days
during the year for which they received $12,000 in rental income.
Jordan and Diana made significant decisions such as approving new
tenants while a local management company handled the day-to-day

8. needs. The Diego family used it for 30 days for a personal vacation
during the year. Other expenses for the year for this vacation home
(excluding interest and taxes mentioned above) were: $700 for real
estate management fees paid to a local agent who handles the rental of
the property, insurance expense $2,200, repairs expense $500, and
utilities expense $1,800. Their depreciation expense for the rental use
of this property for the year is $1,455. They use the IRS formula for
allocating interest and taxes.
The Diego family contributed $3,000 cash to their church and they
have the necessary documentation for this contribution.
Jordan had the following employment-related expenses that were not
reimbursed by his employer:
Jordan drove his BMW (which he purchased four years ago on
November 18) a total of 12,000 miles during the year. He drove 4,800
miles while conducting business during the first half of the year. In
July, the firm purchased several hybrid autos that the architects were
then required to use for all business travel rather than their personal
autos. These autos were kept at the firm's offices. Jordan used his
personal auto for the three-mile commute to his office, a total of 1,500
miles for the entire year.
Jordan attended work-related conference in Los Angeles. He paid a
registration fee of $400 and incurred costs of $450 for transportation,
$625 for lodging, and $260 for meals. He was not reimbursed for
these expenses.
In August, Diana quit her job and began a consulting business. The
business code is 541990. She is operating the business under her own
name and rented a small office at 1234 Coral Way, Coral Gables, FL
33146. Since Diana began her business so late in the year, her
consulting income was only $8,000. She incurred the following
expenses: $475 supplies, $210 telephone, $3,200 office rent, and $325
advertising. In addition, Diana drove her two-year old Lexus on
business 750 miles to visit prospective and current clients. This car
was also driven 7,000 miles for personal use. She materially
participated in the business and did not make any payments that
would require filing Form 1099.

9. Jordan was born on April 1, 1975; Diana was born May 1, 1976. They
have health insurance for the entire family through Jordan's employer.
They have no foreign accounts.
Based on the information presented above, prepare a Form 1040
(married filing jointly), Schedule A, Schedule C (or C-EZ), Schedule
E, and Schedule SE using the forms available on the IRS Web site at
www.irs.gov.
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ACC 547 Week 5 Sales and Use Tax
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Sales and Use Tax: What is the Solution?
Introduction
Sales and Use Tax Laws
Should There Be a Federal Sales and Use Tax System?
Conclusion
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10. ACC 547 Week 6 Godfreys Assets
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When Godfrey died in 2016, his assets were valued as follows:
Asset Date of death valuation Valuation six months later
Stocks $2,220,000 $2,180,000
Bonds 4,600,000 4,620,000
Home 800,000 780,000
Total $7,620,000 $7,580,000
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?
Prepare a 350- to 700-word document that addresses and includes the
amount of taxable estate for each of the following:
Address the question at the end of the scenario.
If Godfrey came to you before his death and told you that he had a
spouse and two children under the age of 18, what kind of estate plan
would you suggest for him?
What if Godfrey had no spouse but had two children under the age of
18?
What if Godfrey had no spouse or children, but had a favorite niece?

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