ACCT 429 Federal Income Taxation*

ACCT 429 Week 7 Assignment 2 | Devry UniversityWeek 7: Course Projects Peer ReviewEACH TEAM MEMBER SUBMITS AN EVALUATIONPlease complete the Week 7 Peer Review by providing your information on the Peer Review Worksheet. Note that you are to complete the qualitative comments for each of your team members.Do evaluate yourself.Use the following file naming convention for your worksheet:· LastNameFirstInitial7PeerReviewwhere LastName is your last name

ACCT 429 Week 7 Assignment 1| Devry UniversityWeek 7: Tax Research ProjectYour team should use the scenario below of tax related information to respond, in memorandum form, to Thomas Drake's inquiry regarding the Section 199A deduction and its applicability to his business.Each Team is required to submit one copy of the tax research memorandum on or by the due date.Thomas Drake's 2018 Tax ScenarioThomas Drake is a small business owner, operating

ACCT 429 Week 7 Discussion |Devry UniversityAs we've learned this week, choosing a partnership as a tax entity has consequences, and those consequences often are different than those that arise from choosing the corporate form. Many of these consequences can be quite dramatic, particularly if the business goes sour or if catastrophic, unforeseen circumstances arise—and many of them don't have a thing to do with taxes. What are some of the more si

ACCT 429 Week 6 Quiz | Devry UniversityQuestion 1 (CO 1) Which of the following corporations are eligible to make the S election? A. Limited liability company. B. Insurance company. C. U.S bank. D. All of the above Question 2 (CO 10) Ron Miller is the sole shareholder of an S corporation. During 2018, Ron received a distribution of $20,000. His basis in the stock at December 31, 2017 was $5,000. The S corporation earned ordinary in

ACCT 429 Week 6 Discussion | Devry UniversityThe S- Corporation is a pass-through entity which is not generally subject to federal income-taxes. There are instances when an S- Corporation may be liable for certain corporate level tax liability. By now you are confused because it was once thought that S- Corporations do not pay taxes. Discuss the position relating to the tax on built-in gains of corporation.Also elaborate on the conditions where t

ACCT 429 Week 5 Discussion | Devry UniversityAs you’ve undoubtedly learned by now, you often have to focus on the details in tax law, and the rules surrounding corporate formation are no exception to this rule. We know that a corporation is generally seen as a separate taxable entity from its shareholders. As a result, corporate formations, which involve transfers of property between the shareholders and the corporation, would generally be taxabl

ACCT 429 Week 4 Discussion | Devry UniversityThe following threaded discussion must be answered within the context of the 2018 Tax Cuts and Job Act.For most of us, work is work. We put in the same amount of effort whether we work as employees for a company or we are self-employed. (That point is arguable, of course, but just agree with me for the sake of argument). While the work itself may be created equal, however, the tax consequences arising

ACCT 429 Week 4 Assignment | Devry UniversityWeek 4: Course Projects Peer ReviewEACH TEAM MEMBER SUBMITS AN EVALUATIONPlease complete the Week 4 Peer Review by providing your information on the Peer Review Worksheet. Note that you are to complete the qualitative comments for each of your team members.Do evaluate yourself.Use the following file naming convention for your worksheet:· LastNameFirstInitial4PeerReviewwhere LastName is your last name,

ACCT 429 Week 3 Assignment | Devry UniversityWeek 3: Tax Form Computations (Property Transaction)Property Transactions for Week 3 (100 points) :TAX FORM COMPUTATIONLorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred.1. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000.

ACCT 429 Week 3 Discussion | Devry UniversityThe notion of basis is crucially important in determining the tax consequences that result from virtually any property-based transactions, whether it is the sale of $100 of stock, or a $10,000,000,000 merger of two multinational corporations. It's important, then, to answer one key question: What exactly is basis? How is it used in calculating the gain or loss that results from the sale of capital prop