KAPLAN AC256 ALL DISCCUSSIONS+UNIT 1&9 ASSIGNMENTS+UNIT 2,4&10 LATEST 2016 JANUARY

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KAPLAN AC256 UNIT 2 EXAM LATEST 2016
JANUARY





Grading Summary


These are the automatically computed results of your exam.
Grades for essay questions, and comments from your instructor, are in the
“Details” section below.


Date and Time Started: 1/23/2016
2:01:49 AM


Time Spent: 2 h
, 00 secs


Points Received: 28
/ 80 (35%)


Question Type: # Of
Questions: # Correct:


Multiple Choice 20 7


Grade Details – All Questions


Question 1. Question
:


Charlie is claimed as a dependent on his parents’ tax return
in 2014. He received $8,000 during the year from a part-time acting job, which
was his only income. What is his standard deduction?




$1,000


$6,200


$8,000


$8,350



Points Received: 0 of 4


Comments:



Question 2. Question
:


Denzel earns $130,000 in 2014 through his job as a sales
manager. What is his FICA tax?




$9,139


$8,951


$8,698


$9,945




Points Received: 0 of 4


Comments:



Question 3. Question
:


Which of the following taxes is proportional?




Gift tax


Income tax


Sales tax


Federal Insurance Contributions Act (FICA)




Points Received: 4 of 4


Comments:



Question 4. Question
:


Husband and wife, who live in a common law state, are
eligible to file a joint return for 2014, but elect to file separately. They do
not have dependents. Wife has adjusted gross income of $25,000 and has $2,200
of expenditures which qualify as itemized deductions. She is entitled to one
exemption. Husband deducts itemized deductions of $11,200. What is the taxable
income for the wife?



$14,850


$18,850


$8,650


$22,800




Points Received: 0 of 4


Comments:



Question 5. Question
:


All of the following items are deductions for (not from)
adjusted gross income except





moving expenses.


unreimbursed employee business expenses.


qualifying contributions to individual
retirement accounts.


one-half of self-employment taxes paid.




Points Received: 0 of 4


Comments:



Question 6. Question
:


All of the following items are included in gross income
except




:
alimony received.


rent income.


interest earned on a bank account.


child support payments received.




Points Received: 4 of 4


Comments:



Question 7. Question
:


A single taxpayer provided the following information for
2014:



Salary $80,000


Interest on local government bonds (qualifies as a tax
exclusion) 4,000


Allowable itemized deductions 13,000





What is taxable income?




$57,050


$63,050


$63,000


$67,050




Points Received: 0 of 4


Comments:



Question 8. Question
:


Helen, who is single, is considering purchasing a residence
that will provide a $28,000 tax deduction for property taxes and mortgage
interest. If her marginal tax rate is 25% and her effective tax rate is 20%,
what is the amount of Helen’s tax savings from purchasing the residence?




$5,600


$7,000


$21,000


$22,400




Points Received: 4 of 4


Comments:



Question 9. Question
:


Annisa, who is 28 and single, has an adjusted gross income
of $55,000 and itemized deductions of $5,000. In 2014, Annisa will have taxable
income of




$44,850.


$46,050.


$51,050.


$43,800.




Points Received: 0 of 4


Comments:



Question 10. Question
:


Taxable income for an individual is defined as




AGI reduced by itemized deductions.


AGI reduced by personal and dependency
exemptions.


total income reduced by the standard
deduction.


AGI reduced by deductions from AGI and
personal and dependency exemptions.




Points Received: 0 of 4


Comments:



Question 11. Question
:


Eric dies in the current year and has a gross estate valued
at $6,500,000. The estate incurs funeral and administrative expenses of
$100,000 and also pays off Eric’s debts which amount to $250,000. Eric
bequeaths $600,000 to his wife. Eric made no taxable transfers during his life.
Eric’s taxable estate will be




$210,000.


$5,550,000.


$6,150,000.


$6,500,000.




Points Received: 0 of 4


Comments:



Question 12. Question
:


When property is transferred, the gift tax is based on




replacement cost of the transferred property.


fair market value on the date of transfer.


the transferor’s original cost of the
transferred property.


the transferor’s depreciated cost of the
transferred property.




Points Received: 4 of 4


Comments:



Question 13. Question
:


Shaquille buys new cars for five of his friends. Each car
cost $70,000. What is the amount of Shaquille’s taxable gifts?




$0


$280,000


$336,000


$350,000




Points Received: 0 of 4


Comments:



Question 14. Question
:


Which of the following is not one of Adam Smith’s canons of
taxation?




Equity


Convenience


Certainty


Paid by all citizens




Points Received: 4 of 4


Comments:



Question 15. Question
:


Thomas dies in the current year and has a gross estate
valued at $3,000,000. During his lifetime (but after 1976) Thomas had made
taxable gifts of $400,000. The estate incurs funeral and administrative
expenses of $100,000 and also pays off Thomas’s debts which amount to $300,000.
Thomas bequeaths $500,000 to his wife. What is the amount of Thomas’s tax base,
the amount on which the estate tax is computed?



$2,100,000


$2,500,000


$2,600,000


$3,400,000




Points Received: 4 of 4


Comments:



Question 16. Question
:


In 2014, the standard deduction for a married taxpayer
filing a joint return who is 67 years old with a spouse who is 65 years old is



$12,400.


$13,600.


$14,800.


$15,500




Points Received: 0 of 4


Comments:



Question 17. Question
:


Which of the following is not a social objective of the tax
law?




Prohibition of a deduction for illegal bribes,
fines, and penalties


A deduction for charitable contributions


An exclusion for interest earned by large
businesses


Creation of tax-favored pension plans




Points Received: 0 of 4


Comments:



Question 18. Question
:


Paul makes the following property transfers in the current
year:


• $22,000 cash to
his wife


• $34,000 cash to
a qualified charity


• $220,000 house
to his son


• $3,000 computer
to an unrelated friend



The total of Paul’s taxable gifts, assuming he does not
elect gift splitting with his spouse, subject to the unified transfer tax is




$206,000.


$214,000.


$234,000.


$279,000.




Points Received: 0 of 4


Comments:



Question 19. Question
:


Deborah, who is single, is claimed as a dependent on her
parents’ tax return. She had a part-time job during 2014 and earned $850 during
the year, which was her only income. What is her standard deduction?





$850


$1,000


$1,200


$6,100




Points Received: 0 of 4




Question 20. Question
:


A married person who files a separate return can claim a
personal exemption for his spouse if the spouse is not the dependent of another
and has






no gross income.


no taxable income.




Points Received: 4 of 4


Comments:















KAPLAN AC256 UNIT 4 EXAM LATEST 2016
JANUARY



Grading Summary


These are the automatically computed results of your exam.
Grades for essay questions, and comments from your instructor, are in the
“Details” section below.


Date and Time Started: 2/7/2016
4:35:37 AM


Time Spent: 32
min , 20 secs


Points Received: 56
/ 80 (70%)


Question Type: # Of
Questions: # Correct:


Multiple Choice 20 14


Grade Details – All Questions


Question 1. Question
:


Which of the following items will result in an inclusion in
gross income?




Receipt of a $10,000 check from the bank. The
check is for a student loan.


Receiving a $10,000 award from a university
for high grades and high SAT scores. The award is used to pay tuition.


Preparing a mechanic’s tax return in exchange
for the mechanic replacing the muffler on your car.


None of the above will be included in gross
income.




Points Received: 4 of 4


Comments:



Question 2. Question
:


Britney is beneficiary of a $150,000 insurance policy on her
father’s life. Upon his death, she may elect to receive the proceeds in five
yearly installments of $32,000 or may take the $150,000 lump sum. She elects to
take the lump sum payment. What are the tax consequences in year one?




All $32,000 each year is taxable.


$10,000 interest is taxable in the first year.


There is no taxable income.


The lump sum payment is taxable.




Points Received: 4 of 4


Comments:



Question 3. Question
:


Over the years, Rianna paid $65,000 in premiums on a life
insurance policy with a face value of $100,000. Upon reaching 65, while still
in good health, Rianna surrendered the policy and collected $95,000. In the
year of collection, Rianna will report




no income.


$30,000 of taxable income.


$5,000 of tax loss.


$95,000 of taxable income.




Points Received: 4 of 4


Comments:



Question 4. Question
:


Natasha is a single taxpayer with a 28% marginal tax rate.
She received distributions of earnings this year as follows:




CE Corp., a C corporation $1,000


SE Corp., an S Corporation 2,000


Paris Corp., a foreign corporation 3,000





How much of the $6,000 distribution will be taxed at the 15%
tax rate?




$0


$1,000


$3,000


$6,000




Points Received: 0 of 4


Comments:



Question 5. Question
:


Norah’s Music Lessons Inc. is a calendar-year taxpayer using
the accrual method of accounting. On October 1 of this year, the corporation
received $1,200 for a 1-year contract beginning on that date to provide 10
lessons. The company provided six lessons this year under the contract. How
much should corporation include in income this year with respect to this
contract?




$480


$360


$720


$1,200




Points Received: 4 of 4


Comments:



Question 6. Question
:


Frasier and Marcella, husband and wife, file separate
returns. Frasier and Marcella live in a community property state that considers
separate property income to be separate. Frasier’s salary is $42,000 and
Marcella’s salary is $46,000. Marcella receives dividend income of $4,000 from
stock inherited from her parents. Frasier receives interest income of $1,000
from bonds purchased with his salary after marriage. Frasier and Marcella
receive $3,200 dividend income from stock they purchased jointly. Marcella’s
income would be




$50,000


$50,100


$51,100


$51,600




Points Received: 4 of 4


Comments:



Question 7. Question
:


Derrick was in an automobile accident while he was going to
work. The doctor advised him to stay home for eight months due to his physical
injuries. The resulting lawsuit was settled and Derrick received the following
amounts:



Compensatory damages for physical injury $80,000


Punitive damages 95,000




How much of the settlement must Derrick include in ordinary
income on his tax return?




$0


$80,000


$95,000


$175,000




Points Received: 4 of 4


Comments:



Question 8. Question
:


Brad suffers from congestive heart failure and has been
admitted to a nursing home where he is expected to spend the remainder of his
life. His doctor has certified him as chronically ill. Brad receives $320 per
day from his life insurance policy for 100 days ($32,000) as accelerated death
benefits. Brad’s nursing home care costs $300 per day ($30,000 for the 100 days
of care). Brad will be allowed to exclude




$0.


$30,000.


$32,000.


$2,000.




Points Received: 4 of 4


Comments:



Question 9. Question
:


During the year, Cathy received the following:


• Dividends of $4,000 from Lindsay Corporation. Cathy’s
father owned the stock and directed the corporation to send the dividends to
Cathy.


• A car worth $30,000 for being the 1,000th customer at a
car dealership.


• $5,500 cash gift from her uncle.


• $10,000 inheritance from her grandmother.



What amount must Cathy include in gross income?




$30,000



$34,000


$39,500


$49,500




Points Received: 0 of 4


Comments:



Question 10. Question
:


Norah, who gives music lessons, is a calendar-year taxpayer
using the cash basis method of accounting. On October 1 of this year, she
received $1,200 for a 1-year contract beginning on that date to provide 10
lessons. She gave six lessons this year. How much should Norah include in
income this year?




$480


$360


$720


$1,200




Points Received: 4 of 4


Comments:



Question 11. Question
:


Which of the following criteria is not required under the
tax concept of income?



There must be economic benefit.


Income must be realized.


Income must be recognized.


Cash must be
received.




Points Received: 0 of 4


Comments:



Question 12. Question
:


Which of the following is not excluded from income? (Assume
that any amounts received by the taxpayer were kept.)



Public assistance payments


Fair market value of prize won on a game show


Gifts and inheritances


Life insurance proceeds paid by reason of
death




Points Received: 0 of 4


Comments:



Question 13. Question
:


Amy’s employer provides her with several fringe benefits.
Which of the following are included in her taxable income?




Christmas bonus check


Group term life insurance premium paid by
employer for $40,000 coverage for Amy


Employee discount


Employer’s contribution to retirement plans on
Amy’s behalf




Points Received: 4 of 4


Comments:



Question 14. Question
:


Which of the following statements is false?



Under the cash method, prepaid income such as
rent is usually taxed when received rather than when earned.


Municipal bond interest is taxable.


Alimony received by the taxpayer is taxable.


Income earned by selling goods on the Internet
is taxable.




Points Received: 4 of 4


Comments:



Question 15. Question
:


Richard is a key employee of Winn Corporation. The
corporation provides Richard with $120,000 of group-term life insurance coverage.
Only company executives receive life insurance coverage. The premium
attributable to the coverage is $1,600. The uniform 1-month group-term premium
is one dollar per $1,000 of coverage. How much must Richard include in income
due to the policy?




INCORRECT $0


$840


$1,440


$1,600




Points Received: 0 of 4


Comments:



Question 16. Question
:


Rebecca is the beneficiary of a $500,000 insurance policy on
her husband’s life. She elects to receive $52,000 per year for 10 years rather
than receive the entire amount in a lump sum. Of the amount received each year



$2,000 is taxable income.


$50,000 is taxable income.


$52,000 is taxable income.


$5,000 per year is tax free as a death
benefit.




Points Received: 4 of 4


Comments:



Question 17. Question
:


In December 2014, Max, a cash basis taxpayer, rents an
apartment to Kadeem. Max receives both the first and last months’ rent totaling
$1,800 plus a security deposit of $400. The amount of income reported as taxable
in 2014 is




$400.


$1,300.


$1,800.


$2,200.




Points Received: 4 of 4


Comments:



Question 18. Question
:


Which of the following bonds do not generate tax-exempt
federal income?




U.S. Treasury bonds


Bonds issued by fire districts


School district bonds


Bonds issued by cities




Points Received: 4 of 4


Comments:



Question 19. Question
:


Amanda, who lost her modeling job, sued her employer for age
discrimination. She was awarded $75,000 in lost wages, $25,000 for emotional
distress, and $150,000 punitive damages. The amount taxable is




$0.


$150,000.


$225,000.


$250,000.




Points Received: 0 of 4


Comments:



Question 20. Question
:


Linda was injured in an automobile accident caused by
another driver. Her son, Matthew, was in the automobile but not physically
injured. The other driver’s insurance company was required by a court to pay
Linda $75,000 to cover medical bills relating to her injuries, $30,000 to
compensate her for emotional distress attributable to the injuries, and $40,000
of punitive damages. Matthew was paid $15,000 to compensate him for emotional distress
attributable to his witnessing his mother’s injuries. What is the amount
taxable to Linda?




$30,000


$40,000


$105,000


$145,000




Points Received: 4 of 4


Comments:























KAPLAN AC256 UNIT 10 EXAM LATEST 2016
JANUARY





Grading Summary


These are the automatically computed results of your exam.
Grades for essay questions, and comments from your instructor, are in the
“Details” section below.


Date and Time Started: 3/15/2016
11:15:38 PM


Time Spent: 14
min , 34 secs


Points Received: 76
/ 80 (95%)


Question Type: # Of
Questions: # Correct:


Multiple Choice 20 19


Grade Details – All Questions


Question 1. Question
:


Characteristics of profit-sharing plans include all of the
following except




a predetermined formula is used to allocate
employer contributions to individual employees and to establish benefit
payments.


forfeitures of benefits under the plan may be
reallocated to the remaining participants.


the company must make contributions to the
plan if it has profits during the year.


annual employer contributions are not
required, but substantial, recurring contributions that must be made to satisfy
the requirement that the plan be permanent.




Points Received: 4 of 4


Comments:



Question 2. Question
:


Norman traveled to San Francisco for 4 days on vacation and
spent another 2 days conducting business for his employer. Norman’s plane fare
for the trip was $500, meals cost $150 per day, hotels cost $300 per day, and a
rental car cost $150 per day that was used for all 6 days. Norman was not
reimbursed by his employer for any expenses. Norman’s AGI for the year is
$40,000 and he did not have any other miscellaneous itemized deductions. Norman
may deduct (after limitations)



$250.


$800.


$1,050.


$1,200.




Points Received: 4 of 4


Comments:



Question 3. Question
:


Hunter retired last year and will receive annuity payments
for life from his employer’s qualified retirement plan of $30,000 per year
starting this year. During his years of employment, Hunter contributed $130,000
to the plan. Based on IRS tables, his life expectancy is 260 months. All of the
contributions were on a pre-tax basis. This year, Hunter will include what
amount in income?




$0


$6,000


$24,000


$30,000




Points Received: 4 of 4


Comments:



Question 4. Question
:


Ron is a university professor who accepts a visiting
position at another university for 6 months and obtains a leave of absence from
his current employer. Ron rents an apartment near the university and purchases
his food. These living expenses incurred by Ron while visiting the university
will be




deductible for AGI.


deductible from AGI, without application of a
floor.


deductible from AGI, subject to the 2% of AGI
floor.


nondeductible.




Points Received: 4 of 4


Comments:



Question 5. Question
:


In 2014, Carlos filed his 2013 state income tax return and
paid taxes of $800. Also in 2014, Carlos’s employer withheld state income tax
of $750 from Carlos’s salary. In 2015, Carlos filed his 2014 state income tax
return and paid an additional $600 of state income tax due for 2014. How much
state income tax can Carlos deduct on his 2014 federal income tax return for
state income tax?




$1,350


$1,400


$1,550


$2,150




Points Received: 4 of 4


Comments:



Question 6. Question
:


On July 31 of the current year, Marjorie borrows $120,000 to
purchase a new fishing boat. The loan is secured by her personal residence. On
the date of the loan, the outstanding balance on the original debt incurred to
purchase the residence is $300,000 and the FMV of the home is $450,000. What is
the total amount of debt on which Marjorie can deduct interest in the current
year?



$300,000


$400,000


$420,000


$450,000




Points Received: 4 of 4


Comments:



Question 7. Question
:


In October 2014, Jonathon Remodeling Co., an accrual-method
taxpayer, remodels and renovates an office building for Dale and bills him
$30,000. Dale signs a note for the debt. Dale keeps delaying payment and files
bankruptcy in 2015. Creditors are informed that no assets are available for
payment. Jonathon Remodeling Co. will report




$0 income in both years.


$30,000 income in 2014 and a bad debt
deduction of $30,000 in 2015.


$30,000 income in 2014 and a STCL of $30,000
in 2015 limited to $3,000 after netting.


$30,000 income in 2014 and then must amend
last year’s return to show $0 income when advised of the bankruptcy.




Points Received: 4 of 4


Comments:



Question 8. Question
:


Gayle, a doctor with significant investments in the stock
market, traveled on a cruise ship to Bermuda. Investment specialists provided
daily seminars which Gayle attended. The cost of the cruise for 4 days is
$2,500. Gayle can deduct (before application of any floors)




$0.


$1,250.


$2,000.


$2,500.




Points Received: 4 of 4


Comments:



Question 9. Question
:


Nicole has a weekend home on Pecan Island that she purchased
in 2005 for $250,000. Recently, the home was appraised at $260,000. After the
appraisal, a hurricane hit Pecan Island, severely damaging Nicole’s home. An
appraisal placed the value of the home at $140,000 after the hurricane. Because
of its prohibitive cost, Nicole had no hurricane insurance. Before any reductions
or limitations, Nicole’s casualty loss amount is



$0.


$10,000.



$120,000.


$140,000.




Points Received: 4 of 4


Comments:



Question 10. Question
:


A flood damaged an auto owned by Mr. and Mrs. South on June
15 of this year. The car was only used for personal purposes.



Fair market value before the flood $18,500


Fair market value after the flood 2,000


Cost basis 20,000


Insurance proceeds 13,000


Adjusted gross income for this year 25,000


Business use of auto 0





Based on these facts, what is the amount of the Souths’
casualty loss deduction after limitations for this year?



$900


$1,000


$4,400


$4,500




Points Received: 4 of 4


Comments:



Question 11. Question
:


Hannah is a 52-year-old an unmarried taxpayer who is not an
active participant in an employer-sponsored qualified retirement plan. Before
IRA contributions, her AGI is $63,000 in 2014. What is the maximum amount she
may contribute to a tax deductible IRA?




$4,400


$5,200


$5,500


$6,500




Points Received: 4 of 4


Comments:



Question 12. Question
:


Ted pays $2,100 interest on his automobile loan, $120
interest on a loan to purchase a computer for personal use, $630 interest on
credit cards, and $1,100 investment interest expense. Ted has net investment
income of $850. Ted’s deductible interest is




$850.


$1,100.


$2,950.


$3,200.




Points Received: 4 of 4


Comments:



Question 13. Question
:


A partnership plans to set up a retirement plan to benefit
the partners and the employees. All of the following retirement plans are appropriate
except




an H.R. 10 (Keogh) plan.


a SEP IRA.


a SIMPLE plan.


a Solo 401(k).





Points Received: 4 of 4


Comments:



Question 14. Question
:


In 2014, Sela traveled from her home in Flagstaff to San
Francisco to seek medical care. Because she was unable to travel alone, her
mother accompanied her. Total expenses included:



Hotel room en route ($150 × 2 rooms × 3 nights) $900


Mileage: 1,000 miles


Doctors bills in San Francisco 1,600





The total medical expenses deductible before the 10%
limitation are




$1,600.


$2,135.


$2,500.


$2,460.




Points Received: 4 of 4


Comments:



Question 15. Question
:


Leonard owns a hotel which was damaged by a hurricane. The
hotel had an adjusted basis of $1,000,000 before the hurricane. A recent
appraisal determined that the hotel’s FMV was $1,500,000 before the hurricane
and $700,000 afterwards. Leonard received insurance proceeds of $500,000. His
AGI is $60,000. What is the amount of his deductible casualty loss?




$293,900


$300,000


$793,900


$800,000




Points Received: 4 of 4


Comments:



Question 16. Question
:


Tobey receives 1,000 shares of YouDog! stock as part of his
compensation package. Tobey’s employment contract with YouDog!, Inc. states
that if he leaves before completion of 3 years of employment, he will forfeit
the stock. The stock currently has a fair market value of $12 per share. Which
of the following statements regarding Tobey’s choices is not true?



Tobey does not have to recognize any income
from receiving the stock until his rights to the stock are fully vested.


Tobey must report $12,000 as income due to the
receipt of the stock in the current year.


Tobey may elect to report the $12,000 FMV of
the stock as ordinary income in the current year.


If Tobey elects to report $12,000 as income in
the current year and the stock price falls to $5 per share when his rights to
the stock are vested, Tobey is not allowed to deduct a loss.




Points Received: 4 of 4


Comments:



Question 17. Question
:


Van pays the following medical expenses this year:



• $1,500 for doctor bills for Van’s son who is
claimed as a dependent by Van’s former spouse.


• $300 for Van’s eyeglasses.


• $900 for Van’s dental work.


• $3,800 for Van’s face lift. Van, a
newscaster, is worried about the wrinkles around his eyes.



How much can Van include on his return as qualified medical
expenses before limitation?




$1,200


$2,400


$2,700


$6,500




Points Received: 4 of 4


Comments:



Question 18. Question
:


Hope sustained a $3,600 casualty loss due to a severe storm.
She also incurred a $800 loss from a theft in the same year. Both the casualty
and theft involved personal-use property. Hope’s AGI for the year is $25,000
and she does not have insurance coverage. Hope’s deductible casualty loss is


$1,700.


$1,800.


$4,200.


$4,300.




Points Received: 4 of 4


Comments:



Question 19. Question
:


Peter is assessed $630 for street improvements in front of
his house. Which of the following statements is correct?



Peter must deduct the assessment as a tax.


Peter must reduce the property basis by $630.


Peter must increase the property basis by
$630.


Peter can elect to deduct the $630 currently
or increase the basis in the property.




Points Received: 0 of 4


Comments:



Question 20. Question
:


Last year, Abby loaned Pat $10,000 as a gesture of their
friendship. Although Pat had signed a note payable that contained interest
payments and a maturity date, the loan had not been repaid this year when Pat
died insolvent. For this year, assuming that the loan was bona fide, Abby
should account for nonpayment of the loan as a(n)



itemized deduction.


ordinary loss.


long-term capital loss.


short-term capital
loss.




Points Received: 4 of 4


Comments:


=”msonormal”>

KAPLAN AC256 UNIT 1 DISCCUSSION
LATEST 2016 JANUARY

Discussion

The first federal income tax was passed in 1861. When was the next
one passed and why was it necessary? Why was pay-as-you-go withholding needed
in 1943?



KAPLAN AC256 UNIT 2 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Discuss whether or not the below listed actions are tax avoidance
or tax evasion. Then, discuss the ethical implications of employing each of
these in a tax return.

1. Keeping a log of business expenses

2. Ignoring earnings from a lawn mowing business

3. Not reporting interest earned on a savings account

4. Keeping a log of contributions to a charity

5. Not reporting tips

6. Claiming your dependents as tax deductions



KAPLAN AC256 UNIT 3 DISCCUSSION
LATEST 2016 JANUARY

Discussion

George, a wealthy investor, is uncertain whether he should invest
in taxable or tax-exempt bonds. What tax and nontax factors should be
considered?


George needs assistance understanding the different application of prepaid
income under tax law and financial accounting. Explain this difference to
George.



KAPLAN AC256 UNIT 4 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Individuals who own homes may take a tax deduction for interest
paid. Many individuals believe that this tax law discriminates against
individuals who rent. Do you think this deduction is discriminatory? Explain
and share your thoughts.


Additionally, gifts and inheritances have been excluded from gross income since
1913. Discuss the tax consequences of gifts made of property and any income
produced by the property. What, if any, are the exclusions and taxable income
according to Section 102.



KAPLAN AC256 UNIT 5 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Vincent pays $20,000 for equipment to use in his trade or
business. He pays sales tax of $800 as a result of the purchase. Must the $800
tax be capitalized as part of the purchase price?


Vincent’s friend tells him that capital gains tax is discriminatory in that it
is imposed upon individuals who can afford to buy capital assets. Do you agree
or disagree? Why? Why not? Be sure to include definitions of capital asset and
capital gain in your response.



KAPLAN AC256 UNIT 6 DISCCUSSION
LATEST 2016 JANUARY

Discussion

What is the distinction between deductions for AGI and deductions
from AGI and why should this be important for individuals?


As you review deductions from AGI and for AGI, how should bribes and kickbacks
be treated for tax purposes? Are they a deduction and are they allowed? As you
may recall, Al Capone’s conviction caused mobsters and other illegal gangsters
to rethink their method of keeping detailed records. Why did this rethink
occur? How different was this situation of bribes and kickbacks to how
multimillion-dollar corporations do business now?



KAPLAN AC256 UNIT 7 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Identify some common miscellaneous itemized deductions and
identify any limitations that are imposed on the deductibility of these items.


One itemized deduction allowed is for medical expenses. In what cases are
medical insurance premiums paid by an individual not deductible as qualified
expenses?



KAPLAN AC256 UNIT 8 DISCCUSSION
LATEST 2016 JANUARY

Discussion

When property is disposed of, what factors influence the amount of
the deductible loss? Define.


What is the importance, if any, of passive activity?


Compare and contrast the computational rules for deducting casualty losses on
personal-use property with casualty losses incurred on business or investment
property. Define the difference. What are the limitations for both?



KAPLAN AC256 UNIT 9 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Ashley is an attorney who specializes in family law. She uses the
cash method of accounting and is a calendar-year taxpayer. Last year, she
represented a client in a lawsuit and billed the client $5,000 for her
services. Although she made repeated attempts, Ashley was unable to collect the
outstanding receivable. Finally, in November of the current year, she finds out
that the individual has moved without leaving any forwarding address. Ashley’s
attempts to locate the individual are futile.


What is the amount, if any, of the deduction that she may claim in connection
with this bad debt?




KAPLAN AC256 UNIT 10 DISCCUSSION
LATEST 2016 JANUARY

Discussion

Both nondeductible contributions to a traditional IRA and
contributions to a Roth IRA are similar in the sense that neither provides a
tax deduction at the date of contribution. Which of the two types would be most
advantageous to taxpayers and why?


Your client is about to establish his own business and hires at least 10
employees. They ask you for advice concerning establishing a qualified versus a
non-qualified retirement plan. What do you advise your client? Would your
answer change if you were a potential employee? Why or why not?


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KAPLAN AC256 UNIT 1 ASSIGNMENT LATEST 2016
JANUARY

Assignment 1 of 2

The federal tax laws are
indeed complicated. However, the United States government has provided
resources to help citizens find answers to basic tax questions. Knowing what
information is available and how to navigate the website will assist you in
basic tax research. The following Assignment will provide you with practice in
this area.

Complete the following
numbered items and submit a Word document that addresses each item:

1.
Go to the IRS website (http://www.irs.gov/ ). Take a screenshot of
the home page and add it to your Word document. Label the screenshot as Item #
1.

2.
Find the Federal Income tax Form 1040 for the current year. Take a
screenshot and add it as Item # 2 in your Word document.

3.
Enter your name and address on the Federal Tax Form 1040 and take
a screenshot. Add that as Item # 3 in your Word document.

4.
Go to the IRS website (http://www.irs.gov ) and find Code Section
61.Take a screenshot of that Web page and add that as Item # 4 in your Word
document.

5.
Visit the Joint Committee on Taxation website
(http://www.jct.gov/publications.html ) or the United States Treasury website
(www.ustreas.gov.). Find an argument against 16th Amendment by reviewing on of
these websites. Take a screenshot of the website page and add it as Item # 5 of
your Word document.

6.
In a separate Word document, write a 200–250-word paper using APA
style. Present your thesis statement and references. Topic: Summarize the
argument which formed the debate of the 16th Amendment. The debate studied
should only include the debate and discussion made as the new Constitutional
Amendment was being crafted. Do not include discussion related to the current
fraudulent claims that the federal income tax is unconstitutional. Your paper
should include a proper APA (6th Edition) running header and cover page.

7.
Submit both documents to the Dropbox for Unit 1.

Why Repealing the 16th
Amendment Probably Wouldn’t Matter: Tax Analysts. Retrieved
fromhttp://www.taxhistory.org/thp/readings.nsf/ArtWeb/E3A711293C13EF8685257A8500487713?OpenDocument

Joint Committee on
Taxation: Retrieved fromhttps://www.jct.gov/publications.html

United States Department of
Treasury: Retrieved fromwww.ustreas.gov

Assignment 2 of 2

During this course, you
will use the My Accounting Lab tool to complete all your homework Assignments.
Make sure to review thevideo on
the My Accounting Lab (MAL)to
understand how to enter answers when completing your homework Assignments.




















Complete each of the
following problems in the My Accounting Lab (MAL) Homework Area.

  • Problem
    I:1‒10 (Determine type
    of tax)
  • Problem
    I:1‒39 (Tax rates —
    compute average tax rate)
  • Problem
    I:1‒41 (Compute
    marginal tax rate)

It is important to
understand the structure of individual income tax rates. Tax rates may be
progressive, proportional, or regressive. A progressive rate structure is one
where the rate of tax increases as the tax base increases. The most notable tax
that incorporates a progressive rate structure is the federal income tax. A person
can have a marginal tax rate as well. A taxpayer’s marginal tax rate is the tax
rate applied to an incremental amount of taxable income that is added to the
tax base. The marginal





KAPLAN AC256 UNIT 9 ASSIGNMENT LATEST 2016
JANUARY

Assignment
1 of 2:

Diversity and
multiculturalism are important aspects to consider in this global environment.
It is critical to understand how one’s perspective toward multiculturalism and
diversity affects an organization. You will need to write a 250-word essay
discussing why diversity is critical to the United States Department of
Treasury. You will need to propose at least three procedures the Department of
Treasury implements to enhance a diverse and multiculturalistic workplace.

You may use your
textbook and/or outside sources to complete this Assignment. You need to
include a reference page with all sources being properly cited. Check for
correct spelling, grammar, punctuation, mechanics, and usage. Citations should
use APA style.

Make sure your document
includes:

  • Your name
  • Date
  • Course name and section number
  • Unit number
  • Assignment name
  • Page numbers

Directions for
Submitting your Project

Compose your Assignment
in a Word document and save it as Username AC256 Unit 9 Assignment (Example:
JSmith – AC256 Unit 9 Assignment.doc. Submit your file by selecting the
appropriate Unit 9: Assignment Dropbox by the end of Unit 9.

Assignment 2 of 2

Complete each of the
following problems in the My Accounting Lab (MAL) homework area.

  • Problem I:8 ‒ 55
  • Problem I:8 ‒ 56
  • Problem I:8 ‒ 59

In addition to losses on
property, taxpayers may also sustain losses generated from uncollectible debts.
Use your knowledge of tax laws that govern bad debt to address these problems.

  • Problem I:8 ‒ 55
  • Problem I:8 ‒ 56

Now that you have
reviewed the various laws concerning losses and bad debt, see if you can
correctly compute net operating losses in this problem.

  • Problem I:8 ‒ 59

Access the Unit 9
Homework Assignment on the left menu bar.
































































































































































































































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