Category Archives: ACC 547 (NEW)

ACC 547 Week 6 Godfreys Assets NEW

ACC 547 Week 6 Godfreys Assets NEW

 

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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ACC 547 Week 4 Jordan and Diana Diego NEW

ACC 547 Week 4 Jordan and Diana Diego (Score 85%) NEW

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 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:

  1. 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.
  2. 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.

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 3 Comprehensive Problem Machines Inc NEW

ACC 547 Week 3 Comprehensive Problem Machines Inc NEW

 

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 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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ACC 547 Week 1 Tax Research Paper NEW

ACC 547 Week 1 Tax Research Paper NEW

 

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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