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ACCT 420 UOFA FINAL EXAM2024 EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS (ALL WHAT YOU NEED) LATEST EDITION 2024$17.99
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ACCT 420 UOFA FINAL EXAM2024 EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS (ALL WHAT YOU NEED) LATEST EDITION 2024
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Course
ACCT 420 UOFA F
Institution
ACCT 420 UOFA F
ACCT 420 UOFA FINAL EXAM2024 EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS (ALL WHAT YOU NEED) LATEST EDITION
2024
ACCT 420 UOFA FINAL EXAM2024 EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS (ALL WHAT YOU NEED) LATEST EDITION
2024
Dependency Requirement - ✔✔ANSWER✔✔->>>>>>>>-Citizen of US or resident
of North America
-Cannot file joint return return w spoud
-Must be qualifying child or relative
Qualifying Child - ✔✔ANSWER✔✔->>>>>>>>Child (adopted, step, foster),
sibling, descendent of any of the above, under 19 (24 if full time student),
disabled individuals any age, must live with taxpayer for >1/2 year, QC cannot pay
more than half their support
, Qualifying Relative - ✔✔ANSWER✔✔->>>>>>>>Literally any relative except
cousins, unrelated person who lives in home entire year, must have gross income
<4700, taxpayer must provide more than half the support.
Single - ✔✔ANSWER✔✔->>>>>>>>Unmarried as of last day of year, unless HOH
Married filing jointly - ✔✔ANSWER✔✔->>>>>>>>Must be married as of last
day of the year, both responsible for paying the tax
Married Filing Separately - ✔✔ANSWER✔✔->>>>>>>>Taxpayers are married
but file separate returns, typically not beneficial for tax
Qualifying Surviving Spouse - ✔✔ANSWER✔✔->>>>>>>>Available for two years
following the year of spouse's death if does not marry during two year period and
maintains household for dependent child.
Head of Household - ✔✔ANSWER✔✔->>>>>>>>Unmarried or considered
unmarried at end of year, pay > 50% the costs of keeping up a home during year,
qualifying person lived in house for more than half the year, if its a dependent
parent then they dont have to live with you but you must pay >1/2 of home
Capital Gains - ✔✔ANSWER✔✔->>>>>>>>-Net short term capital gains taxed at
ordinary rates.
-Net long term capital gains generally taxed at maximum preferential rate
, Capital losses - ✔✔ANSWER✔✔->>>>>>>>-Individuals allowed to deduct up to
$3,000 of net capital loss against ordinary income. Remainder carries over
indefinitely
-Losses on personal-use assets are not deductible
Netting Capital Gains/Losses - ✔✔ANSWER✔✔->>>>>>>>-Combine all ST
capital gains and losses for the year and any ST carryforward
-Combine all LT capital gains and losses for the year and any LT carryforward
-Net results together if one is negative and one is positive. Keep separate if same
signs
Capital Loss Limitations - ✔✔ANSWER✔✔->>>>>>>>-Losses from sales to
related parties are not deducted currently
-Losses from wash sale are disallowed. Add loss to your basis
Earned Income - ✔✔ANSWER✔✔->>>>>>>>Income from services, income from
labor, unemployment compensation also included in GI, employee stock options
Incentive Stock Options - ✔✔ANSWER✔✔->>>>>>>>-Employee has no taxable
income at grant date or at exercise date
-Employee basis in stock = exercise price
-Employee generates capital gain/(loss) upon sale of the stock
-Taxed at lower rate if long term
Nonqualified Options - ✔✔ANSWER✔✔->>>>>>>>-Employee has no income at
grant, but has salary income equal to difference in FMV of stock and exercise price
at date of exercise
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