Tax Accounting
Stanford University
All 10 results
Sort by
-
Tax Accounting Chapter 1-10 2023 Study Tests Package Deal
- Package deal • 11 items • 2023
-
- $35.49
- + learn more
Tax Accounting Chapter 1-10 2023 Study Tests Package Deal
-
Tax Accounting Chapter 3 - Computing the Tax
- Exam (elaborations) • 24 pages • 2023
- Available in package deal
-
- $12.99
- + learn more
During the year, Addison is involved in the following transactions. What are the possible Federal income tax effects of these transactions? 
1. Lost money gambling on a trip to a casino. 
2. Helped pay for her neighbor Howie's dental bills. Howie is a good friend who is unemployed. 
3. Received from the IRS a tax refund due to Addison's overpayment of last year's Federal income taxes. 
4. Paid a traffic ticket received while double parking to attend a business meeting. 
5. Contributed to t...
-
Tax Accounting Chapter 10 2023 Study Guide Test
- Exam (elaborations) • 22 pages • 2023
- Available in package deal
-
- $12.99
- + learn more
Emily purchased a building to store inventory for her business. The purchase price was $760,000. Emily also paid legal fees of $300 to acquire the building. In March, Emily incurred $2,000 to repair minor leaks in the roof (from storm damage earlier in the month) and $5,000 to make the interior suitable for her finished goods. 
What is Emily's cost basis in the new building? - $765,300 
 
Meg O'Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used f...
-
Tax Accounting Chapter 9 Study test 2023
- Exam (elaborations) • 24 pages • 2023
- Available in package deal
-
- $12.49
- + learn more
Cost Recovery - common term used to describe the process by which businesses allocate the cost of their fixed assets over the time period in which the assets are used. 
 
Cost Basis - businesses may begin using the asset in their business (cost basis) once they begin using the asset in their business (place it in service) 
 
Adjusted basis or tax basis - The amount of an asset's cost that has yet to be recovered through cost recovery deductions. Can be computed by subtracting the accumulated de...
-
Tax Accounting Chapter 1 verified test 2023
- Exam (elaborations) • 11 pages • 2023
- Available in package deal
-
- $11.49
- + learn more
Progressive tax structure - the tax rate increases as the tax base increases 
 
Proportional tax structure - the tax rate remains the same regardless of the tax base 
 
Regressive tax structure - the tax rate decreases as the tax base increases 
 
Marginal tax rate - the proportion of tax paid on the next dollar of income 
 
Average tax rate - the percentage of total tax paid on the amount of the tax base 
 
Tax formula - total income - exclusions = gross income - deductions for AGI = AGI - dedu...
Fear of missing out? Then don’t!
-
Tax Accounting Chapter 6 latest Test
- Exam (elaborations) • 24 pages • 2023
- Available in package deal
-
- $12.69
- + learn more
Three categories of deductions for AGI? - 1. Directly related to business activities 
2. Indirectly related to business activities 
3. Deductions subsidizing specific activities 
 
DIRECTLY Related to Business Activities? - Taxpayers are allowed to deduct expenses incurred to generate business income 
 
For tax purposes activities are either what? - 1. profit-motivated 
2. motivated by personal objectives 
 
Profit-motivated activities are classified as what? - 1. Business activities (called "...
-
Tax Accounting Chapter 7 2023 latest
- Exam (elaborations) • 43 pages • 2023
- Available in package deal
-
- $12.99
- + learn more
1.	Investment Overview: •Before-tax rate of return on investment 
•	After-tax rate of return on investment 
•	Depends on when investment income is taxed 
-Relates to timing tax planning strategy 
-Depends on the rate at which the income is taxed 
-Relates to the conversion tax planning strategy 
 
 
2.	Portfolio versus passive investments: 
•Portfolio losses deferred until the investment is sold 
•	Passive investment losses may be deducted annually 
 
 
3.	Portfolio Income: Interest a...
-
Tax Accounting Chapter 8 2023 Study Test
- Exam (elaborations) • 22 pages • 2023
- Available in package deal
-
- $12.49
- + learn more
What sources of income is included in business income? - Gross profit from inventory sales, income from services provided to customers, and income from renting property 
 
If a taxpayer's "business" activity doesn't meet the for-profit requirement, how is it treated? - As a hobby and expenses are deducted as a misc itemized deduction (subject to the 2% of AGI floor) 
 
Business expenditures must be both _______ and ________ to be deductible - Ordinary and necessary 
 
What is an ordinary exp...
-
Tax Accounting Chapter 4 2023
- Exam (elaborations) • 33 pages • 2023
- Available in package deal
-
- $13.49
- + learn more
Which of the following choices is NOT a form of a tax prepayment? 
A.	An overpayment of taxes in the prior year that was applied as an estimated payment for the current year. 
B.	Income tax withheld from a taxpayer's salary or wages by an employer 
C.	Estimated tax payments the taxpayer made directly to the IRS 
D.	A tax refund received in the current year for the prior year: D. A tax refund received in the current year for the prior year 
T/F A taxpayer may deduct the greater of his standard d...
-
Tax Accounting Chapter 5.
- Exam (elaborations) • 8 pages • 2023
- Available in package deal
-
- $12.29
- + learn more
What is the broad definition of gross income? - All income from whatever source derived, unless excluded by law. Includes income realized in any form, whether in money, property, or services 
 
Taxpayers must received ______ to have gross income? - Economic benefit - receive an item of value 
 
What is the realization principle? - Income is realized when (1) a taxpayer engages in a transaction with another party, and (2) the transaction results in a measurable change in property rights 
 
What d...
Do you wonder why so many students wear nice clothes, have money to spare and enjoy tons of free time? Well, they sell on Stuvia! Imagine your study notes being downloaded a dozen times for $15 each. Every. Single. Day. Discover all about earning on Stuvia