Tax Accounting
Stanford University
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Tax Accounting Chapter 1-10 2023 Study Tests Package Deal
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Tax Accounting Chapter 1-10 2023 Study Tests Package Deal
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Tax Accounting Chapter 3 - Computing the Tax
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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...
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Tax Accounting Chapter 10 2023 Study Guide Test
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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...
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Tax Accounting Chapter 9 Study test 2023
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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...
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Tax Accounting Chapter 1 verified test 2023
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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...
And that's how you make extra money
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Tax Accounting Chapter 6 latest Test
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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 "...
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Tax Accounting Chapter 7 2023 latest
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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...
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Tax Accounting Chapter 8 2023 Study Test
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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...
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Tax Accounting Chapter 4 2023
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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...
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Tax Accounting Chapter 5.
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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...
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