Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
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Initial Return
Initial Return
10,000
35,000
10,000
120,000
18,000
183,000
25,800
140,000
17,200
183,000
19,000
17,200
125,000
5,000
140,000
17,200
1,800
19,000
17,200
0
17,200
Solutions to Self-Study Problems S-73
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S-74 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Aspen Corporation
01/01/10
183,000
285,000
285,000
80,000
90,000
82,000
8,000
205,000
205,000
11,000
5,000
196,000
9,000
0
0
0
01/01/10
Solutions to Self-Study Problems S-75
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
0
80,000
80,000
9,000
10,000
10,000
0
80,000
x
x
x
x
x
x
x
x
S-76 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
19,000
Solutions to Self-Study Problems S-77
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Initial Return
10,000
35,000
10,000
120,000
18,000
183,000
183,000
24,000
140,000
19,000
19,00019,000
125,000
5,000
19,000
0
9,000
10,000
19,000
19,000
S-78 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Asper Corporation
Janet Nall
100
9,000
10,000
10,000
Solutions to Self-Study Problems S-79
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S-80 Solutions to Self-Study Problems
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A
Accelerated Cost Recovery System,
§7.4
Accelerated Death Benefits, §2.6
Accident and Health Insurance, §2.9
Accounting Methods
accrual method, §7.2
cash receipts and disbursements
method, §7.2
changes in accounting method, §7.2
hybrid method, §7.2
prepaid interest, §7.2
prepaid rent, §7.2
Accounting Periods
annual accounting periods, §7.1
annualization of income, §7.1
changes in accounting period, §7.1
election of accounting period, §7.1
short periods, §7.1
Accrual Method, see Accounting Methods
Accumulated Earnings Tax, §11.8
ACRS, §7.4
Adjusted Basis, §8.3
Adjusted Gross Income, §1.3
Adoption Expenses, §6.6
Alimony
installment payments of property
settlements, §2.3
payments, §2.3
periodic payments, §2.3
Alternative Minimum Tax
corporate, §11.9
individual, §6.8
American Opportunity Credit, §6.4
Amount Realized, §8.3
mortgage assumed, §8.3
Annual Accounting Period, see
Accounting Periods
Annualization of Income, §7.1
Annuities
employee annuities, §2.5
exclusion ratio, §2.5
Appeals Process, §12.2
Apportionment of Real Estate Taxes
Between Buyer and Seller, see
Property Taxes
Audit Process, §12.2
Automobile Expenses
commuting expense, §4.3
depreciation, §7.4, §7.5, §7.6,
§7.7
medical expense, §5.1
moving expense, §4.11
standard mileage method, §4.3
Awards, see Prizes and Awards
B
Backup Withholding, §9.1
Bad Debts
business vs. nonbusiness, §3.3
specific charge-off method, §3.3
Boot, see Like-Kind Exchanges
Business Bad Debts, see Bad Debts
Business Gifts, §4.9
substantiation requirements,
§4.9
Business Meals, §4.5
C
Capital Asset, §1.9, §8.1
Capital Gains and Losses
adjusted basis, §1.9, §8.3
amount realized, §1.9, §8.3
capital asset, §1.9, §8.1
corporations, §11.2
holding period, §8.2
long-term capital gain, §1.8, §8.4
short-term capital gain, §8.2
Capital Loss, §1.8, §8.5
Cash Basis Accounting, see Accounting
Methods
Casualty and Theft Losses
amount of loss, §5.5
casualty defined, §5.5
complete destruction, §5.5
disaster area losses, §5.5
insurance recovery, §5.5, §8.8
reimbursement, §5.5
theft losses, §5.5
Changes in Accounting Method, see
Accounting Methods
Changes in Accounting Period, see
Accounting Periods
Charitable Contributions
capital gain property, §5.4
carryover of excess contribution,
§5.4, §11.3
contribution of service, §5.4
corporations, §11.3
limitations, §5.4, §11.3
ordinary income, §5.4
Child and Dependent Care Credit
allowable credit, §6.3
Child Support, §2.3
Child Tax Credit, §6.1
Combined Business and Pleasure
Travel, §4.2
Community Property, §6.10
Commuting Expenses, §4.3
disallowance, §4.3
second job exception, §4.3
temporary assignments, §4.3
Contributions, see Charitable
Contributions
Corporate Alternative Minimum Tax,
§11.9
Corporate Tax Rates, §11.1
Corporations
accumulated earnings tax, §11.8
capital gains and losses, §11.2
charitable contributions, §11.3
dividends received deduction, §11.3
estimated tax, §11.5
formation, §11.7
organizational expenditures, §11.3
personal holding company tax, §11.8
schedule M-1, §11.4
Subchapter S, §11.6
tax rates, §11.1
Credits, see Tax Credits
D
Deductions for Adjusted Gross Income,
§1.3, Chapter 3
Deductions from Adjusted Gross
Income, see Itemized Deductions
Dependency Exemptions, see Personal
and Dependency Exemptions
Dependent Care Credit, §6.3
Deposits, see Tax Deposits
Depreciation, §7.3 through §7.7
Accelerated Cost Recovery System,
§7.4
bonus, §7.3
election to expense, §7.5
listed property, §7.6
luxury automobiles, §7.7
Modified Accelerated Cost Recovery
System, §7.4
Discriminant Function System, §12.2
Dividend Income, §2.2
Dividends, qualifying, §2.2
Dividends Received Deduction for
Corporations, §11.3
Dues, Subscriptions, and Publications,
§4.7
Index
I-1
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E
Earned Income Credit, §6.2
Economic Considerations of the U.S.
Tax System, §1.1
Educational Expenses
deduction, §4.6
maintaining or improving existing
skills, §4.6
travel and transportation, §4.6
Educational Savings Accounts, §5.8
Electronic Filing, §1.10
Employee Expenses, see specific item
Employee Fringe Benefits, §2.14
Employer-Provided Spending Accounts,
§2.14
Energy Credits, §6.7
Entertainment Expenses
business meals, §4.5
entertainment facilities, §4.5
itemized deductions, §4.5
Estimated Payments, §9.2, §11.5
Estimated Tax
corporations, §11.5
individual taxpayers, §9.2
Exchange, see Like-Kind Exchanges
Exclusions from Gross Income, §2.1,
Table 2.2
accident and health insurance, §2.9
annuities, §2.5
child support, §2.3
employee fringe benefits, §2.14
gifts and inheritances, §2.7
life insurance, §2.6
meals and lodging, §2.10
prizes and awards, §2.4
scholarships, §2.8
Exemptions, see Personal and Dependency
Exemptions
F
FICA Tax, §9.3
Filing Requirements
corporations, §11.5
individual taxpayers, §1.4
self-employed taxpayers, §9.2 and §9.6
Filing Status
head of household, §1.5
married, filing jointly, §1.5
married, filing separately, §1.5
qualifying widow(er), §1.5
single, §1.5
surviving spouse, §1.5
First In, First Out, see Inventory Methods
Fiscal Year, §7.1
Fixing-up Expenses, see Sale of a
Personal Residence
Foreign Tax Credit, §6.5
Formation of Corporations, §11.7
Forms and Schedules, §1.2
Fringe Benefits, §2.14
FUTA Tax, §9.7
G
Gifts and Inheritances, §2.7
Gross Income
exclusions, §2.1, Table 2.2
inclusions, §2.1, Table 2.1
H
Health Insurance, see Accident and
Health Insurance
Health Savings Accounts, §5.1
Higher Education Expenses, §5.10
History of U.S. Tax System, §1.1
Hobby Losses, §4.12
Holding Period
capital gains and losses, §8.2
Homebuyer, First time, Credit §6
Overview
HOPE Tax Credit, §6.4
Household Employer, §9.8
H.R. 10 Plan, see Keogh Plan
I
Income Tax Expense, §5.2
Individual Alternative Minimum Tax, §6.8
Individual Retirement Accounts, §3.6
Inheritances, see Gifts and Inheritances
Installment Sales, §8.9
Insurance
accident insurance, §2.9
group term life, §2.14
health insurance, §2.9
life insurance, §2.6
medical insurance, §5.1
Intangibles, §7.8
Interest, IRS, §12.3
Interest Exclusion
municipal bond interest, §2.11
Interest Expense, §5.3
prepaid interest, §5.3 and §7.2
Internal Revenue Service, §12.1
Internet, §1.10
Inventory Methods
determination of inventory cost, §3.4
FIFO, §3.4
LIFO, §3.4
Investment Expenses
interest expense, §5.3
miscellaneous expenses, §5.6
Investment Interest Expense, §5.3
Involuntary Conversions, §8.11
IRS Site, §1.9
Itemized Deductions, §1.3, Chapter 5
casualty and theft losses, §5.5
charitable contributions, §5.4
hobby losses, §5.9
interest, §5.3
medical expenses, §5.1
miscellaneous deductions, §5.6
overall limitation, §5.7
taxes, §5.2
J
Job-Hunting Expenses, §5.6
K
Keogh Plan, §3.7
‘‘Kiddie Tax,’’ §6.9
L
Last In, First Out, see Inventory Methods
Life Insurance, §2.6
Lifetime Learning Credit, §6.4
Like-Kind Exchanges
basis of property received, §8.10
boot, §8.10
definition of like-kind property, §8.10
exchange, §8.10
holding period, §8.10
mandatory, §8.10
Limited Liability Company, §10.8
Listed Property, §7.6
luxury automobiles, §7.7
Lodging, see Meals and Lodging
Luxury Automobiles, §7.7
M
MACRS, §7.4
Making Work Pay Credit, §1.5
Married
filing jointly, §1.5
same sex, §1.5
Meals and Lodging, §2.10
Medical Expenses
capital expenditures, §5.1
insurance premiums, §5.1
medicine/drugs, §5.1
transportation, §5.1
Medicine and Drugs, see Medical Expenses
Miscellaneous Deductions, §4.1, §5.6
investment expenses, §5.6
job-hunting expenses, §5.6
tax return preparation fees, §5.6
Modified Accelerated Cost Recovery
System, §7.4
Moving Expenses
allowed expenses, §4.11
distance test, §4.11
Municipal Bond Interest, §2.11
N
Nanny Tax, §9.8
Net Operating Losses, §3.5
Nonbusiness Bad Debts, see Bad Debts
O
Office in the Home, §4.4
Organizational Expenditures, §11.3
I-2 Index
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
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