ACC 547 Week 2 Tax Law Research Worksheet
ACC 547 Week 2 Tax Law Research Worksheet
Write an APA-formatted response of no more than 200 words for each the following questions:
· What are the differences between the following components of taxable income? Provide at least one example of each.
o Deductions for AGI and deductions from AGI
o Gross income and AGI
o AGI and taxable income
o Tax deduction and tax credit
o Personal exemption and dependency exemption
· Section 61 of the Internal Revenue Code defines income as “income from whatever source derived unless otherwise excluded” (2014, IRC Code). In determining income, several key concepts have evolved from this definition. Explain the following concepts, and provide at least one example of each. Explain which concept you think is most beneficial from a taxpayer’s point of view and which concept is most beneficial from IRS’s point of view.
o Realized income
o Recognized income
o Return of capital doctrine
o Constructive receipt
o Tax benefit rule
o Wherewithal to pay doctrine
· How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some adjustments and preferences to regular taxable income to compute alternative minimum taxable income?
· Sue owns a home in Arizona and in New York. She spends winters in Arizona and summers in New York. She also has a houseboat in Hawaii. All of these are her personal residences, and none is rented. All of the properties have mortgages on which she pays interest.
o What are the limits, if any, on the deductibility of the mortgage interest?
o Is the deduction for AGI or from AGI?
o When a taxpayer has loans that exceed the limits for deductibility, how is the amount of deductible interest expense determined?
Answers
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Posted 06 May 2017 03:05 PM
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