Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

Accounting/US Taxation

/in /by

Accounting/US Taxation

accounting-project/1567668385-topic-8-assignment.docx
Prepare a partnership or S-corporation tax return. Complete problem C9-58 in your textbook. In addition, you will complete an individual income tax return with the assumption that one of the partners or shareholders from the entity return is your client. See LoudCloud for the supplemental information you will use to prepare the individual income tax return. When submitting the tax return project to LoudCloud, the tax return should be a single document. Do not scan and submit the completed tax forms individually otherwise, it may not be graded timely. Name the pdf file LastnameFirstinitial.ACC460.TR2, where the TR2 refers to the Tax Return 2 assignment.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are not required to submit this assignment to LopesWrite.

Attachments ACC-460-RS-Topic-8-Assignment-Instructions.docx

__MACOSX/accounting-project/._1567668385-topic-8-assignment.docx
accounting-project/1567650225-c9-58-page-2.PNG
__MACOSX/accounting-project/._1567650225-c9-58-page-2.PNG
accounting-project/1567650282-c9-58-page-6.PNG
accounting-project/1567650201-c9-58-page-1.PNG
accounting-project/1567668385-acc-460-rs-topic-8-assignment-instructions-1.docx
ACC-460 – Federal Taxation

Instructions: Topic 8 Tax Return Problem (C9-58)

You will be working individually to complete a partnership or s-corporation and individual income tax returns. Your instructor will assign one of the entity types during the course. The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud – please scan and upload one single document. Note: If you upload multiple documents, the assignment will not be graded and you will be required to turn in a paper copy with possible late point deductions). Use 2017 forms only (points will be deducted for using 2016 or 2018).

Required

Prepare a partnership tax return. See data below. You will need the following forms:

· Form 1065 and corresponding schedules

· Schedule K-1 for Dr. Bailey (from problem C9-58)

· For the Schedule K-1. The filing center is Ogden, Utah.

Individual taxpayer information

Individual tax forms required:

·

© 2018. Grand Canyon University. All Rights Reserved.

· Form 1040

· Schedule A

· Schedule B

· Schedule D

· Schedule E

· Form 8949

· Form 4797 (see item 4.i. below)

  1. Dr. Leisa Bailey’s social security number is 456-12-3789. She is married but does not have any dependents. Her husband’s name is Daniel Bailey and his social security number is 123-45-6789.
  2. Additional information to complete the tax returns:

a. Daniel works at Intel Corporation and earned $160,000 during 2017.

b. His federal tax withholding was $30,000 and his Arizona income taxes withheld were $8,000. Leisa made federal estimated tax payments of $40,000 and Arizona estimated payments of $9,500

c. Mortgage interest on their personal residence was $15,200 and property taxes were $5,150.

Additional charitable contributions of $2,750 were paid during the year.

d. On July 10, 2017 they sold 100 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share.

e. The Taxpayer’s have a long-term capital loss carry forward of $5,000.

f. Assume AMT does not apply.

g. Apply any refund to estimated tax payments for the next year.

h. Instead of preparing Form 4797, input any gain/loss from the Sec. 1231 asset on line 14 of form 1040.

  1. Download the appropriate tax forms from the IRS website, www.irs.gov. Include any necessary supporting schedules and supporting documentation. Use 2017 tax forms only (points will be deducted for using incorrect forms).
  2. If submitting to LoudCloud, create one pdf file with all of the tax forms in the order they should appear in a submitted tax return. If submitting paper copy, remember to put the forms in the proper order. Points will be deducted for out-of-order form placement. Remember to include the appropriate taxpayer information on the forms, points will be deducted for missing items.

__MACOSX/accounting-project/._1567668385-acc-460-rs-topic-8-assignment-instructions-1.docx
accounting-project/1567650252-c9-58-page-4.PNG
__MACOSX/accounting-project/._1567650252-c9-58-page-4.PNG
accounting-project/1567668385-9-58-problem.docx
I:9-58 Auto Expenses. Amelie is an employee who uses her personal automobile in connection with her job. During 2017, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. She is reimbursed $0.30 per mile from her employer for her business miles and she makes an adequate accounting to her employer. During 2017, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles:

Gas and oil$ 7,800

Repairs and maintenance1,200

Depreciation5,800

Insurance1,440

Licenses and fees 300 $16,540

a. Compute Amelie’s deduction before the 2% of AGI floor if she uses the actual cost method.

b. Compute Amelie’s deduction before the 2% of AGI floor if she uses the standard mileage method.

c. Assume Amelie used the standard mileage method in 2017 and received the 30 cents per mile reimbursement. In addition to the automobile expenses, she made several business trips and incurred the following travel expenses:

Airfare$ 4,600

Hotel1,860

Meals and entertainment720

Taxi fees and tips 280

$7,460

None of the above expenses were personal in nature and she received total reimburse-ments (including the mileage reimbursement) from her employer of $11,220. If Amelie’s AGI was $120,000, what is her deduction in 2017 after all limitations?

accounting-project/1567650266-c9-58-page-5.PNG
accounting-project/1567650236-c9-58-page-3.PNG
accounting-project/1567650290-c9-58-page-7.PNG
__MACOSX/accounting-project/._1567650290-c9-58-page-7.PNG
accounting-project/.~lock.1567668385-acc-460-rs-topic-8-assignment-instructions-1.docx#
,hunters,kabum.local,07.09.2019 21:24,file:///Users/hunters/Library/Application%20Support/LibreOffice/4;

The post Accounting/US Taxation appeared first on superioressaypapers.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"