Required:

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Required:

 
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Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the Erbs:

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Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the

Erbs:

•Why can’t you give them a refund?

•How was their refund/taxes due calculated?

•Why are they or why are they not subject to the AMT?

Grading Rubric

CategoryDescription

ComprehensionDemonstrate a strong grasp of the problem at hand. Demonstrate an understanding of how the course concepts apply to the problem.

AnalysisApply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.

ExecutionWrite your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.

TotalA quality paper will meet or exceed all of the above requirements.

.;/l

ACCT224 Week 2 – You Decide ACCT224_W2_YouDecide_Transcript.docx Page 1

Scenario

You’ve just gotten the kindest call from Eric, and you’re becoming convinced that he’s not just saying it knowing how much work you’re going to have on your plate thanks to his son. In fact, he’s asked you to dinner this Friday.

You realize you need to stop daydreaming about your high school crush and focus on Jackson and Kara’s visit later today.

Your Role

Jackson will be bringing the information you asked him to provide in order to accurately do his taxes for last year. You also expect Kara to have some questions given the conversation you had during last week’s meeting. You remind yourself that you need to be patient with them…not just because you want to make sure they say good things about you to Eric…but because they’re clients. As you have learned, patience and kindness has been the key to your business success.

Transcript

Peggy Sue: Come in! Please have a seat! Oh, a baby! Your dad didn’t mention that he was a grandpa! How old is she?

Kara: She was born on December 31 just before midnight after 48 hours of labor.

Peggy Sue: Well, she’s gorgeous! You must be so proud!

Jackson: Yeah, she is cute in a crinkled sort of way.

Kara: (interrupting) We brought that form in that says how much money he made last year.

Peggy Sue: Great! That’s called a W-2.

Jackson: My dad has to pay something called Alternative Maximum Tax. Do I have to pay that too?

Kara: Jackson that’s the Alternative Minimum Tax. (Rolls eyes)

Peggy Sue: No, I don’t believe you will owe that tax, but I’ll explain that to you when I complete the preparation of your tax return.

Jackson: Okay, can you write me a check for my refund today?

Kara: Yes, that would be great. Jackson wants to buy a new motorcycle with a side car for baby Mackenzie.

Peggy Sue: Uh….it will take me a day to prepare your tax return. Can you come back tomorrow and pick it up?

 
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Admit it. You’ve watched that late-night infomercial describing how you can become a multimillionaire virtually overnight by leveraging your good looks and sparkling personality (and little else…) to invest in real estate

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Admit it. You’ve watched that late-night infomercial

describing how you can become a multimillionaire virtually overnight by leveraging your good looks and sparkling personality (and little else…) to invest in real estate. All joking aside, investing in real estate does present some opportunity for the creation of wealth, much like any other investment does. Taxation of rental real estate, however, does present some unique rules, and these rules can have a dramatic impact on the investor’s realized gain or loss from the real-estate rental activity. Let’s begin outlining the tax consequences by describing the various capacities in which an individual can own and rent real estate. Asked differently, are there distinctions in the tax law that depend on the manner in which the property is held or used, such as between those who rent real estate as a full-time business and those who merely rent a vacation home? What are the rules that we follow in telling one type of rental property or rental ownership from another?

2. Before the passage of the 1986 Act, Congress attempted to impose restrictions on the abuses associated with the at-risk provisions of 1976 as set out in Code Section 465. In summary, the at-risk rules disallowed losses in excess of the investment. Discuss the at-risk limitations relating to individuals and closely held corporations.

NO COPY AND PASTE! ORIGINAL ANSWERS ONLY!!!!

CLASS FEDERAL INCOME TAXATION DO NOT RESPOND IF YOU ARE NOT FAMILIAR!

 
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Admit it. You’ve watched that late-night infomercial describing how you can become a multimillionaire virtually overnight by leveraging your good looks and sparkling personality (and little else…) to invest in real estate.

/in /by

Admit it. You’ve watched that late-night infomercial describing how you can become a multimillionaire

virtually overnight by leveraging your good looks and sparkling personality (and little else…) to invest in real estate. All joking aside, investing in real estate does present some opportunity for the creation of wealth, much like any other investment does. Taxation of rental real estate, however, does present some unique rules, and these rules can have a dramatic impact on the investor’s realized gain or loss from the real-estate rental activity. Let’s begin outlining the tax consequences by describing the various capacities in which an individual can own and rent real estate. Asked differently, are there distinctions in the tax law that depend on the manner in which the property is held or used, such as between those who rent real estate as a full-time business and those who merely rent a vacation home? What are the rules that we follow in telling one type of rental property or rental ownership from another?

DO NOT COPY AND PASTE!! NO RESPONSES WITH INDIAN TAX CODE! NO PLAGIARIZING I WILL FLAG! NEED A SPEEDY RESPONSE.

 
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