Answer the follow questions with a minimum of 75 words supporting your answers.
Problem 1: Describe some types of investment income. How does it differ from ordinary income?
Problem 2: What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each.
Problem 3: Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?
Problem 4: What is the difference between an ordinary, capital, and Section 1231 asset? Why is this distinction important? What assets are subject to depreciation recapture? Compare and contrast Section 1245 and Section 1250 recapture.
Problem 5: Describe the corporate income tax formula, compare and contrast the corporate to the individual tax formula, and discuss tax considerations relating to corporations' accounting periods and accounting methods.
Problem 6: What are earnings and profits? Why are they important?
Problem 7: What is a partnership interest, and what rights does it confer to the partner? What are inside basis and outside basis, and why are they important?
Problem 8: What types of distributions can a partnership make? What are the tax consequences?
Problem 9: What is a flow-through entity? What advantages do flow-through entities have over a regular corporation? Compare and contrast the tax characteristics of an S corporation and a partnership.
Problem 10: A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one example for each.
Problem 11: There are two main types of employer-sponsored retirement plans: defined benefit and defined contribution. What are they? How do they differ? What other types of retirement plans are available?
Problem 12: How does the gross estate differ from a probate estate? What determines whether an item passes to heirs outside the probate process? Are items subject to estate tax that are not subject to income tax? Why or why not? Is a probate estate subject to income tax? Explain your answer.
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