Buy Solved ACCT 553 Homework Assignments Week 2 and Week 5
ACCT 553 Week 2 Homework (TCO G)
Please provide a response for each section in the space provided below:
In Week 2, we discuss and define gross income from business activities and the associated trade or business deductions available to offset gross income from business activities. To further drive those points home, your assignment this week is to interview a business owner (perhaps your boss or a friend or family member who has his or her own business) and provide the following information obtained from your interview:
- Provide the name and contact info of the person interviewed, including his or her position and/or ownership in the business.
- Provide the name of the business or sole proprietorship.
- What is the main source of revenue (gross income) in this business? (Gross income might be from the sale of goods, performance of services, use of property, etc.)
- What IRC Code § provides for the inclusion of this source of revenue into gross income?
- What are the three most significant deductions claimed by this business? (The deductions might include payroll, materials, rent, etc.)
- What IRC Code § provides for the deductibility of trade or business expenses?
- Can you think of any deductions the business owner might be missing?
ACCT 553 Week 5 Homework (TCOs C and F)
Please provide a response for each section in the space provided below.
In Week 4, we learned to apply concepts and principles to measure taxable income derived from business activity. We have identified the C corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address the four questions that follow. Where a calculation is required, please show your work for full credit (partial credit may also be awarded).
- Greco Glass Products (“GGP”) is a C Corporation.
- GGP had gross revenue from sales in 2016 of $2,300,000.
- GPS cost of goods sold for 2016 sales was $952,000.
- GGP incurred a long-term capital loss in the amount of $48,000.
- GGP had a capital loss carryover from 2015 of $15,000.
- GGP made cash charitable contributions totaling $135,000.
- GGP made contributions to Ronald Stump’s presidential campaign in the amount of $50,000.
- What is GGP’s taxable income for 2016? Show your work. (35 points)
- Does GGP’s have an NOL carryforward to 2017? If so, how much? (15 points)
- Does GGP’s have a capital-loss carryforward to 2017? If so, how much? (15 points)
- Does GGP’s charitable contribution carry over to 2017? If so, how much? How long can it be carried over? (15 points)
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