Solutions for South-Western Federal Taxation 2024: Individual Income Taxes, 47th Edition Young
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Course
Taxation
Institution
Taxation
Complete Solutions Manual for South-Western Federal Taxation 2024: Individual Income Taxes, 47e 47th Edition by James C. Young, Annette Nellen, William A. Raabe, Sharon Lassar, David M. Maloney, Brad Cripe. Full Chapters Solutions are included - Chapter 1 to 20
Part I: INTRODUCTION AND BASIC TAX...
Solution Manual - Complete
YOUNG, NELLEN, PERSELLIN, LASSAR, CUCCIA , CRIPE, SWFT INDIVIDUAL INCOME TAXES 2024,
9780357900550; CHAPTER 1: AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE
FEDERAL TAX LAW
TABLE OF CONTENTS
Discussion Questions...........................................................................................................1
Research Problems ........................................................................................................... 10
Solution To Ethics & Equity Feature ................................................................................. 11
Solutions To Becker CPA Review Questions ....................................................................12
DISCUSSION QUESTIONS
1. (LO 1) Various answers are possible, including using the Key Terms at the end of each
chapter, referring to the Glossary (Appendix C), looking up the footnote resources to
the Internal Revenue Code in Appendix D, using chapter features (e.g., Global Tax
Issues, Ethics & Equity, Tax Planning, and Framework 1040), examining the tax forms
used in the chapters, and completing additional end-of-chapter assignments. All of
these resources will help students engage more deeply with the materials and help
their understanding.
2. (LO 1, 4)
a. John must now document rental receipts and separate his home expenses
between personal and rental use, and he may be subject to the transient
occupancy tax.
b. Theresa has become self-employed. Now she will be subject to self-employment
tax and may have to make quarterly installment payments of estimated income
and self-employment tax. Theresa will be required to make payroll tax payments if
she hires individuals to work in her business.
c. Paul’s employer might have some moving expenses that it can deduct (in general,
Paul cannot deduct moving expenses). Paul’s personal taxes will change because
Florida does not impose an income tax but California does.
3. (LO 1, 4) The income tax consequences that result are Marvin’s principal concern. Any
rent he receives is taxed as income, but operating expenses and depreciation will
generate deductions that offset some or all of the income or even yield a loss. Marvin
must also consider the effect of other taxes. Because the property is being converted
from residential to commercial use, he can expect an increase in the ad valorem
property taxes levied by the local (and perhaps even the state) taxing authorities.
Besides the real estate taxes, personal property taxes could be imposed on the
furnishings.
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