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SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18 $17.99   Add to cart
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SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18
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SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18

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  • November 13, 2024
  • 615
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • solution manual for fundamentals of taxation for i
  • gregory a carnes suzanne youngberg chapter 1 18

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SOLUTION MANUAL FOR
Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A.
Carnes, Suzanne Youngberg
Chapter 1-18
Chapteri1TheiProfessionaliPracticeiofiTaxationiEn
d-of-ChapteriSolutions

DiscussioniQuestions

1.
Title:iDiscussioniQuestioni1i
Difficulty:iEasy
LearningiObjectivei1:i1.1iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.1
Solution:
Theigoaliofitaxiplanningiisitoimaximizeiafter-taxiincome.iAfter-
taxiincomeiisinetiincomeiafterireducingirevenueiforialliexpensesiincludingifederaliincomeitaxes.i
Taxiplanningishouldiconsideritaxifactorsiasiwelliasinon-taxifactors.
TimeiOniTask:i2iminutes

2.
Title:iDiscussioniQuestioni2i
Difficulty:iEasy
LearningiObjectivei1:i1.2iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.2
Solution:
Theiformulaitoicalculateianiindividual‘sitaxableiincomeiisiasifollows:

Grossiincome
Less:iDeductionsiforiAdjustediGrossiIncomei
AdjustediGrossiIncome
Less:iGreateriofiStandardiDeductionioriItemizediDeductions
Less:iQualifiediBusinessiIncomeiDeductioni
Taxableiincome
TimeiOniTask:i2iminutes

3.
Title:iDiscussioniQuestioni3i
Difficulty:iEasy


1-1

,LearningiObjectivei1:i1.2iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.2
Solution:
Formi1040iisiuseditoifileianiindividual‘siincomeitaxireturniinformation.iFormi1040SRicanibeius
edibyithosei65iandiolder.
TimeiOniTask:i1iminute

4.
Title:iDiscussioniQuestioni4i
Difficulty:iMediumiLearnin
giObjectivei1:i1.3
Standardi1:iAACSBi||iKnowledgeiSt
andardi2:iAICPAi||iAC:iReportingiSt
andardi3:iBloom'si||iKnowledgeiSecti
oniReferencei1:i1.3
Solution:
Ailower-incomeitaxpayerineedsieveryiafter-
taxidollariearneditoipayibillsiandidoesinotihaveimuchidiscretionaryiincome.iIfitheiincomeitaxirateiin
creases,itheilower-
incomeitaxpayerimayihaveitoiworkimoreihoursiatitheiricurrentijobioritakeionianotherijobitoihaveithe
isameiamountiofiafter-
taxiincome.iAiwealthieritaxpayerimayiviewitheiincreaseditaxirateiadverselyibutihasimoreiflexibility
iwithitheiridiscretionaryiincome.iTheiwealthieritaxpayerimayiviewitheirileisureitimeiasimoreiimpor
tantithaniworkingiextraihoursitoiearnitheisameiafter-taxipay.
TimeiOniTask:i4iminutes


5.
Title:iDiscussioniQuestioni5i
Difficulty:iEasy
LearningiObjectivei1:i1.3iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.3
Solution:
Taxiplanningiisitheiprocessiofiestimatingianiindividual‘sitaxiliabilityiforimultipleiscenariosiand/o
rimultipleiyearsiandiconsideringiwaysitoireduceiit.iTheiappropriateigoaliforitaxiplanningiisitoimaxi
mizeiafter-taxiincome.iAfter-
taxiincomeiisinetiincomeiafterireducingirevenueiforialliexpensesiincludingifederaliincomeitaxes.iT
axicomplianceiisideterminingitheitaxieffectsiforitransactionsithatihaveialreadyioccurred,iincludin
githeipreparationiofitaxireturns.
TimeiOniTask:i4iminutes

6.
1-2

,Title:iDiscussioniQuestioni6




1-3

, Difficulty:iMediumiLear
ningiObjectivei1:i1.3
Standardi1:iAACSBi||iKnowledgeiSt
andardi2:iAICPAi||iAC:iReportingiSt
andardi3:iBloom'si||iKnowledgeiSecti
oniReferencei1:i1.3
Solution:
Aniopenitransactionimeansithatitheiproposeditransactioniisinotiyeticompleted.iAicloseditrans
actionimeansithatitheirelevantieventsihaveialreadyihappened,ianditheifactsiareiset.iThisidistincti
oniisiimportantibecauseiinianiopenitransaction,itheifactsiandiresultsicanibeichangeditoiachieveiai
betterioutcome.iAicloseditransactionidoesinotiallowiforithis.
TimeiOniTask:i3iminutes

7.
Title:iDiscussioniQuestioni7i
Difficulty:iEasy
LearningiObjectivei1:i1.3iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.3
Solution:
Theimarginalitaxirateiisitheirateithatiappliesitoitheinextiadditionalidollariearned.iTheiaverageitaxi
rateiisitotaliincomeitaxidividedibyitaxableiincome.iTheieffectiveitaxirateiisitotaliincomeitaxidivide
dibyitotaliincome.
TimeiOniTask:i3iminutes

8.
Title:iDiscussioniQuestioni8i
Difficulty:iMediumiLearnin
giObjectivei1:i1.3
Standardi1:iAACSBi||iAnalytic
Standardi2:iAICPAi||iAC:iMeasurementiAnalysisiandiInterpretationiS
tandardi3:iBloom'si||iApplication
SectioniReferencei1:i1.3i
Solution:
Ifiaitaxpayeriisiiniaihigheritaxibracketiinitheicurrentiyeariandiexpectsitoibeiiniailoweritaxibracketinex
tiyear,iheiwouldihaveitaxisavingsifromidelayingitheireceiptiofiincomeitoinextiyear.iIfitheicurrentiye
ar‘sitaxirateiisihigher,iheiwouldireceiveimoreitaxibenefitifromiacceleratingideductibleiexpensesiint
oitheicurrentiyeariratherithaniwaitingiuntilitheinextiyeariwhenitheimarginalitaxirateiwouldibeiless.
TimeiOniTask:i4iminutes

9.
Title:iDiscussioniQuestioni9i
Difficulty:iEasy




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