Acc 401 Academic Professor / Tutorialrank.Com Essay

2138 Words Mar 9th, 2016 9 Pages
ACC 401 Week 1 Assignment Chapter 2 Problems 32 33 38(UOP)
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32) List the five types of filing status and briefly explain the requirements for the use of each one. 33) In which of the following cases may the taxpayer claim head of household filing status? a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son.
b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.
c. The taxpayer is married from January to October and lived with his spouse from January to
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A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2009, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2009.
Same facts as (b) except that the computer is returned on January 5, 2010.
On December 18, 2009, a landlord rents an apartment for $700 per month and collects the first and last month’s rent up front. It is customary that tenants apply the deposit to their last month’s rent upon moving out.
An accountant agrees to perform $500 of tax services for an auto mechanic who has agreed to perform repairs on the car of the wife of the accountant. The mechanic repairs the car in December 2009 and the accountant starts and completes the tax work in March 2010. 36. A taxpayer who purchases a Series EE U.S. Savings Bond must report the interest income (i.e., increase in value) on the bond on the date the bond is redeemed or the taxpayer can elect to report the interest currently in income. Under what circumstances should a taxpayer report income at maturity? Under what circumstances is it more advantageous to report income currently? 42. Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and interest income of $2,000. Except as noted, those income items are reasonably consistent from year to year. At the end of 2009, Sean is considering selling stock which would

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