Acc547 Week 1 Tax Law Research Worksheet Acc 547 Week 1 Tax Law Research Worksheet

1974 Words Dec 21st, 2015 8 Pages
ACC 547 ACC547 Complete Course
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ACC547 Week 1 Tax Law Research Worksheet
Complete the Tax Law Research Worksheet - Week 1.
Format your responses consistent with APA guidelines.
Write an APA-formatted response of no more than 200 words for each the following questions:
The Internal Revenue Code (IRC) is the supreme source of income tax law. When trying to resolve an income tax question, a tax practitioner will look to other sources in addition to the IRC. For example, the tax practitioner may consult IRC regulations
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4)
Completion of applicable IRS forms is encouraged.

ACC 547 Week 2 Tax Law Research Worksheet
Write an APA-formatted response of no more than 200 words for each the following questions:

* What are the differences between the following components of taxable income? Provide at least one example of each.

Deductions for AGI and deductions from AGI
Gross income and AGI
AGI and taxable income
Tax deduction and tax credit
Personal exemption and dependency exemption *
Section 61 of the Internal Revenue Code defines income as “income from whatever source derived unless otherwise excluded” (2014, IRC Code). In determining income, several key concepts have evolved from this definition. Explain the following concepts, and provide at least one example of each. Explain which concept you think is most beneficial from a taxpayer’s point of view and which concept is most beneficial from IRS’s point of view. Realized income
Recognized income
Return of capital doctrine
Constructive receipt
Tax benefit rule
Wherewithal to pay doctrine
How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some adjustments and preferences to regular taxable income to compute alternative minimum taxable income? *
Sue owns a home…

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