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

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ACC 547 ACC547 Complete Course Click below link for Answer visit www.workbank247.com http://workbank247.com/q/acc-547-acc547-complete-course-acc547-complete-cou/10452 http://workbank247.com/q/acc-547-acc547-complete-course-acc547-complete-cou/10452 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, …show more content…

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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