Solution Manual for Taxation of Individuals 10th Edition by Spilker
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Edition: 10th Edition
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Solution Manual for Taxation of Individuals 10th Edition by Spilker
ANSWERS TO QUESTIONS
- The time value of money is the idea that a dollar received today is worth more than a dollar to be received at any later date because it can be invested today to earn interest over time.
- Future value—The future value of a number of dollars is the amount that it will increase to in the future at i interest rate for n periods. The future value is the principal plus accumulated interest compounded each period.
Present value—The present value of a number of dollars, to be received at some specified date in the future, is that amount discounted to the present at i interest rate for n periods. It is the inverse of future value. In compound discounting, the interest is subtracted rather than added as in compounding.
- $10,000 x 2.59374 = $25,937 (rounded to the nearest dollar).
- $8,000 x .38554 = $3,084 (rounded to the nearest dollar).
- An annuity is a term that refers to equal periodic cash payments or receipts of an equal amount each period for two or more periods. In contrast to a future value of $1, or a present value of $1 (which involves a single contribution or amount), an annuity involves a series of equal contributions for a series of equal periods. An annuity may refer to a future value or a present value.
6. |
Table Values |
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Concept | i = 5% n =4 | i = 10%; n =7 | i = 14%; n = 10 | |||||||
FV of $1 | 1.21551 | 1.94872 | 3.70722 | |||||||
PV of $1 | 0.82270 | 0.51316 | 0.26974 | |||||||
FV of annuity of $1 | 4.31013 | 9.48717 | 19.33730 | |||||||
PV of annuity of $1 | 3.54595 | 4.86842 | 5.21612 | |||||||
- $1,000 x 14.48656 = $14,487. (rounded to the nearest dollar)
Authors’ Recommended Solution Time
(Time in minutes)
Mini-exercises |
Exercises |
Problems |
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No. | Time | No. | Time | No. | Time |
1 | 2 | 1 | 10 | CP1 | 20 |
2 | 2 | 2 | 15 | CP2 | 20 |
3 | 6 | 3 | 15 | CP3 | 20 |
4 | 6 | 4 | 15 | CP4 | 15 |
5
6 7 8 9 10 11 12
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3 3 3 3 3 3 3 |
5
6 7
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5
10 8 |
PA1
PA2 PA3 PA4 PB1 PB2 PB3 PB4
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20
20 20 15 20 20 20 15 |
ANSWERS TO MINI-EXERCISES
MC–1
$500,000 ´ 0.46319 (Table C.2, n=10, i=8%) | = | $231,595 |
MC–2
$15,000 ´ 6.14457 (Table C.4, n=10, i=10%) | = | $92,169 |
MC–3
$100,000 (no PV) | = | $100,000 |
$100,000 ´ 0.92593 (Table C.2, n=1, i=8%) | = | 92,593 |
$ 30,000 ´ 9.81815 (Table C.4, n=20, i=8%) | = | 294,545 |
Total | = | $487,138 |
MC–4
$25,000 ´ 15.93742 (Table C.3, n=10, i=10%) | = | $398,436 | ||
$15,000 ´ 57.27500 (Table C.3, n=20, i=10%) | = | $859,125 | ||
It is much better to save $15,000 for 20 years.
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Content | Solution Manual for Taxation of Individuals 10th Edition by SpilkerANSWERS TO QUESTIONS
| Test Bank for Taxation of Business Entities 2020 11th Edition By SpilkerChapter 1 Business Income, Deductions, and Accounting Methods 1) The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure is "ordinary and necessary." Answer: TRUE Difficulty: 1 Easy Topic: Business Deductions Learning Objective: 01-01 Identify common business deductions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 2) Business activities are distinguished from personal activities in that business activities are motivated by the pursuit of profits. Answer: TRUE Difficulty: 1 Easy Topic: Business Deductions Learning Objective: 01-01 Identify common business deductions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 3) The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business. Answer: FALSE Explanation: A necessary expense is an expense that is helpful or conducive to the business activity. Difficulty: 2 Medium Topic: Business Deductions Learning Objective: 01-01 Identify common business deductions. Bloom's: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 4) Reasonable in amount means that expenditures can be exorbitant as long as the activity is motivated by profit. Answer: FALSE Difficulty: 2 Medium Topic: Business Deductions Learning Objective: 01-01 Identify common business deductions. Bloom's: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 5) The test for whether an expenditure is reasonable in amount is whether the expenditure was for an "arm's length" amount. Answer: TRUE Difficulty: 2 Medium Topic: Business Deductions Learning Objective: 01-01 Identify common business deductions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 6) Illegal bribes and kickbacks are not deductible as business expenses but fines imposed by a governmental unit are deductible as long as the fines are incurred in the ordinary course of business. Answer: FALSE Explanation: No deductions are allowed for expenditures that are against public policy. Difficulty: 2 Medium Topic: Limitations on Business Deductions Learning Objective: 01-02 Determine the limits on deducting business expenses. Bloom's: Understand AACSB: Reflective Thinking AICPA: BB Critical Thinking 7) Although expenses associated with illegal activities are not deductible, political contributions can be deducted as long as the donation is not made to a candidate for public office. Answer: FALSE Difficulty: 1 Easy Topic: Limitations on Business Deductions Learning Objective: 01-02 Determine the limits on deducting business expenses. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 8) When a taxpayer borrows money and invests the loan proceeds in municipal bonds, the interest paid by the taxpayer on the debt will not be deductible. Answer: TRUE Difficulty: 2 Medium Topic: Limitations on Business Deductions Learning Objective: 01-02 Determine the limits on deducting business expenses. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking | Solution Manual for Taxation of Business Entities 2019 Edition 10th Edition by SpilkerChapter 1 Business Income, Deductions, and Accounting Methods SOLUTIONS MANUAL Discussion Questions
| Test Bank for Taxation of Individuals 2020 Edition 11th Edition By SpilkerTaxation of Individuals, 11e (Spilker) Chapter 1 An Introduction to Tax 1) Taxes influence many types of business decisions but generally do not influence personal decisions. Answer: FALSE Difficulty: 1 Easy Topic: Who Cares About Taxes and Why? Learning Objective: 01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 2) Taxes influence business decisions such as where a business should locate or how a business should be structured. Answer: TRUE Difficulty: 1 Easy Topic: Who Cares About Taxes and Why? Learning Objective: 01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 3) Tax policy rarely plays an important part in presidential campaigns. Answer: FALSE Difficulty: 1 Easy Topic: Who Cares About Taxes and Why? Learning Objective: 01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 4) Margaret recently received a parking ticket. This is a common example of a local tax. Answer: FALSE Difficulty: 1 Easy Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 5) George recently paid $50 to renew his driver's license. The $50 payment is considered a tax. Answer: FALSE Explanation: A tax is a payment required by a government that is unrelated to any specific benefit or service received by the government. Difficulty: 1 Easy Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking 6) A 1 percent charge imposed by a local government on football tickets sold is not considered a tax if all proceeds are earmarked to fund local schools. Answer: FALSE Difficulty: 2 Medium Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Understand AACSB: Reflective Thinking AICPA: BB Critical Thinking 7) One key characteristic of a tax is that it is a required payment to a governmental agency. Answer: TRUE Difficulty: 2 Medium Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 8) Common examples of sin taxes include the taxes imposed on airline tickets and gasoline. Answer: FALSE Difficulty: 2 Medium Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking 9) One benefit of a sin tax (e.g., a tax on cigarettes) is that it should increase the demand for the products being taxed. Answer: FALSE Difficulty: 2 Medium Topic: What Qualifies as a Tax? Learning Objective: 01-02 Discuss what constitutes a tax and the general objectives of taxes. Bloom's: Analyze AACSB: Reflective Thinking AICPA: BB Critical Thinking | Solution Manual for Income Tax Fundamentals 2019 37th Edition WhittenburgSolution Manual for Income Tax Fundamentals 2019, 37th Edition, Gerald E. Whittenburg, Steven Gill, ISBN-10: 1337703060, ISBN-13: 9781337703062
Table of Contents
1. The Individual Income Tax Return.
2. Gross Income and Exclusions.
3. Business Income and Expenses, Part I.
4. Business Income and Expenses, Part II.
5. Itemized Deductions and Other Incentives.
6. Credits and Special Taxes.
7. Accounting Periods and Methods and Depreciation.
8. Capital Gains and Losses.
9. Withholding, Estimated Payments, and Payroll Taxes.
10. Partnership Taxation.
11. The Corporate Income Tax.
12. Tax Administration and Tax Planning.
Appendix A: Tax Rate Schedules and Tax Tables.
Appendix B: Earned Income Credit Table.
Appendix C: Withholding Tables.
Appendix D: Additional Comprehensive Tax Return Problems.
Appendix E: Solutions to Self-Study Problems.
Glossary of Tax Terms.
Index.
List of Forms.
List of Schedules.
| Solution Manual for South Western Federal Taxation 2019 Individual Income Taxes 42nd Edition by YoungCHAPTER 1 AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW LECTURE NOTES OVERVIEW The primary objective of this chapter is to provide an overview of the Federal tax system. Among the topics discussed are the following: • The importance and relevance of taxation. • A brief history of the Federal income tax. • The types of taxes imposed at the Federal, state, and local levels. • Some highlights of tax law administration. • Tax concepts that help explain the reasons for various tax provisions. • The influence the Internal Revenue Service (IRS) and the courts have had in the evolution of current tax law. SUMMARY OF CHANGES IN THE CHAPTER The following are notable changes in the chapter from the 2018 Edition. For major changes, see the Preface of the text. • Updated Exhibit 1.1 (Federal Tax Revenues) and Exhibit 1.4 (IRS Audit Types and Rates) with current data. • Revised text to reflect the Tax Cuts and Jobs Act (TCJA) of 2017 and revised various inflation-adjusted information in the chapter. • Identified critical thinking questions and problems. • Added a new Research Problem to analyze a soda tax or sweetened beverage tax proposal against the AICPA’s Principles of Good Tax Policy. THE BIG PICTURE The Big Picture discussion in Chapter 1 addresses several situations commonly encountered by taxpayers that also create taxable income consequences. For example, students may not be familiar with the concept that gift giving (even in families) creates tax consequences for the gift giver or that working in another state subjects a taxpayer to tax in more than just his or her home state. While students may not yet have significant exposure to all the tax issues raised in the Big Picture scenario, the exercise provides an opportunity to help students think about why tax consequences might arise and how to go about expanding their knowledge of tax law. For example, employing children in a family business raises questions about FICA withholding as 1-2 2019 Individual Income Taxes: Instructor’s Guide with Lecture Notes © 2019 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. well as what constitutes reasonable compensation. The student might make the link to FICA withholding after reading the chapter. However, a quick search on the IRS’s web page results in a page that provides information about tax consequences that arise when hiring family members (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Family-Help). The FICA withholding discussion might lead to a discussion of incentives related to family members’ salaries which could nicely lead into a discussion of why the IRS might be interested in auditing a family business/closely held business. The scenario could also be integrated into a discussion of what is the “best” tax system, especially because the Carters are currently employed while the Walkers are retirees. The instructor could use this fact to address why differently situated taxpayers may have varying preferences about what type of tax system is the “best” tax system. APPROACHING THE STUDY OF TAXATION What Is Taxation? 1. “Taxes are what we pay for civilized society.” – Oliver Wendell Holmes, Jr. 2. The primary purpose of taxation—to raise revenue for government operations. 3. Taxation is often used as a tool to influence the behavior of individuals and businesses. a. Income tax credits are designed to encourage people to purchase a fuel-efficient car. b. A tobacco excise tax may discourage individuals from smoking. Taxation in Our Lives 4. Individuals are affected most directly by taxes when they need to pay them. a. Direct tax is paid to the government by the person who pays the tax (i.e., personal income tax and property taxes). b. Indirect tax includes things such as a state sales tax on the purchase of tangible goods such as clothing. The tax is collected and remitted to the government by the seller. The buyer is charged the tax along with the purchase price of the goods or services or it may be embedded in the price charged. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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