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Class Notes for ACCT 421 at Old Dominion University (ODU)

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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 4: Real Estate Transfer Tax, Deferral, Social Security Disability Insurance

OC1485246 Page
3 Oct 2016
2
What is gross income: income (broadly conceived) 61(a) : except as otherwise provided in this subtitle, gross income means all income from whatever sou
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 3: Adjusted Gross Income, Alternative Minimum Tax, Child Tax Credit

OC1485246 Page
17 Sep 2016
4
Chapter 4: individual income tax overview, exemptions, and filing status. Income from all sources exclusions = gross income. Gross income for agi deduc
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 7: Alternative Minimum Tax, Capital Gain, Marriage Penalty

OC1485246 Page
21 Oct 2016
7
Chapter 8: individual income tax computation and tax credits. This example assumes the taxpayers do not owe any alternative minimum tax (discussed belo
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 2: Calendar Year, C Corporation, Filing Status

OC1485246 Page
13 Sep 2016
2
Chapter 2: tax compliance, the irs, and tax authorities. Corporations- all must file regardless of income. Estates and trusts- required to file if gros
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture 12: ACCT 421 Chapter 13 Lecture

OC1485246 Page
1 Dec 2016
0
General rule: transaction is treated as taxable sale or exchange of the shareholder"s propert(cid:455) to the (cid:272)orporatio(cid:374) Tax consequen
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 8: Adjusted Basis, Gross Income, Advance Payment

OC1485246 Page
1 Dec 2016
2
Chapter 9: business income, deductions, and accounting methods. Same as individual income- 61 (a)- (cid:862)all i(cid:374)(cid:272)o(cid:373)e fro(cid:
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 11: Form 1040, Tax Rate, C Corporation

OC1485244 Page
1 Dec 2016
0
Default classifications: incorporated entities separated taxpaying entity. C corporation: unincorporated entities flow through entities. Flow through e
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 1: Tax Rate, Sales Tax, Real Estate Transfer Tax

OC1485244 Page
13 Sep 2016
1
What is fair: sales tax, income tax. Politicians- democrats raise taxes, republican lower taxes. Individuals- where to live/no personal property tax (n
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 10: Investment, Adjusted Basis, Ordinary Income

OC1485249 Page
1 Dec 2016
0
Adjusted basis: original basis plis, capital additions less, capital recoveries. Gifts (expanded: if fmv of asset o(cid:374) date of gift > do(cid:374)
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 5: Pension, Ordinary Income, Tax Basis

OC1485248 Page
3 Oct 2016
11
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 9: Macrs, De Minimis, Adjusted Basis

OC1485247 Page
1 Dec 2016
2
Allocation of the basis of an asset over its life as established by the irs. Cost: include all expenses to purchase, prepare for use, and begin using t
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ODUACCT 421Vivian PaigeFall

ACCT 421 Lecture Notes - Lecture 6: Flexible Spending Account, Itemized Deduction, Plastic Surgery

OC1485244 Page
21 Oct 2016
6
Important to understand the differences between: business expenses- deductible under 162 and are deductions for. Agi: expenses uncured for the producti
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