RLG205H5 Lecture : Course Outline

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fuchsiagnu182

5 Jan 2011

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Instructor: david miller, associate professor (emeritus) concordia university. Office hours: tba: addendum to the calendar description. This course examines the historical development of hindu thought and institutions in. South asia from the beginning of indian civilization in the indus valley period (2500- Hinduism with early buddhism, islam, sikhism and christianity: required texts to be purchased at the utm book store: Selected readings to be purchased at the copy centre in. The guru as the centre of sacredness in. Articles on akbar, ashoka, jinnah and nanak in the. 1: final examination during final examination period (40%, visitation and a report of a south asian institution. Each student must visit a south asian institution; witness and ritual or worship service or interview a religious specialist; and submit a report of approximately five (5) pages typed of his/his experience. Due nov. 30 (20%: lectures and examinations. Aryans (1500 bce); social structure; the vedas; vedic gods/goddesses; vedic rituals.

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Carrie Hopkins is a qualified teacher in the San FranciscoUnified School District.

Currently, she teaches at North Lincoln High School where she isalso head of the

English Department. North Lincoln is a culturally diverse schoolwith a predominantly

Asian student population. As a department head, Carrie hasconsiderable input on

curriculum content of the courses offered by her school.

During the summer of 2014, Carrie enrolled in a course sponsoredby the University of

California, Berkeley Extension Program. The course, entitledâSoutheast Asia: Sacred

Places,â was conducted in Thailand, Cambodia, and Indonesia anddealt with the effect of

religious traditions on the culture of Southeast Asia. Thecourse was taught by university

staff, and successful completion by a student qualified forundergraduate college credit.

The course is conducted overseas to enhance the significance ofthe subject matter

covered. Although Carrieâs employer approved of her academicendeavors, it did not

require her to take the course. Further, it did not reimburseher for any of the expenses

involved. Except for several minor sightseeing trips, Carriedevoted most of her time

during the course to the materials assigned and covered.

As a result of what she learned from the course she took, Carriemade various

improvements to the content of her departmentâs curriculum. Shealso feels that the

course increased her ability to understand and communicate withthe Asian studentsâ in

her classes.

On her Federal income tax return for 2014, Carrie dedicated allof the expenses incurred

in connection with the extension course. Upon audit by the IRS,the deduction is

disallowed. Who should prevail? And why?

Aid:

IRC 162(a) 262(a) and 274(m)(2)

Treasire. Reg. 1.162-5(e)

Takahshi v. Comm., T.C 126 (1986)

Jorgensen v. Comm., 79 TCM 1926, T.C Memo 2000-138

Pearl Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $170,000 cash. The following information was gathered. Description Initial Cost on Sellerâs Books Depreciation to Date on Sellerâs Books Book Value on Sellerâs Books Appraised Value Machinery $170,000 $85,000 $85,000 $153,000 Equipment 102,000 17,000 85,000 51,000 Asset 3: This machine was acquired by making a $17,000 down payment and issuing a $51,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $25,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $61,030. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of machinery traded $170,000 Accumulated depreciation to date of sale 68,000 Fair value of machinery traded 136,000 Cash received 17,000 Fair value of machinery acquired 119,000 Asset 5: Equipment was acquired by issuing 100 shares of $14 par value common stock. The stock had a market price of $19 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $255,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment 2/1 $204,000 6/1 612,000 9/1 816,000 11/1 170,000 To finance construction of the building, a $1,020,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $340,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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1) Revson Corporation purchased land adjacent to its plant toimprove access for trucks making deliveries. Expenditures incurredin purchasing the land were as follows: purchase price, $55,000;brokerâs fees, $6,000; title search and other fees, $5,000;demolition of an old building on the property, $5,700; grading,$1,200; digging foundation for the road, $3,000; laying and pavingdriveway, $25,000; lighting $7,500; signs, $1,500. List the itemsand amounts that should be included in the Land account.

2) Mike Geary, the controller of Shellhammer Company, hasreviewed the expected useful lives and salvage values of selecteddepreciable assets at the beginning of 2017. Here are hisfindings:

Type of Asset	Date Acquired	Cost	Accumulated Depreciation, Jan. 1, 2017	Useful Life (in Years)			Salvage Value
Type of Asset	Date Acquired	Cost	Accumulated Depreciation, Jan. 1, 2017	Old		Proposed	Old	Proposed
Building	Jan. 1, 2009	$2,700,000	$516,000	40	50		$120,000	$84,000
Warehouse	Jan. 1, 2012	240,000	46,000	25	20		10,000	8,000

All assets are depreciated by the straight-line method.Shellhammer Company uses a calendar year in preparing annualfinancial statements. After discussion, management has agreed toaccept Mike's proposed changes. (The "Proposed" useful life istotal life, not remaining life.)

Instructions

(a) Compute the revised annualdepreciation on each asset in 2017. (Show computations.)

(b) Prepare the entry (or entries) torecord depreciation on the building in 2017.

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RLG205H5 Lecture : Course Outline

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