ACCT-4040 Study Guide - Comprehensive Final Exam Guide - United States Dollar, Tax Basis, Sales Tax

• School: Clemson University
• Department: Accounting
• Course: ACCT-4040
• Professor: Lisa Birtwistle

Document Summary

Chapter 1: introduction to tax: taxes decide for businesses, organizational form, corporation, s-corporation, partnership, sole proprietorship, location of headquarters, how do businesses compensate employee, mix of debt vs equity. (cid:3028)(cid:3028)(cid:3029)(cid:3039) (cid:3041)(cid:3030)(cid:3042)(cid:3040) (cid:3042)(cid:3028)(cid:3039) (cid:3028) (cid:3028)(cid:3028)(cid:3029)(cid:3039) (cid:3041)(cid:3030)(cid:3042)(cid:3040) (cid:3042)(cid:3028)(cid:3039) (cid:3028) (cid:3042)(cid:3028)(cid:3039) (cid:3041)(cid:3030)(cid:3042)(cid:3040: bill and mercedes have ,000 of taxable income and additional ,000 of nontaxable income. 23. 88: chuck, a single taxpayer, earns ,000 in taxable income and ,000 in interest from an investment in city of heflin bonds. For agi deductions: subsidizing activities, directly related to business expenses related to generating income, must be profit-motivated, business activities high level of involvement/effort from taxpayer. Investment activities investment in property (can be for agi and from. Agi: business expenses must be directly related to an activity, ordinary and necessary for that activity, and must be a reasonable amount, claimed on a schedule c net income/loss is transferred to 1040 as for.