ACCT 429 Discussions


ACCT 429 DeVry All Week Discussions

ACCT 429 DeVry Week 1 Discussion 1

Does the Tax Code Need Fixing? (graded)

Here’s the perennial question: Should the current federal income tax system be reformed? In answering this question, consider and discuss a number of factors, such as (1) whether the current system is fair to all taxpayers; (2) whether the system is too complex; (3) whether the system is too expensive to administer; and (4) whether the current system is effective at raising revenue while not impacting business, personal, and financial decisions or operations adversely. These are the same general factors that courts and Congress tend to consider. What do you think and why?

ACCT 429 DeVry Week 1 Discussion 2

Progressive Taxation: Good or Evil? (graded)

We’ve all heard talk show hosts rail about this many times: It’s unfair that the rich pay more in taxes than the poor or the middle class. Is it? If not, why not? If so, why? In answering this question, apply some of the theories and concepts that you’ve encountered so far in the course, and don’t be shy about researching this question on the Internet!

ACCT 429 DeVry Week 2 Discussion 1

At-risk Rules and At-risk Limitations (graded)

Before the passage of the 1986 Act, Congress attempted to impose restrictions on the abuses associated with the at-risk provisions of 1976 as set out in Code Section 465. In summary, the at-risk rules disallowed losses in excess of the investment. Discuss the at-risk limitations website relating to individuals and closely held corporations.

ACCT 429 DeVry Week 2 Discussion 2

So You Want to Own and Rent Real Estate? (graded)

Admit it. You’ve watched that late-night infomercial describing how you can become a multimillionaire virtually overnight by leveraging your good looks and sparkling personality (and little else…) to invest in real estate. All joking aside, investing in real estate does present some opportunity for the creation of wealth, much like any other investment does. Taxation of rental real estate, however, does present some unique rules, and these rules can have a dramatic impact on the investor’s realized gain or loss from the real-estate rental activity. Let’s begin outlining the tax consequences by describing ACCT 429 DeVry All Week Discussions the various capacities in which an individual can own and rent real estate. Asked differently, are there distinctions in the tax law that depend on the manner in which the property is held or used, such as between those who rent real estate as a full-time business and those who merely rent read more a vacation home? What are the rules that we follow in telling one type of rental property or rental ownership from another?

ACCT 429 DeVry Week 3 Discussion 1

Basis: What Is It and Why Do We Care? (graded)

The notion of basis is crucially important in determining the tax consequences that result from virtually any property-based transactions, whether it is the sale of $100 of stock, or a $10,000,000,000 merger of two multinational corporations. It’s important, then, to answer one key question: What exactly is basis? How is it used in calculating the gain or loss that results from the sale of capital property? What is the rationale or justification for considering basis in calculating the amount of gain or loss?

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