DEVRY ACCT 553 Week 2 Homework Assignment
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 2 <strong>Homework</strong><br />
<strong>Assignment</strong><br />
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<strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 2 <strong>Homework</strong> <strong>Assignment</strong><br />
Chapter 4<br />
Your brother is short on cash and cannot pay his rent this month. You pay his rent for<br />
him. Is this taxable income to your brother? Do you get a deduction? (2 pts)<br />
Which of the following items would beexcludedfrom income? (a) $100 bill found<br />
under the sugar caddy at the restaurant (b) Inheritance of a car from your<br />
grandmother valued at $5,000. (c) Loan from your father-in-law to start your<br />
business, (d) Child Support received totaling $16,500. (4 pts)<br />
Chapter 5<br />
Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36,<br />
Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not
matured yet of $20. How much taxable interest income must they report on their<br />
2013 tax return? (4 pts)<br />
Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between<br />
classes ). (5 pts)<br />
Chapter 6<br />
Explain the limitations placed on the deductibility of Business Gifts? What code<br />
section dictates this treatment? (5 pts)
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