1. LO.1 According to the Supreme Court, would it be good tax policy to use income as computed by financial accounting principles as the correct measure of income for Federal income tax purposes? Explain.
2. LO.1 Compare and contrast the economist’s concept used to recognize income with the concept employed in measuring taxable income.
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3. LO.1 Allen visits Reno, Nevada, once a year to gamble. This year his gambling loss was $25,000. He commented to you, “At least I didn’t have to pay for my airfare and hotel room. The casino paid that because I am such a good customer. That was worth at least $3,000.” What are the relevant tax issues for Allen?
4. LO.1 Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from prospective employers, he painted his house. If Ben had paid someone else to paint his house, the cost would have been $3,000. The cost of the paint Ben used was $800. What is Ben’s gross income for tax purposes from the above events?
5. LO.1 Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1990 Ford Taurus for $400. If he can sell all of the usable parts, his total proceeds from the Taurus will be over $2,500. As of the end of the year, he has sold only the radio for $75 and he does not know how many, if any, of the remaining parts will ever be sold. What are Howard’s income recognition issues?
6. LO.2, 3 On December 29, 2013, an employee received a $5,000 check from her employer’s client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2013. The employer deposited the check on December 31, 2013, but the bank did not credit the employer’s bank account until January 2, 2014. When is the cash basis employer required to include the $5,000 in gross income?
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