ACCT 323 - Federal Taxation I (Unit 1 -8) Book is attached

Unit 1

2. Critical Thinking Exercise Unit 1 : You have been given full authority to decide what type of individual tax to assess on a new nation. Your choices are a progressive income tax, a flat income tax, or have no income taxes and impose a sales tax. Describe pros and cons of each option and choose one of the 3 options for your nation. Explain why you chose the option you did. Use at least 350 of your own words in your answer and post on a word document

Unit 2

1. Textbook Assignment from Chapter 3 : From Chapter 3 - #2, #43, AND show the basic formula to arrive at taxable income for an individual taxpayer. Post this assignment with in an excel document.

Unit 3

1. Textbook Assignment from Chapter 4 and 5 : From Chapter 4 - #53 and From Chapter 5 - #22, #25, and Becker CPA review questions 1-6 on page 5-46.

2. Critical Thinking Exercise for Unit 3 : What gross income items do you think a professional basketball star would include and exclude in computing their personal taxable income? Comment on 4 includable items and 3 items that would be excluded. At least 300 words in a word document.

Unit 4

1. Textbook Assignment from Chapter 6 : From Chapter 6 - #3, #4. Post a word document with your solutions.

Unit 5

1. Textbook Assignment from Chapter 9 : From Chapter 9 - All Becker CPA Exam questions 1-8 starting on page 9-72.

2. Critical Thinking Exercise for Unit 5 : Assume you have $10,000 to put away in an IRA account. You can put the money in a Traditional or Roth account. What are the differences in tax treatment for your two options? What other factors do you need to consider to make your decision? What would you choose? 300 words posted in a word document.

Unit 6 :

1. Textbook Assignment from Chapter 10 : From Chapter 10 #39. Post your answer in an excel spreadsheet. Show your work.

2. Critical Thinking Exercise for Unit 6 : Do you think more individual taxpayers itemize or take the standard deduction? Why? Explain your thinking in 200 words or more, and post on a word document.

Unit 7

1. Textbook Assignment from Chapter 13: From Chapter 13 #18, #21, and all 6 Becker CPA exam questions on page 13-42.

2. Critical Thinking Exercise for Unit 7 : Let's say you paid $10,000 in tuition for 2021. How do you decide which credit to apply for (American Opp. or Lifetime Learning)? What are 3 differences between the two credits? At least 200 words, post in a word document.

1. Textbook Assignment from Chapter 14: From Chapter 14 - #35, #39

2. Critical Thinking Exercise for Unit 8: Assume you have stock worth $18,000 that you bought 10 years ago for $11,000. You want to donate to a qualified charity. You can either donate the stock or sell the stock first and donate $18,000 in cash. Which choice makes better tax sense and why? Explain your answer in at least 250 words on a word document.