DEVRY ACCT 553 W EEK 2 H OMEWORK A SSIGNMENT Check this A+ tutorial guideline at assignment.

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DEVRY ACCT 553 W EEK 2 H OMEWORK A SSIGNMENT Check this A+ tutorial guideline at assignment For more classes visit ACCT 553 Week 2 Homework Assignment Chapter 4 Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) Which of the following items would beexcludedfrom income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts)

Chapter 5 Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, 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 2013 tax return? (4 pts) Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes ). (5 pts) Chapter 6 Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment? (5 pts)