HS 321 Income Taxation case studies
HS 321 Income Taxation · Put your knowledge to work in context.
HS 321 Income Taxation is a course in the curriculum of The American College of Financial Services, a nonprofit institution that has offered financial-services education since 1927 and that today describes itself as "The Beacon for the Financial Services Profession." The College's catalog includes professional designations and certifications such as the CFP® Certification Education Program, the ChFC®, CLU®, RICP®, WMCP®, CAP®, ChSNC®, FSCP®, and TPCP® Tax Planning Certified Professional®, along with master's degrees, certificate programs, and securities licensing exam prep. HS 321 sits in that tax-focused portion of the curriculum: income taxation, the body of rules that determines how individuals and businesses measure, report, and pay tax on what they earn. The HS 321 Income Taxation case studies are 5 cases and about 2,655 words.
1Year-End Receipts and the Cash Method: What Counts in 2024?
Dana is a calendar-year, cash-basis graphic designer who operates as a sole proprietor. In late December 2024, several items cross her desk.
579 words, about 3 min2Home Sale After Rental Conversion: §121, Depreciation, and the Reduced Exclusion
Ana and Luis, married filing jointly, bought their home in June 2013 for 350,000. Ana used 18% of the square footage exclusively as a home office from 2014 until February 2021 and claimed 42,000 of depreciation.
551 words, about 3 min3Woodworking Losses: Business or Hobby Under §183?
Eduardo earns 78,000 as a high school teacher. Since 2021 he has run a custom woodworking activity from his garage, spending about 20 hours per week on evenings and weekends.
575 words, about 3 min4S Corporation Distributions and Reasonable Compensation
Marco is the sole shareholder and only consultant of an S corporation that provides IT security consulting. In 2024 the corporation collected 400,000 in fees and paid 90,000 of ordinary expenses other than Marco's compensation.
514 words, about 3 min5Like-Kind Exchange With Cash and Mortgage Boot
Tanya owns a duplex that she has rented 100% to tenants since 2015. Its fair market value is 900,000, its adjusted basis is 320,000, and it is subject to a 250,000 mortgage.
436 words, about 2 min