ACC 330 Module Two Income Assignment Cases

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Southern New Hampshire University *

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Accounting

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Apr 3, 2024

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ACC 330 Module Two Income Assignment Template Select three cases from the Module Two Income Assignment List. Research all three cases using the Tax Research Guide. Document your specific findings briefly and specifically as shown in the example. Note: The Income Assignment List and the Tax Research Guide are located in the Supporting Materials section of the Module Two Income Assignment Guidelines and Rubric. Criteria Example Case #1 Case #2 Case #3 Case Selected Taxpayer D received royalties from authoring a textbook for a science course taught at the local community college. Caleb received a prize totaling $400 from the local civic center without any action on their part and without requirement to provide any services as a condition of receiving the prize. Retired Army veteran, Korey, received grant funding in the amount of $10,000 for education, training, and subsistence allowance and $3,000 for his home to be designed for wheelchair living. These funds were paid to Korey by the Department of Veteran Affairs (VA). Justin received $12,000 in alimony payments for a divorce agreement settled in 2021. Summary Taxation of Royalties Taxation of Prizes and Awards Taxation of Veteran Benefits Taxation of Alimony Payments Authoritative Primary Resource IRC Section 61(a)(6) - Gross income defined. https:// uscode.house.gov/ view.xhtml? req=granuleid:USC-prelim- title26- section61&num=0&edition =prelim IRC Section 74(a)(2)- Prices and Awards. 26 USC 74: Prizes and awards (house.gov) IRS Publication 525- Taxable and Non-taxable Income, Military, Veterans’ Benefits pg. 16 2023 Publication 525 (irs.gov) IRS Publication 525- Taxable and Non-Taxable Income, Alimony, Special Note. Pg. 32 2023 Publication 525 (irs.gov) Secondary Resource IRS Publication 525 – Taxable and Nontaxable IRS Publication 525 – Taxable and Nontaxable Income IRS Publication 970- Tax Benefits for Education, Topic no. 452, Alimony and separate maintenance- IRS

Criteria Example Case #1 Case #2 Case #3 Income p. 17 https://www.irs.gov/ pub/irs-pdf/p525.pdf p. 36 2023 Publication 525 (irs.gov) Chapter 1. Pg. 8, Veterans’ Benefits 2023 Publication 970 (irs.gov) (Tax treatment of alimony and separate maintenance) Topic no. 452, Alimony and separate maintenance | Internal Revenue Service (irs.gov) Supplemental Resource(s) What is Taxable and Nontaxable Income? IRS.gov. March 14, 2022. https://www.irs.gov/ businesses/small- businesses-self- employed/what-is- taxable-and-nontaxable- income#:~:text=Royalties %20from%20copyrights %2C%20patents%2C %20and,)%2C %20Supplemental %20Income%20and %20Loss . "Royalty Income: Everything You Need to Know” (2020) https:// www.upcounsel.com/ royalty-income About Form 1099-MISC, Miscellaneous Income 2021 Instructions for Forms 1099- MISC and 1099-NEC (irs.gov) Are Gifts, Prize Winnings and Non-Cash Bonuses Taxable? Are Gifts, Prize Winnings and Non-Cash Bonuses Taxable? | GOBankingRates Information for Veterans- IRS Information for Veterans | Internal Revenue Service (irs.gov) How Is Alimony Taxed in a Divorce? How Is Alimony Taxed in a Divorce? | Brotman Law (sambrotman.com) Opinion (Taxable or Nontaxable) Taxable Taxable Non-Taxable Non-Taxable

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