Quiz 2 answers Essay Example for Free

Quiz 2 answers Essay CHAPTER 11 In the current year, Rich has a $40,000 loss from a business he owns. His at-risk amount at the end of the year, prior to considering the current year loss, is $24,000. He will be allowed to deduct the $40,000 loss this year if he is a material participant in the businessCorrect Answer: False Judy owns a 20% interest in a partnership in which her at-risk amount was $35,000 at the beginning of the year. The partnership borrowed $50,000 on a recourse note and made a $40,000 profit during the year. Her at-risk amount at the end of the year is $53,000 Correct Answer: True Kelly, who earns a yearly salary of $120,000, sold an activity with a suspended passive loss of $44,000. The activity was sold at a loss and Kelly has no other passive activities. The suspended loss is not deductibleCorrect Answer: False During the year, Bear Company incurs a $25,000 loss on a passive activity, has active income of $17,000, and portfolio income of $12,000. If Bear is a personal service corporation, it may deduct all of the $25,000 passive loss.Correct Answer: False Nathan owns Activity A, which produces income each year. He also owns Activity B, which produces passive losses each year. From a tax planning perspective, Nathan will be better off if Activity A is passive.Correct Answer: True Joe participates 95 hours in an activity, while an employee participates 5 hours. Joe has materially participated in the activity.Correct Answer: True Joyce owns an activity (not real estate) in which she participates for 100 hours a year; her husband participates for 450 hours. Joyce qualifies as a material participant. Correct Answer: True In the current year, Abby has AGI of $95,000 and a $40,000 loss from a real estate rental activity in which she is a 15% owner. If she is an active participant, she can deduct $25,000 of the loss Correct Answer: True CHAPTER 13 Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property’s adjusted basis at the date of disposition. Correct Answer: True If the buyer assumes the seller’s liability on the property acquired, the seller’s amount realized is decreased by the amount of the liability assumed. Correct Answer: False Expenditures made for ordinary repairs and maintenance of property are not added to the original basis in the determination of the property’s adjusted basis whereas capital expenditures are added to the original basis. Correct Answer: True A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss on the sale or exchange of a personal use asset is not recognized. Correct answer true When a taxpayer has purchased several lots of stock on different dates at different purchase prices and cannot identify the lot of stock that is being sold, he may choose which lot of stock is deemed to be sold. Correct Answer: False Property received as a gift can be sold by a donee and result in neither recognized gain nor loss. Correct Answer: True The basis for depreciation on gift property that is depreciable by the donee, is the donor’s adjusted basis of the property at the date of the gift. Correct Answer: True Property that has been converted from personal use to business use will be dual basis property (a different basis for determining gain vs. loss) if the adjusted basis exceeds the fair market value at the date of conversion. Correct Answer: True A class of depreciable tangible personal property can be exchanged for another class of depreciable tangible personal property and qualify as like-kind propertyCorrect Answer: False CHAPTER 14 A university professor writes a mystery novel and publishes it at his own expense. Several years later, a national publishing company buys the copyright to the book for $345,000. The professor has no tax basis for the copyright. The professor has a long-term capital gain of $345,000. Correct Answer: False Real property subdivided for resale into lots, even if no substantial physical improvements have been made to the property, always causes the gain from sale of the lots to be treated as ordinary income. Correct Answer: False Original issue discount is amortized over the life of the bond. Correct Answer: True As a general rule, the sale or exchange of an option to buy or sell property results in capital gain or loss if the property subject to the option is a capital asset in the hands of the option holder. Correct True The only things that the grantee of an option may do with the option are exercise it or let it expire. Correct Answer: False To compute the holding period, start counting on the day the property was acquired and include the day of sale or exchange.Correct Answer: False A  §1231 asset is usually also a capital asset. Correct Answer: False Section 1231 property includes certain purchased intangible assets (such as patents and goodwill) that are eligible for amortization and held for more than one year. Correct Answer: True Nonrecaptured  § 1231 losses from the seven prior tax years may cause current year net  § 1231 gain to be treated as ordinary income.Correct Answer: False The Code contains two major depreciation recapture provisions— §Ã‚ § 1245 and 1250. Correct: True For  § 1245 recapture to apply, accelerated depreciation must have been taken on the property = False Section 1231 lookback losses may convert some or all of potential unrecaptured  § 1245 or  § 1250 gain into ordinary income. Correct Answer: True

Lessons Learned from A Very Old Man With Enormous Wings Essay -- Enorm

Lessons Learned from A Very Old Man With Enormous Wings      Ã‚   "A Very Old Man With Enormous Wings" is a short fiction story written by Gabriel Garcia Marquez in 1955. Magical realism plays a major part in this story by the use of fantasy of an old man being portrayed as an angel who has come to create miracles to a family along with many other believers. Some will believe, others will just shoo this so called "angel" away in a painful and heart-breaking way. I enjoyed this story very much. I was able to get very interested. Marquez starts it out with "On the third day of rain." That line right there is magical because angels are of God, and on the third day God's son rose from the grave. It was the third day that Pelayo came upon this very old man who had appeared to be an angel. It was awful how Pelayo had thrown this angel into the pen with the hens. Only after Pelayo and his wife Elisenda were blessed with their child not being sick anymore did he realize that he had done this angel wrong. Pelayo set the angel free so he could go at his will. What was strange was that the angel was there at the light of dawn, right where they had put him when they had first discovered him. At this point, I am thinking this is really a spiritual story. People just have to magically realize what is happening. I see a magical element in this angel. In our everyday life, we see angels as beautiful, clean, and miraculous in certain ways. This angel was inf ested with parasites, it's wings were very dirty, and the miracles performed were weird. The purpose was to get people like me interested in seeing the angel from two different point of views. How people were treating this angel was awful. They would throw things at him and treat him like ... ...as come to create miracles in a family a long with many other believers. This story definitely taught me never to lie to my parents again. I sure never would want to be turned into a spider. I thought that lessons were to be learned. From my point of view, I thought that this story also could possibly have been about the death and resurrection of Christ. I do recommend, if someone who appears to be an angel ever comes knocking at the door, the person should not throw him in with the chickens. Works Cited Faris, Wendy B. "Magical Realism : Post Expressionism. "Magical Realism: Theory, History, Community." Ed. Lois Parkinson Zamora and Wendy B. Faris. Durham; N.C.: Duke UP, 1995: 163-190. Garcia Marquez, Gabriel. "A Very Old Man With Enormous Wings." The Norton Introduction to Literature , Ed. Jerome Beaty. N.Y.: W.W. Norton & Company, 1996. 487-492.   

A Dining Experience

Yesterday I had the privilege of eating at a great Melbourne restaurant – Maha. The food was exceptional but what I came away from the meal with was†¦. well it was an ‘experience’ and not just a ‘meal’. A number of things went into the 3 hours that we dined at Maha that stood out and left me pondering what I could learn from the success of this restaurant and apply to my own business. Walking into Maha there was an immediate transformation that occurred that drew us into the experience. Situated on a small and fairly ugly street filled with the back ends of buildings and car parks (I have to say I wasn’t expecting much of a place in this part of the city) – Maha’s fit out immediately created an impression that lasted for the rest of the afternoon (and beyond). It was anything but like the street outside and was a luxurious yet tasteful version of a middle eastern dining room. Dark, cosy and inviting – in stark contrast to the bright, stark, surrounds of concrete outside. Lessons: first impressions matter a lot and can create a lasting impression that sets up the experience someone has of what you’re doing. Unexpected contrast is also something that will grab people’s attention and make them take notice of what you’re doing. Lesson #2: Simplified Dining Sometimes dining in places like Maha can be an overwhelming experience for a guy like me. I’m no gourmet and being confronted with a menu filled with dishes that need translation and being overwhelmed with a wine list with so many options that I have no idea where to start isn’t my idea of a great way to start a meal. Instead at Maha we were warmly greeted, seated and giving a very simple drinks menu (with an invitation for a more extensive one if we required it). The menu for the day was a banquet (chefs choice – although we could have some input if we had special needs) which I also appreciated. Conversation was not interrupted with choices of food and drinks and the overwhelming nature of those menus and wine lists were eliminated. Lessons: choice is great but sometimes it can be overwhelming and simplicity can be appreciated. Lesson #3: Engaging the Senses Throughout the meal it was not just our taste buds that were stimulated. In the corner a three piece band played middle eastern music, outside was a court yard where people smoked shi sha pipes (creating sweet smell that drifted into the room) and at the end of the meal we were offered to have our hands rinsed in a little lemon cologne which engaged both our senses of smell but also touch. The cologne also made a lasting impression – even as I fell asleep last night it lingered on and I was once again reminded of the experience of Maha. Lesson: engage the senses and you transform something that can be quite one dimensional into something experiential. Lesson #4: Unexpected Gifts When it came time for the bill to be brought to the table the waitress also delivered three small white boxes (one for each couple) with some small pastries in them. They were a little take home gift to extend our visit. These gifts served a several purposes including: something we didn’t ‘pay for’ – it is amazing what impression getting something for free makes (or course we DID pay for the gift as the pastries would not have cost much and our bill more than covered it). This perceived extra value and a gift will of course create a lasting impression, increase the chances of us returning and telling our friends about the experience. extending the experience – today as I ate a pastry (24 hours after dining at Maha) I’m still thinking about the meal. Lesson: gifts (big and small) and extra value create an impression! Lesson 5: Focus Upon the Positive As we were about to leave our waitress stopped by the table. Instead of asking if everything was ok (often the way wait staff word this question) our waitress asked us what our favourite part of the meal was. Couching the question by asking us for the best part of the meal was a pretty smart move as it shifted our minds away from parts we might not have enjoyed (not that there were any for me) and onto the best parts of the meal just as we were about to leave. We left pondering the good rather than what could have been better. This also served as a great way for the staff to gather feedback on what was working – something that no doubt helps them to continue to improve what they do. I also wonder whether asking this question set up some cues in our minds that might be repeated later as we discussed the meal with others. We’d already each said something good about the meal within seconds of completing it – perhaps that’d be what we’d say next time we spoke about the meal. Lesson 6: Choreography/Process As we drove home from Maha V and I both commented on how those behind the restaurant must have put some real thought into the experience that they offered those who dined with them. Having eaten in another of the restaurants owned by one of the owners we saw some patterns in some of what we’ve mentioned above. Our experience didn’t just happen. Everything from the ways in which we were greeted, through to the small touches like the lemon cologne and complimentary pastries were intentional and planned steps in a choreography of a typical visit to Maha. I’m certain that the process evolved over time but the experience was not left to chance – there was a clearly thought through process in place which ensured the best chances of a great experience for diners and a profitable business. Best of all, the ‘choreography’ wasn’t obvious or intrusive in any way, it just naturally unfolded. Lesson: great experiences don’t always just happen. A little thought can go a long way to helping people move through an experience in a positive way. Which of these principles could you take and apply in your blog or online business?

Forever Strong Essay

We all can understand that there is no â€Å"I† in â€Å"team† but how many of us can honestly say we know the significance and appreciation of a team. Forever Strong is a sports drama inspired by actual events. We are introduced to a troubled rugby player, Rick, who injuries himself and his girlfriend driving drunk and finds himself in a juvenile detention center, not knowing this journey will forever change his life. Rick is given the choice to decide between jail and playing rugby for his hometown’s ultimate rival, Highland, which also means playing against his dad, his hometown’s coach. With every scene we are able to see Rick’s struggle with understanding the value of teamwork and the desire to become a better person. It’s not uncommon for someone to neglect the obvious opportunity that is ahead of them, but many never will get over their own ego to do what is best for them. Rick’s first day of practice at Highland he is given a taste of what it means to be a part of a team but he doesn’t quite like the idea of playing for a team who he has competed against and loathed. He tries his hardest to be the star while his teammates try their hardest to put him in his place. At the end of the day his new coach makes the team promise they will keep their bodies clean, eat right, and stay away from drugs and alcohol while Rick makes a complete joke out of it. You begin to see the relevance of this scene throughout the movie while Rick slowly begins to understand the significance of teamwork and what it means to the rest of his teammates. The thoughts that one has going through their head as they encounter something surreal are not only sincere but indescribable. After a phenomenal victory not only for Highland but for Rick, personally, as he allows himself to open his eyes to being a part of a team, the team pulls over to help a family with car troubles and a terrible incident occurs leaving a teammate dead. All Rick can do is â€Å"run it out,† as he handles the impact of the news. Rick decides to stop the drugs and alcohol in order to be a better man and live in honor of his former teammate. Rick later on in the movie has pride in him and confessed, â€Å"I don’t do ANYTHING to embarrass myself, my team, and my family. Rick is given a positive evaluation from his guidance counselor to go home just in time to play against Highland for the championship game. He is quickly pressured into revealing â€Å"Highland’s secrets,† refusing, causing his friends to set him up with drugs and alcohol and getting caught by the cops. He tries over and over to plead his case that he has changed to his peers and family, resulting in a failure, until a former friend tells the truth about what really happened. Rick ultimately wonders where his loyalty lies. We all come to what seems like a fork in the road; we have no idea why life is tugging on us so hard but we eventually figured out what we have to do in order to protect yourself and your morals. Rick was shown the value of teamwork and selflessness while he was at Highland; although, he knew his teammates needed him for the game and he decided to go play for Highland where he was welcomed with open arms by his teammates to fulfill their common goal – win the championship game and come together as a whole. Forever Strong is much more than a movie about rugby, it’s about how one man struggles to become something much bigger than himself.

Free Essays on Integrity

The Man of Integrity There are times in the life of every man who takes his stand on high moral principles when his faith in, and knowledge of, those principles is tested to the uttermost, and the way in which he comes out of the fiery trial decides as to whether he has sufficient strength to live as a man of Truth, and join the company of the free, or shall still remain a slave and a hireling to the cruel taskmaster, Self. Such times of trial generally assume the form of a temptation to do a wrong thing and continue in comfort and prosperity, or to stand by what is right and accept poverty and failure; and so powerful is the trial that, to the tempted one, it plainly appears on the face of things as though, if he chooses the wrong, his material success will be assured for the remainder of his life, but if he does what is right, he will be ruined for ever. Frequently the man at once quails and gives way before this appalling prospect which the Path of Righteousness seems to hold out for him, but should he prove sufficiently strong to withstand this onslaught of temptation, then the inward seducer the spirit of self, assumes the grab of an Angel of Light, and whispers, "Think of your wife and children; think of those who are dependent upon you; will you bring them down to disgrace and starvation?" Strong indeed and pure must be the man who can come triumphant out of such a trial, but he who does so, enters at once a higher realm of life, where his spiritual eyes are opened to see beautiful things; and then poverty and ruin which seemed inevitable do not come, but a more abiding success comes, and a peaceful heart and a quiet conscience. But he who fails does not obtain the promised prosperity, and his heart is restless and his conscience troubled. The right-doer cannot ultimately fail, the wrong-doer cannot ultimately succeed, for "Such is the Law which moves to Righteousness Which none at last can turn aside or stay," and it... Free Essays on Integrity Free Essays on Integrity The Man of Integrity There are times in the life of every man who takes his stand on high moral principles when his faith in, and knowledge of, those principles is tested to the uttermost, and the way in which he comes out of the fiery trial decides as to whether he has sufficient strength to live as a man of Truth, and join the company of the free, or shall still remain a slave and a hireling to the cruel taskmaster, Self. Such times of trial generally assume the form of a temptation to do a wrong thing and continue in comfort and prosperity, or to stand by what is right and accept poverty and failure; and so powerful is the trial that, to the tempted one, it plainly appears on the face of things as though, if he chooses the wrong, his material success will be assured for the remainder of his life, but if he does what is right, he will be ruined for ever. Frequently the man at once quails and gives way before this appalling prospect which the Path of Righteousness seems to hold out for him, but should he prove sufficiently strong to withstand this onslaught of temptation, then the inward seducer the spirit of self, assumes the grab of an Angel of Light, and whispers, "Think of your wife and children; think of those who are dependent upon you; will you bring them down to disgrace and starvation?" Strong indeed and pure must be the man who can come triumphant out of such a trial, but he who does so, enters at once a higher realm of life, where his spiritual eyes are opened to see beautiful things; and then poverty and ruin which seemed inevitable do not come, but a more abiding success comes, and a peaceful heart and a quiet conscience. But he who fails does not obtain the promised prosperity, and his heart is restless and his conscience troubled. The right-doer cannot ultimately fail, the wrong-doer cannot ultimately succeed, for "Such is the Law which moves to Righteousness Which none at last can turn aside or stay," and it...

Identifying Reading Skills Lesson Plan

Identifying Reading Skills Lesson Plan Teaching reading can be an arduous task as it is often difficult to know how to improve student skills. One of the most obvious, but I have found often unnoticed, points about reading is that there are different types of reading skills. Skimming - reading rapidly for the main pointsScanning - reading rapidly to find a specific piece of informationExtensive - reading a longer text, often for pleasure with emphasis on overall meaningIntensive reading - reading a short text for detailed information These different types of skills are used quite naturally when reading in a mother tongue. Unfortunately, when learning a second or foreign language, people tend to employ only intensive style reading skills. I have often noticed that students insist on understanding every word and find it difficult to take my advice of reading for the general idea, or only looking for required information. Students studying a foreign language often feel that if they dont understand each and every word they are somehow not completing the exercise. In order to make students aware of these different types of reading styles, I find it useful to provide an awareness-raising lesson to help them identify reading skills they already apply when reading in their native tongues. Thus, when approaching an English text, students first identify what type of reading skill needs to be applied to the specific text at hand. In this way, valuable skills, which students already possess, are easily transferred to their English reading. Aim Awareness raising about different reading styles Activity Discussion and identification of reading styles with follow-up identification activity Level Intermediate - upper intermediate Outline Ask students about what types of reading they do in their own mother tongue(s).Write different categories of written material on board. i.e. magazines, novels, train schedules, newspapers, advertising, etc.Have students describe how they go about reading each kind of material. You may want to prompt them by asking the following questions:Do you read every word in the tv schedule?Do you understand every word you read when reading a novel?What kind of clues can the presentation of the material give?How much time do you spend reading the newspaper? Do you read every single word?What kind of assumptions do you make when you read the first few lines or a headline? (i.e. Once upon a time....)How much time do you spend reading the various types of materials?Based on students answers to such questions, ask them to identify the type of skills they are using in the various reading situations.Divide students into small groups and give them the skills summary and short worksheet.Have students di scuss their opinions about the various skills required for the listed materials. Present various real world materials (i.e. magazines, books, scientific materials, computer manuals etc.) and ask students to identify the necessary skills required. Reading Styles Skimming - Reading rapidly for the main points   Scanning - Reading rapidly through a text to find specific information required Extensive - Reading longer texts, often for pleasure and for an overall understanding Intensive - Reading shorter texts for detailed information with an emphasis on precise understanding Identify the reading skills required in the following reading situations: Note: There is often not a single correct answer, several choices may be possible according to your reading purpose. If you find that there are different possibilities, state the situation in which you would use the various skills. The TV guide for Friday eveningAn English grammar bookAn article in National Geographic magazine about the Roman EmpireA good friends homepage on the InternetThe opinion page in your local newspaperThe weather report in your local newspaperA novelA poemA bus timetableA fax at the officeAn advertising email - so-called spamAn email or letter from your best friendA recipeA short story by your favourite author

Small Group Project Essay Example | Topics and Well Written Essays - 1000 words

Small Group Project - Essay Example The Ethics Review Committee under the chairmanship of the Compliance Officer is responsible for setting these ethical standards. After review of existing codes of conduct and related laws and regulations, the following codes of conduct applies to all management and employees of ECG, and are accountable for complying with this code of conduct: Adherence to applicable laws and regulations All employees in all ranks of the company must adhere to the legal requirements of the American government and countries that ECG conducts business. They must also adhere to the regulations of local authorities and commands that affect the company or its line of business. The laws and regulations that affect ECG are many; therefore, the company will provide guidelines on certain laws. The Compliance Officer will be available to answer any questions pertaining all laws that can affect the firm or its operations (Bacher, 2007). Conflict of interest This results when personal interests of employees and d irectors clash in any way with the interests of the firm. Despite having the right to engage in personal investments, enjoy private relationships and maintain normal business courteousness, employees, and management of ECG must not engage in activities or interests that may hinder their job responsibilities. Conflict of interest may also result when a member of staff pursues interests and actions that may negatively influence their performance. According to Hansen (2010), conflict of interest may also result when an employee, director or family members receive inappropriate gifts or benefits due to their relationship with the firm, whether the gain is from the firm or a client. Examples of conflict of interest are credit, guarantees for credit to employees and members of their families. Federal laws criminalize loans to executives and top management (Hansen, 2010). Working concurrently for a competitor, supplier or client amounts to a conflict of interest. Despite the fact that it i s not always easy to determine a conflict of interest, it is the firm’s policy to forbid such conflicts whenever feasible. Conflicts of interests may not be obvious in all circumstances; therefore, employees are advised to consult with the compliance officer whenever questions arise. Privacy All members of staff of all ranks at ECG must ensure the discretion of information entrusted to them by the firm, its clients, or suppliers except when admission is demanded by the firm, or required by laws and regulations or a court order. Classified information includes, but not confined to non-public information that may be utilized by opponents or injurious to the firm or its clients when revealed. Whenever possible, all members of staff must seek the guidance of the Compliance Officer if they believe that they have a lawful responsibility to divulge private information. Fair dealing Every member of staff in the company must strive to transact in a fair manner with the firm’s c lients, colleagues, and business competitors. No one should take undue advantage of the other through manipulation, misuse of privileged information, suppression, falsification of true facts and blackmail among other acts of unfair practice. Abusing trade secret information that was retrieved without owner’