ACC 455 COMPLETE CLASS CORPORATE TAXATION
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ACC 455 COMPLETE CLASS CORPORATE TAXATION
ACC 455 Complete Class Corporate Taxation
ACC 455 Week 1 Individual Tax Return Position
Paper
Suppose you have a concern about taking a
particular position on a tax return.
Write a 700- to 1,050-word paper that discusses the following:
- What are the primary sources of tax law?
- What are the secondary sources of tax law?
- What is substantial authority?
- What is the role of the courts and the Internal Revenue
Service in interpreting and applying the sources of tax law?
Format your paper consistent with APA guidelines.
Discussion Questions
DQ 1 What business entities are available for a new business?
What are the tax and nontax advantages of each form? Select two business types
and provide an example of when that selection is most appropriate from a tax
perspective and from a nontax perspective.
DQ 2 Once a business has elected its tax status using
check-the-box regulations, what options are available if it needs to change its
tax status? What should a business consider before electing to change its tax
status?
DQ 3 Do the following decisions have the same precedential
value: (1) Tax Court regular decisions, (2) Tax Court memo decisions (3)
decisions under the small cases procedure of the Tax Court? Why?
ACC 455 Individual Week Two
Problem Set
Complete the problems found in Ch. 2 of Prentice
Hall’s Federal Taxation 2010: Corporations.
- C:2-3 Black LLC
- C:2-54 Bear Corporation
C:2-55 Wildcat Corporation
- C:2-56 Tax Strategy for Wildcat Corporation
Read the scenario and respond to the
questions.
Support your answers with calculations, as
needed.
Show your work.
Submit your completed assignment as a
Microsoft® Excel®, a Microsoft® Word,
or a PDF document.
ACC 455 Week 1 Learning Team Week Two
Discussion Question
- What are the requirements for the following deductions:
U.S. production activity deduction, dividend received deduction, and net
operating loss? Discuss any recent legislative changes.
Discussion Questions
DQ 1 What are the alternative tax years available to a
corporation? What factors should be considered in electing the tax year?
DQ 2 What is the legislative intent behind the corporate alternative
minimum tax (AMT)? Define tax reference items, AMT adjustment, and minimum tax
credit
ACC 455 Learning Team Week Three Problem
Set
Complete the problems found in Ch. 3 & 5
of Prentice Hall’s Federal Taxation 2010: Corporations with
your Learning Team.
- C:3-3 Discussion Question – Case Scenario on Tax Elections
(Ch. 3)
- C:5-8 Discussion Question – Identify Items as AMT
Adjustment or Preference (Ch. 5)
- C:3-37 Problem – Charitable Contributions of Property
(Ch. 3)
- C:3-64 Tax Form /Return Preparation Problem – Knoxville
Musical Sales Inc. Tax Return Preparation (Ch. 3)
Read the scenario and respond to the
questions.
Support your answers with calculations, as
needed.
Show your work.
Submit your completed assignment as a
Microsoft® Excel®, a Microsoft® Word, or a PDF
document.
Discussion Questions
DQ 1 How does a corporation compute earnings and profits
(E&P)? What income is deferred to a later year when computing taxable
income but is included in E&P in the current year? What deductions are
allowed for taxable income purposes but denied for E&P?
DQ 2 The corporation owns a building with a $160,000 adjusted
basis and $120,000 fair market value. The company has earnings and profits of
$200,000. Is it more advantageous for the company to sell the property and
distribute the sales proceeds to its shareholders or distribute the property to
its shareholders and let them sell the property? Why? If you were a
shareholder, what would be most advantageous to you?
DQ 3 What is a stock redemption? What are some reasons for
redeeming stock? Why are some redemption treated as sales and others as
dividends?
ACC 455 Individual Week Four Problem Set
Complete the problems found in Ch. 4 & 6
of Prentice Hall’s Federal Taxation 2010: Corporations.
- C:6-5 Discussion Question – Tax consequences of
distributions (Ch. 6)
- C:4-29 Problem – Current E&P Computation (Ch. 4)
- C:4-52 Problem – Comparison of Dividends and
Redemptions (Ch. 4)
Read the scenario and respond to the
questions.
Support your answers with calculations, as
needed.
Show your work.
Submit your completed assignment as a
Microsoft® Excel®, a Microsoft® Word, or a PDF document.
ACC 455 Learning Team Week
Four Discussion Question
- Sue and Bill plan to open an accounting firm and expect
to work full time in the firm. They expect to incur a small loss during
their first year of operation and expect to be profitable after the first
year. What are the tax law requirements for structuring the business as a
partnership or an S corporation? Which would you recommend and why?
Discussion Questions
DQ 1 Bob and Dave plan to start a business. Bob will contribute
land and Dave will contribute services. Would you recommend this business be
formed as a partnership or as an S corporation? Why?
DQ 2 What are separately stated items on a K-1? Why is it necessary
to separate these items from ordinary income?
ACC 455 Learning Team Week Five Problem
Set
Complete the problems found in Ch. 9, 10,
& 11 of Federal Taxation 2010: Corporations with your
Learning Team.
- C:9-32 Problem – Partnership Income and Basis
Adjustments (Ch. 9)
- C:11-37 Problem – Determination of Pass-Throughs and
Stock Basis Adjustments (Ch. 11)
- C:10-1 Discussion Question (Ch. 10)
- C:11-31 Problem – Termination of the Election (Ch.
11)
- C:11-56 Comprehensive Problem – Comparison of Entity
Formations (Ch. 11)
Read the scenario and respond to the
questions.
Support your answers with calculations, as
needed.
Show your work.
Submit your completed assignment as a
Microsoft® Excel®, a Microsoft® Word, or a PDF document.
Discussion Questions
DQ 1 What is an inadvertent termination of an S election? How
does an S corporation and its shareholders rectify an inadvertent termination?
What could happen if a company fails to rectify the termination?
DQ 2 A C corporation has incurred substantial losses and the
owners have decided to close the business. What considerations should the
owners make in this termination? Should they consider making an S election and
then later, terminating the S corporation? If you were their tax advisor, what
would you recommend?
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