ACC 455 Entire Course Corporate Taxation
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ACC 455 Entire Course 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 Week 2 Individual Assignment 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 2 Discussion Questions
The
answers need to be 200-300 words and can have a citation, using APA
6th edition. The text is Prentice Hall’s Federal Taxation 2010: Corporations,
Ch. 3 and Ch. 5.
Week Two Starter Question 1:
o
What are the alternative tax years available to a corporation? What factors
should be considered in electing the tax year?
Week Two Starter Question 2:
o
What methods of accounting are available to a small business and to a large
business? If the business decides to make an accounting methods change, how is
this accomplished?
Week Two Starter Question 3:
o
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.
Week Two Starter Question 4:
o
What is the legislative intent behind the corporate alternative minimum tax
(AMT)? Define tax preference items, AMT adjustment, and minimum tax credit.
ACC 455 Learning Team Week 3 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.
ACC 455 Week 3 Discussion Questions
Here is
the instructors instructions for the discussion questions
·
·
Initial answers to each Discussion Starter Question will be at
least 200-300 words.
Outside research may be necessary and please include references and citations
using APA 6th edition standards. I do not count repeating the question or your
signature block toward the 200-300
minimum word count for DSQ initial answers. Discussion Starter
Questions (DSQs) initial responses do count toward participation, and are not
mandatory. However, your responses to these DSQs will help to start our more
informal class discussions. As you reply to others’ initial DSQ responses by
asking questions, adding ideas, making connections to the readings, etc., you
will be creating the substantive messages that will also count toward your
participation grade. Note: The participation requirement for University of
Phoenix, Online Campus students is that you must post eight substantive
messages over at least 3 days each week.
Meaning
of Substantive For this class, substantive means that your message has
substance and helps to further the discussion of course content. Substantive
messages will often include contributions of additional ideas and sources,
insights or questions about classmates’ comments, connections to the course
readings, ways of applying the lessons from the course, etc. As a rule of
thumb, your substantive comments should be at least several sentences in
length. Short comments, such as “Good idea” or “I agree,” do not constitute
substantive posts on their own. Neither do comments that are unrelated to the
topics at hand (for example, “I saw that movie, too!”) If you say you agree
about something, please explain why you agree, and add an additional insight or
question. Tips for Creating Substantive Participation:
·
Explain why you agree or disagree, and add some examples to
support your belief.
·
Relate your personal or work experiences to the topic at hand.
·
Ask additional questions of your classmates.
·
Make connections between the topics at hand and the readings in
the text. • Add ways you can apply the lessons from the class in your work and
educational life.
Week Three Discussion Question One:
·
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?
Week Three Discussion Question Two:
·
Distinguish between current and accumulated earnings and
profits. Why is it important to make this distinction?
Week Three Discussion Question Three:
·
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?
Week Three Discussion Question Four:
·
What is a stock redemption? What are some reasons for redeeming
stock? Why are some redemptions treated as sales and others as dividends?
ACC 455 Week 4 Problem Set
C:6-5 Compare the tax
consequences to the shareholder and the distributing corporation of the
following three kinds of corporate distributions: ordinary dividends, stock
redemptions, and complete liquidations.
Current E&P Computation.Water
Corporation reports $500,000 of taxable income for the current year.
The
following additional information is available:
·
For the current year, Water reports an $80,000 long-term capital
loss and no capital gains.
·
Taxable income includes $80,000 of dividends from a 10%-owned
domestic corporation.
·
Water paid fines and penalties of $6,000 that were not deducted
in computing taxable income
·
In computing this year’s taxable income, Water deducted a
$20,000 NOL carryover from a prior tax year.
·
Water claimed a $10,000 U.S. production activities deduction.
·
Taxable income includes a deduction for $40,000 of depreciation
that exceeds the depreciation allowed for E&P purposes.
Assume
a 34% corporate tax rate. What is Water’s current E&P for this year?
Comparison of Dividends
and Redemptions.Bailey is one of four equal unrelated shareholders of Checker
Corp.
Bailey
has held Checker stock for four years and has abasis in her stock of $40,000.
Checker has $280,000 of current
and
accumulated E&Pand distributes $100,000 to Bailey.
1. What
are the tax consequences to Checker and to Bailey if Bailey is an individual
andthe distribution is treated
as a
dividend?
1. In Part
a, what would be the tax consequences if Bailey were a corporation?
2. What
are the tax consequences to Checker and to Bailey (an individual) if Bailey
surrendersall her stock in a redemption qualifying for sale treatment?
3. In Part
c, what would be the tax consequences if Bailey were a corporation?
4. Which
treatment would Bailey prefer if Bailey were an individual? Which
treatmentwould Bailey Corporation prefer?
ACC 455 Week 4 Discussion Questions
Week Four Discussion Questions
Question one: – chapter 9
o
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?
Question two: – chapter 9
o
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?
Question three: – chapter 11
o
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?
Question four: – chapter 11
What is
the difference between a distribution and a distributive share? How do these
affect the owner’s K-1 and individual taxes?
ACC 455 Week 5 Problem
Week 5 problems for me to do.
C:9-32 Partnership Income and Basis
Adjustments. Mark and Pamela are equal partners in MP
Partnership.
The partnership, Mark, and Pamela are calendar year taxpayers. The partnership
incurred
the following items in the current year:
Sales
$450,000
Cost of
goods sold 210,000
Dividends
on corporate investments 15,000
Tax-exempt
interest income 4,000
Section
1245 gain (recapture) on equipment sale 33,000
Section
1231 gain on equipment sale 18,000
Long-term
capital gain on stock sale 12,000
Long-term
capital loss on stock sale 10,000
Short-term
capital loss on stock sale 9,000
Depreciation
(no Sec. 179 or bonus depreciation components) 27,000
Guaranteed
payment to Pamela 30,000
Meals
and entertainment expenses 11,600
Interest
expense on loans allocable to:
Business
debt 42,000
Stock
investments 9,200
Tax-exempt
bonds 2,800
Principal
payment on business loan 14,000
Charitable
contributions 5,000
Distributions
to partners ($40,000 each) 80,000
1. Compute
the partnership’s ordinary income and separately stated items.
2. Show
Mark’s and Pamela’s shares of the items in Part a.
3. Compute
Mark’s and Pamela’s ending basis in their partnership interests assuming
their
beginning balances are $150,000 each.
C:10-1 Javier is retiring from
the JKL Partnership. In
January
of the current year, he has a $100,000
basis
in his partnership interest when he receives a
$10,000
cash distribution. The partnership plans
to
distribute $10,000 each month this year, and
Javier
will cease to be a partner after the December
payment.
Is the January payment to Javier a current
distribution
or a liquidating distribution?
ACC 455 Week 5 Discussion Questions
Week 5
Discussion Questions
Question one:
·
What is a liquidating distribution? What is a nonliquidating
distribution? Provide an example of each.
Question two:
·
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?
Question three:
·
What events will cause an S election to terminate? What would
you recommend S corporations do to plan for an orderly termination of an S
election?
Question 4:
·
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?
ACC 455 Week 5 Mini Questions
Week 5 mini-questions
Javier
is retiring from the JKL Partnership. In January of the current year, he has a
$100,000 basis in his partnership interest when he receives a$10,000 cash
distribution. The partnership plans to distribute $10,000 each month this year,
and Javier will cease to be a partner after the December payment. Is the
January payment to Javier a current distribution or a liquidating distribution?
·
Lia has a $40,000 basis in her partnership interest just before
receiving a parcel of land as a non-liquidating (current) distribution. The
partnership purchased the land, and Lia has no pre-contribution gain. Under what
conditions will Lia’s basis in the land be $40,000? Under what conditions will
Lia’s basis in the land be a carryover basis from the partnership’s basis in
the land?
Interest
before receiving a non-liquidating (current) distribution of property having a
$4,500 basis and a $6,000 FMV from the CDE Partnership. Cindy has a choice of
receiving either inventory or a capital asset. She will hold the distributed
property as an investment for no more than two years before she sells it. What
tax difference (if any) will occur because of Cindy’s selection of one property
or the other to be distributed by the partnership?
Mariel
has a $60,000 basis in her partnership interest just before receiving a parcel
of land as a liquidating distribution. She has no remaining pre-contribution
gain and will receive no other distributions. Under what conditions will
Mariel’s basis in the land be $60,000?
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