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:
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:2-55 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.
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
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:
Week Three Discussion Question One:
Week Three Discussion Question Two:
Week Three Discussion Question Three:
Week Three Discussion Question Four:
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:
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.
as a dividend?
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
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:
Question two:
Question three:
Question 4:
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?
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?