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ACC 455 Tutorials ACC 455 Entire Course ACC 455 Week 1 DQ 1 • ACC 455 Week 1 Individual assignment Tax Return Position Paper • ACC 455 Week 1 DQ 1 • ACC 455 Week 1 DQ 2 • ACC 455 Week 1 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 Tutorials ACC 455 Week 1 DQ 2 ACC 455 Week 1 DQ 3 • What constitutes substantial authority for a position taken on a tax return? What options do you have if substantial authority is lacking? • What business entities are available for a new business? What are the tax and nontax advantages of each form?
ACC 455 Tutorials ACC 455 Week 1 Individual assignment Tax Return Position Paper ACC 455 Week 2 DQ 1 • · 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? • What are the alternative tax years available to a corporation? What factors should be considered in electing the tax year?
ACC 455 Tutorials ACC 455 Week 2 DQ 2 ACC 455 Week 2 DQ 3 • 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? • 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.
ACC 455 Tutorials ACC 455 Week 2 DQ 4 ACC 455 Week 2 Individual Assignment Problem Set • What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit. • Complete the problems found in Ch. 2 of Prentice Hall’s Federal Taxation 2010: Corporations. • · C:2-6 • · C:2-40 • · C:2-45
ACC 455 Tutorials ACC 455 Week 2 Team Assignment Outline for Week 3 ACC 455 Week 3 DQ 1 • Please Provide a brief outline of how the team will be setting up the team problem in week 3. Please indicate who will be responsible for each section and a timeline to complete. • 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?
ACC 455 Tutorials ACC 455 Week 3 DQ 2 ACC 455 Week 3 DQ 3 • Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction? • 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 Tutorials ACC 455 Week 3 Team Assignment Problem Set ACC 455 Week 4 DQ 1 • Complete the problems found in Ch. 3 & 5 of Prentice Hall’s Federal Taxation 2010: Corporations with your Learning Team. • · C:3-8 Discussion Question • · C:5-10 Discussion Question • · C:3-35 Problem • · C:3-38 Problem • 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?
ACC 455 Tutorials ACC 455 Week 4 DQ 2 ACC 455 Week 4 DQ 3 • 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? • What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income?
ACC 455 Tutorials ACC 455 Week 4 DQ 4 ACC 455 Week 4 Individual Assignment Problem Set • What is the difference between a distribution and a distributive share? How do these affect the owner’s K-1 and individual taxes? • Complete the problems found in Ch. 4 & 6 of Prentice Hall’s Federal Taxation 2010: Corporations. • · C:6-8 Discussion Question • · C:4-34 Problem • · C:4-36 Problem
ACC 455 Tutorials ACC 455 Week 4 Team Assignment Outline for Week 5 ACC 455 Week 5 DQ 1 • Please Provide a brief outline of how the team will be setting up the team problem in week 5. Please indicate who will be responsible for each section and a timeline to complete. • What is a liquidating distribution? What is a non liquidating distribution? Provide an example of each.
ACC 455 Tutorials ACC 455 Week 5 DQ 2 ACC 455 Week 5 DQ 3 • 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? • 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?
ACC 455 Tutorials ACC 455 Week 5 DQ 4 ACC 455 Week 5 Team Assignment Problem Set • 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? • Complete the problems found in Ch. 9, 10, & 11 of Federal Taxation 2010: Corporations with your Learning Team. • · C:9-35 Problem • · C:11-45 Problem • · C:10-4 Discussion Question (Ch. 10)
