ACC 455 Entire Course
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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 ACC 455 Week 2 Individual Assignment Problem Set ACC 455 Week 2 Team Assignment Outline for Week 3 ACC 455 Week 2 DQ 1 ACC 455 Week 2 DQ 2 ACC 455 Week 2 DQ 3 ACC 455 Week 2 DQ 4 ACC 455 Week 3 Team Assignment Problem Set ACC 455 Week 3 DQ 1 ACC 455 Week 3 DQ 2 ACC 455 Week 3 DQ 3 ACC 455 Week 4 Team Assignment Outline for Week 5 ACC 455 Week 4 Individual Assignment Problem Set ACC 455 Week 4 DQ 1 ACC 455 Week 4 DQ 2
ACC 455 Week 4 DQ 3 ACC 455 Week 4 DQ 4 ACC 455 Week 5 Team Assignment Problem Set ACC 455 Week 5 DQ 1 ACC 455 Week 5 DQ 2 ACC 455 Week 5 DQ 3 ACC 455 Week 5 DQ 4 ----------------------------------------------ACC 455 Week 1 DQ 1
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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? Which of the following sources do you think would be most beneficial for your client: (1) Tax Court regular decisions, (2) Tax Court memo decisions, (3) decisions under the small cases procedure of the Tax Court, or (4) Fifth Circuit Court of Appeals? ----------------------------------------------ACC 455 Week 1 DQ 2
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What constitutes substantial authority for a position taken on a tax return? What options do you have if substantial authority is lacking? ----------------------------------------------ACC 455 Week 1 DQ 3
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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
----------------------------------------------ACC 455 Week 1 tax Position Paper (2 Paper)
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This Tutorial contains 2 Papers ACC 455 Week 1 Tax Position Paper Write a 700- to 1,050-word paper that includes the following: § What are the primary sources of tax law? § What are the secondary sources of tax law? § What is substantial authority? § Describe 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. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. ----------------------------------------------ACC 455 Week 2 Chapter 3 Discussion Questions
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ACC 455 Week 2 Chapter 3 Discussion Questions Access p. 3-54 in Chapter 3 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write answers to questions C:3-1 through C:3-6. Click the Assignment Files tab to submit your assignment in as a Microsoft® Word document. ----------------------------------------------ACC 455 Week 2 Discussion Question Worksheet (New)
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Week 2 – Discussion Questions Worksheet
1. Pers, Inc. incorporates on September 13, 2016 and begins operations on October 26 of the same year. What alternative tax years can Pers, Inc. elect to report its initial year’s income if it is a C-corp? Would it make a difference if Pers, Inc. was to be a different type of entity? Please provide specific examples. 2. Lindel, Inc. currently uses a calendar year, but wants to change to a fiscal year ending on September 30th. a) Assume Lindel is a C-corp owned by 85 shareholders, each owning 5% or less of the total stock. Can Lindel change its tax year? What steps does the company need to take in order to do so? b) Assume Lindel is a S-corp owned by 100 shareholders, each owning 5% or less of the total stock. Can Lindel change its tax year? What steps does the company need to take in order to do so? 3. American Corporation incorporates on February 15 and begins business on August 12. The company elects its initial tax year end on October 31. The following are expenses for American Corporation: February 30 – Travel expenses to inspect potential business location, $1,200 March 2 – Payment to lawyer for incorporation, $5,300
March 5 – Legal fees for stock issuance, $1,200 May 20 – Salary payment to CEO, $5,000 September 1 – First rent payment, $3,000 Please classify each expense as either an organizational or startup expenditure. Which expenses can be deducted during the first year ending October 31? 4. What is the difference in tax treatment for capital gains/ capital losses for a corporation vs. an individual? Which is more beneficial? ----------------------------------------------ACC 455 Week 2 DQ 1
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What are the alternative tax years available to a corporation? What factors should be considered in electing the tax year? ----------------------------------------------ACC 455 Week 2 DQ 2
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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? ----------------------------------------------ACC 455 Week 2 DQ 3
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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 Week 2 DQ 4
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What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit. ----------------------------------------------ACC 455 Week 3 Chapter 11 Issue Identification Questions
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ACC 455 Week 3 Chapter 11 Issue Identification Questions
Access p. 11-41 in Chapter 11 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write a minimum 175-word response to each question C:11-24 through C:11-27. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. -----------------------------------------------
ACC 455 Week 3 Discussion Questions Worksheet (New)
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Week 3 – Discussion Questions Worksheet (each question needs a minimum of a 175 word count answer) 1. Jeff and Louis own an S Corporation. Jeff and Louis own 50% of the corporation each. Jeff’s S Corporation stock basis at the beginning of the year was $150,000. Louis’ was $120,000. The company is reporting an ordinary loss of $285,000. How can this loss affect Jeff’s tax liability? What about Louis’ tax liability? 2. Mary and Paul began a partnership 10 years ago that has been incredibly successful. Mary and Paul own 50% of the
partnership each. Mary and Paul’s accountant has suggested that they incorporate as an S corp. To do so, the partnership will exchange all its existing assets and liabilities for the new S Corp stock on October 1 of the current year. The partnership will then liquidate by distributing the acquired S Corp stock to Mary and Paul, in equal parts. What are some of the most relevant tax implications of this transaction? Do you believe Mary and Paul’s accountant is providing good advice? 3. Anna and Brandon own an S Corporation. Anna and Brandon own 50% of the corporation each. Anna’s S Corporation stock basis at the beginning of the year was $175,000. Brandon’s was $225,000. The company is reporting an ordinary gain of $125,000 and will distribute land with a $85,000 adjusted basis and $425,000 FMV. How can this gain affect Anna’s tax liability? What about Brandon’s tax liability? What implications would this distribution have for each of them? Please calculate the gain that will be reported by each Anna and Brandon. 4. Johnson Corporation is a C Corp that has been in business since 2000. The corporation’s accountant, John Smith, has recommended converting from C corporation status to S corporation status. Johnson Corporation has assets with a $540,000 adjusted basis and an $800,000 fair market value. Liabilities are $75,000. The corporation is owned solely by its founder, Ray Johnson. Currently, Johnson Corporation uses accrual accounting and has selected a fiscal year which ends on June 30. Do you believe the conversion to S status is appropriate? What implications would it have on the corporation’s tax liability? What about Ray Johnson’s personal tax liability? ----------------------------------------------ACC 455 Week 3 DQ 1
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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 Week 3 DQ 2
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Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction? -----------------------------------------------
ACC 455 Week 3 DQ 3
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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 3 Team Assignment Phoenix Medical Worksheet, Part 1
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ACC 455 Week 3 Team Assignment, Part 1 Phoenix Medical Worksheet Week 3 Determine Adjusted Book Income: You are provided with the unadjusted trial balance (Microsoft® Excel) and your manager’s meeting notes and questions (Microsoft® Word) for your new tax client – Phoenix Medical. Following the notes, modify the unadjusted trial balance to generate a trial balance workpaper (in Microsoft® Excel) that includes: Adjusting Journal Entries Adjusted Book Income Tax Journal Entries Taxable Income Answers to your manager’s questions (Microsoft® Word or Excel). The client depends on you, the CPA, to provide journal entries for activity in fixed assets. While discussing fixed assets, the client divulges that he got a great deal to upgrade his laser dermatology equipment. Ultimately, you find out that $569,888 of new equipment was purchased and placed in service on 6/18/2014. Furthermore, and much after the fact, you discover that old medical equipment was sold to an unrelated party for $75,000 cash. The original cost of the equipment was $300,000 and it was fully depreciated (no Sec. 179). The cash was deposited in one of the shareholders personal accounts. Provide a journal entry to calculate the gain on sale and adjust the fixed asset and accumulated depreciation accounts. What is the nature of this gain? Could the Dr. have structured this sale in a different way to avoid taxable income? How? The client depends on his accountant to provide a journal entry for the annual depreciation expense. They have adopted a policy of treating book depreciation equal to tax depreciation. Depreciation expense for the year will include:
Depreciation on assets placed in service prior to 2014 is: $86,769 Maximize Sec. 179 expense on assets placed in service in 2014. Take Sec. 168(k) – 50% Bonus – on new equipment if applicable. Week 3 Determine Taxable Income: Determine taxable income. Show all adjustments in the Microsoft® Excel spreadsheet. Footnote references are provided to assist you. The Dr. has filed his prior tax returns on the cash basis. What questions will you ask to be sure he can continue to file on the cash basis? You find that in 2014, the Dr. qualifies, and choose to file on the cash basis. His books are kept on the accrual basis. Determine the adjustments needed. No federal taxes were paid in 2013, and no estimated taxes were paid in 2014. Within the state tax expense, you find $4,389 is late payment penalties. While analyzing the financial information, you find that hidden in “Accounts Payable” is $28,953 of accrued salaries. You also find that the salaries were paid in the first week of February. Does this have an impact on taxable income? Determine the accrual to cash adjustments for accounts receivable and accounts payable. A charitable contribution carryforward of $40,000 is available. Included in insurance expense is $12,523 of officers’ life insurance. You determine the company is the beneficiary, and each officer is a greater than 20% shareholder. ----------------------------------------------ACC 455 Week 4 Chapter 6 Issue Identification Questions
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ACC 455 Week 4 Chapter 6 Issue Identification Questions Access p. 6-23 in Chapter 6 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write a minimum 175-word response to each question, C:6-29 though C:6-31. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. C:6-29: What tax issues should Cable, John, and Peter consider with respect to the liquidation? C:6-30: What tax issues should Parent and Subsidiary consider with respect to the bankruptcy and liquidation of Subsidiary? C:6-31: What tax issues should Harry and Rita consider with respect to this pending liquidation? ----------------------------------------------ACC 455 Week 4 Discussion Question Worksheet (New)
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Week 4 – Discussion Questions Worksheet 1. The holding company Port, Inc. is owned 50% by John and 50% by Peter. The company invests in real estate bonds and stocks, land and buildings from different enterprises, including Omega, Inc.; Landside, Inc.; and Best Properties, LLC. In order to avoid personal holding company tax, Peter and John plan to liquidate Port, Inc. within the next quarter. Please consider the following questions with respect to this case: a. In which case would the open transaction doctrine apply to Port, Inc.? b. Can Port, Inc. change its market composition/activities to decrease personal holding company tax? 2. Nancy owns 25% of Mayfair Corporation stock. She currently has $200,000 adjusted basis. She is a cash basis accounting taxpayer. Mayfair has indicated that they will issue a year-end, $270,000 liquidating distribution to Nancy for year 2016. This distribution will be paid on January 3, 2017 . a) What is the amount of gain or loss that Nancy will report in 2016? b) What about in 2017? Please explain in detail or provide calculations. c) How would your answer differ if Nancy was an accrual method accounting taxpayer. 3. The Best of Boston, Inc. is a company that provides customized tourist services, such as charters and sightseeing tours in the city of Boston. The company is owned 75% by Linda Smith
and 25% by her sister, Amy Smith. Linda has recently married and she is moving with her husband to New York City. As such, Linda and Amy have decided to liquidate the business. Linda will open a new business, the Best of New York, once she is settled. She has decided to take two small vans that belong to Best of Boston, Inc. as her final distribution. Amy, on the other hand, will keep the existing savings of $50,000. Please consider the following questions with respect to this case: a. Assume you are Best of Boston’s accountant. Would you suggest an alternate strategy to minimize or avoid liquidation tax? b. What gain or loss would Amy recognize? c. Would Best of Boston recognize a loss on the distribution of the two vans? ----------------------------------------------ACC 455 Week 4 DQ 1
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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? ----------------------------------------------ACC 455 Week 4 DQ 2
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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? ----------------------------------------------ACC 455 Week 4 DQ 3
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What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income? ----------------------------------------------ACC 455 Week 4 DQ 4
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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 4 Team Phoenix Medical Part 2 (Form 1120)
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Utilizing the spreadsheet and worksheet generated in Week 3, prepare pages 1 through 5 of Form 1120 – US Corporation Income Tax Return: § Utilize PDF fill-in form. § See additional information attached. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. ----------------------------------------------ACC 455 Week 5 Chapter 5 Discussion Questions
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ACC 455 Week 5 Chapter 5 Discussion Questions Access p. 5-38 in Chapter 5 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write answers to questions C:5-1 through C:5-10. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document.
C:5-1 Explain Congress’ intent for enacting the AMT. C:5-2 Define the following terms relating to the AMT: C:5-3 Dunn Corporation is not a small corporation exempt from the AMT. Dunn’s CPA does not calculate the AMT because he knows that Dunn’s taxable income is less than the $40,000 AMT exemption amount allowed to corporations. Is the CPA correct in his belief? Explain. C:5-4 What special rules (if any) apply to the AMT calculation for the following entities: C:5-5 Agnew Corporation operates a small manufacturing business. During Year 1 (its first tax year, which is 12 months long), Agnew sells goods for $3.8 million for which the cost of goods sold is $2.8 million. Agnew’s owner estimates that future sales and cost of goods sold will grow by 25% each year. Agnew is not related to any other corporations. Is Agnew exempt from the AMT in Year 1? In any of the next five years? Explain. C:5-6 Menifee Corporation has conducted business for several years, and its annual gross receipts never have been more than $4 million. Jackie, who has owned all of Menifee’s stock since she incorporated it, purchases all of Estill Corporation’s stock in the current year. Estill’s annual gross receipts have been approximately $6 million in recent years. C:5-6 Menifee Corporation has conducted business for several years, and its annual gross receipts never have been more than $4 million. Jackie, who has owned all of Menifee’s stock since she incorporated it, purchases all of Estill Corporation’s stock in the current year. Estill’s annual gross receipts have been approximately $6 million in recent years. Explain to Jackie how her acquisition of Estill’s stock will affect the AMT that Menifee pays. C:5-7 Determine whether the following statements relating to the AMT for a corporation are true or false. If false, explain why.
C:5-8 Identify each of the following as a tax preference item (PREF), an AMT adjustment item to calculate preadjustment AMTI (ADJ), an item to adjust from preadjustment AMTI to ACE (ACE), or none of these (NONE): C:5-9 What adjustment does a corporation make if ACE is more than preadjustment AMTI? If ACE is less than preadjustment AMTI? C:5-10 Florida Corporation incurs AMT for the first time in the current year. The main reason for incurring the AMT is a $2 million gain on a current year installment sale that Florida is recognizing over ten years for regular tax purposes. Explain to Florida’s president how the installment sale can cause Florida to incur the AMT, how its treatment for ACE is similar to and different from the E&P treatment with which she is familiar, and whether its ACE treatment will partially or completely reverse in future years. ----------------------------------------------ACC 455 Week 5 DQ 1
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What is a liquidating distribution? What is a nonliquidating distribution? Provide an example of each. ----------------------------------------------ACC 455 Week 5 DQ 2
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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? ----------------------------------------------ACC 455 Week 5 DQ 3
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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 Week 5 DQ 4
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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 Team Assignment Part 3 (Form 1065)
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ACC 455 Week 5 Team Assignment, Part 3 Utilizing the included resources, complete tax Form 1065. Click the Assignment Files tab to submit your assignment as a MicrosoftÂŽ Word document. -----------------------------------------------