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For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com 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 – PowerPoint PPT presentation

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Title: ACC 455 Education Begins/newtonhelp.com


1
ACC 455 Education Begins/newtonhelp.com
2
ACC 455 Entire Course
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  • ACC 455 Week 1 Individual assignment Tax Return
    Position PaperACC 455 Week 1 DQ 1ACC 455 Week 1
    DQ 2ACC 455 Week 1 DQ 3

3
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?

4
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?
  •  

5
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
  •  

6
ACC 455 Week 1 tax Position Paper (2 Paper)
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  • 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
  •  

7
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 Halls Federal Taxation 2016
    Corporations, Partnerships, Estates Trusts.
  • Write answers to questions C3-1 through C3-6.
  • Click the Assignment Files tab to submit your
    assignment in as a Microsoft Word document.
  •  
  •  

8
ACC 455 Week 2 Discussion Question Worksheet (New)
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  • 1. Pers, Inc. incorporates on September 13, 2016
    and begins operations onOctober 26 of the same
    year. What alternative tax years can Pers, Inc.
    electto report its initial years income if it
    is a C-corp? Would it make a difference ifPers,
    Inc. was to be a different type of entity? Please
    provide specificexamples.
  •  
  •  

9
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?

10
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?

11
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.

12
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.

13
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 Halls Federal Taxation 2016
    Corporations, Partnerships, Estates Trusts.
  • Write a minimum 175-word response to each
    question C11-24 through C11-27.
  • Click the Assignment Files tab to submit your
    assignment as a Microsoft Word document.
  •  

14
ACC 455 Week 3 Discussion Questions Worksheet
(New)
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  • 1.      Jeff and Louis own an S Corporation. Jeff
    and Louis own 50 of the corporation each. Jeffs
    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 Jeffs tax
    liability? What about Louis tax liability?
  •  

15
ACC 455 Week 3 DQ 1
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  • How does a corporation compute earnings and
    profits (EP)? What income is deferred to a later
    year when computing taxable income but is
    included in EP in the current year? What
    deductions are allowed for taxable income
    purposes but denied for EP?

16
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?

17
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?

18
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
  •  

19
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 Halls Federal Taxation 2016
    Corporations, Partnerships, Estates Trusts.
  • Write a minimum 175-word response to each
    question, C6-29 though C6-31.
  • Click the Assignment Files tab to submit your
    assignment as a Microsoft Word document.
  •  

20
ACC 455 Week 4 Discussion Question Worksheet (New)
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  • 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?
  •  

21
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?
  •  

22
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?

23
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?

24
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
    owners K-1 and individual taxes?
  •  
  •  

25
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.
  •  

26
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 Halls Federal Taxation 2016
    Corporations, Partnerships, Estates Trusts.
  • Write answers to questions C5-1 through C5-10.
  • Click the Assignment Files tab to submit your
    assignment as a Microsoft Word document.
  •  

27
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.

28
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?
  •  
  •  

29
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?
  •  

30
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?
  •  
  •  

31
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 Microsoft Word document.
  •  
  •  

32
ACC 455 Education Begins/newtonhelp.com
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