ACC 455 Slingshot Academy / acc455.com

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ACC 455 Slingshot Academy / acc455.com
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Entire Course
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
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 1 DQ 1
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 1 DQ 2
What constitutes substantial authority for a
position taken on a tax return? What options do
you have if substantial authority is lacking?
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ACC 455 Week 1 DQ 3
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 Chapter 3 Discussion Questions
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 1 tax Position Paper (2 Paper)
?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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 Discussion Question Worksheet (New)
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 years 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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 DQ 1
What are the alternative tax years available to a
corporation? What factors should be considered in
electing the tax year?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 DQ 2
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 DQ 3
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 2 DQ 4
What is the legislative intent behind the
corporate alternative minimum tax (AMT)? Define
tax preference items, AMT adjustment, and minimum
tax credit.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 Chapter 11 Issue Identification
Questions
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 Discussion Questions Worksheet
(New)
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.
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? 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
Pauls 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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 DQ 1
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 DQ 2
Distinguish between current and accumulated
earnings and profits. Why is it important to make
this distinction?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 DQ 3
What is a stock redemption? What are some reasons
for redeeming stock? Why are some redemptions
treated as sales and others as dividends?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 3 Team Assignment Phoenix Medical
Worksheet, Part 1
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
managers 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 managers
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 Chapter 6 Issue Identification
Questions
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. C6-29 What tax
issues should Cable, John, and Peter consider
with respect to the liquidation? C6-30 What tax
issues should Parent and Subsidiary consider with
respect to the bankruptcy and liquidation of
Subsidiary? C6-31 What tax issues should Harry
and Rita consider with respect to this pending
liquidation?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 Discussion Question Worksheet (New)
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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 DQ 1
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 DQ 2
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 DQ 3
What are separately stated items on a K-1? Why is
it necessary to separate these items from
ordinary income?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 DQ 4
What is the difference between a distribution and
a distributive share? How do these affect the
owners K-1 and individual taxes?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 4 Team Phoenix Medical Part 2 (Form
1120)
?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.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 Chapter 5 Discussion Questions
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. C5-1
Explain Congress intent for enacting the AMT.
C5-2 Define the following terms relating to the
AMT C5-3 Dunn Corporation is not a small
corporation exempt from the AMT. Dunns CPA does
not calculate the AMT because he knows that
Dunns taxable income is less than the 40,000
AMT exemption amount allowed to corporations. Is
the CPA correct in his belief? Explain. C5-4
What special rules (if any) apply to the AMT
calculation for the following entities C5-5
Agnew Corporation operates a small manufacturing
business.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 DQ 1
What is a liquidating distribution? What is a
nonliquidating distribution? Provide an example
of each.
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 DQ 2
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 DQ 3
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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 DQ 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?
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ACC 455 Slingshot Academy / acc455.com
ACC 455 Week 5 Team Assignment Part 3 (Form 1065)
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.
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ACC 455 Slingshot Academy / acc455.com
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The progress of the world depends almost entirely
upon education