ACC 455 Entire Class Material
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?
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?
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
ACC 455 Week 1 Individual assignment Tax Return Position
Paper
Suppose you have a concern about taking a particular
position on a tax return.
Write a 700-word paper that discusses the following:
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?
Format your paper consistent with APA guidelines.
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?
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?
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.
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.
ACC 455 Week 2 Individual Assignment Problem Set
Complete the problems found in Ch. 2 of Prentice Hall’s
Federal Taxation 2010: Corporations.
C:2-6
C:2-40
C:2-45
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 Team Assignment Outline for Week 3
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
ACC 455 Week 3 DQ 1
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
Distinguish between current and accumulated earnings and profits.
Why is it important to make this distinction?
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?
ACC 455 Week 3 Team Assignment Problem Set
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
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 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?
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?
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?
ACC 455 Week 4 DQ 4
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 Individual Assignment Problem Set
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
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 4 Team Assignment Outline for Week 5
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
ACC 455 Week 5 DQ 1
What is a liquidating distribution? What is a nonliquidating
distribution? Provide an example of each.
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?
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?
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?
ACC 455 Week 5 Team Assignment Problem Set
Complete the problems found in Ch. 9, 10, & 11 of
Federal Taxation 2010: Corporations with your Learning
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