DQ 1 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.
Suppose you have a concern about taking a particular position on a tax return.
Write a 700- to 1,050-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.
Discussion Questions
DQ 1 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.
DQ 2 Once a business has elected its tax status using check-the-box regulations, what options are available if it needs to change its tax status? What should a business consider before electing to change its tax status?
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 Week 2 Individual Assignment Problem Set
Complete the problems found in Ch. 2 of Prentice Hall’s Federal Taxation 2010: Corporations.
C:2-3 Black LLC
C:2-54 Bear Corporation
C:2-55 Wildcat Corporation
C:2-56 Tax Strategy for Wildcat Corporation
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 Discussion Questions
The answers need to be 200-300 words and can have a citation, using APA 6th edition. The text is Prentice Hall’s Federal Taxation 2010: Corporations, Ch. 3 and Ch. 5.
Week Two Starter Question 1:
o What are the alternative tax years available to a corporation? What factors should be considered in electing the tax year?
Week Two Starter Question 2:
o 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?
Week Two Starter Question 3:
o 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.
Week Two Starter Question 4:
o What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit.
ACC 455 Learning Team Week 3 Problem Set
Complete the problems found in Ch. 3 & 5 of Prentice Hall’s Federal Taxation 2010: Corporations with your Learning Team.
C:3-3 Discussion Question – Case Scenario on Tax Elections (Ch. 3)
C:5-8 Discussion Question – Identify Items as AMT Adjustment or Preference (Ch. 5)
C:3-37 Problem – Charitable Contributions of Property (Ch. 3)
C:3-64 Tax Form /Return Preparation Problem – Knoxville Musical Sales Inc. Tax Return Preparation (Ch. 3)
Read the scenario and respond to the questions.
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