ACC 455 Week 1 DQ 1

1
ACC 455

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ACC 455 Complete Class

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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

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?

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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?

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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

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ACC 455 Week 1 Individual assignment Tax Return
Position Paper

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• 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. 

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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?

8
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?

9
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.

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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.

11
ACC 455 Week 2 Individual Assignment Problem Set

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• Complete the problems found in Ch. 2 of Prentice
  Halls Federal Taxation 2010 Corporations.
•  
•          C2-6
•          C2-40
•          C2-45
•  
• 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.

12
ACC 455 Week 2 Team Assignment Outline for Week
3

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• 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

13
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?

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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?

15
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?

16
ACC 455 Week 3 Team Assignment Problem Set

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• Complete the problems found in Ch. 3 5
  of Prentice Halls Federal Taxation 2010
  Corporations with your Learning Team.
•  
•          C3-8 Discussion Question
•          C5-10 Discussion Question
•          C3-35 Problem
•          C3-38 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.

17
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?

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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?

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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?

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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?

21
ACC 455 Week 4 Individual Assignment Problem Set

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• Complete the problems found in Ch. 4 6
  of Prentice Halls Federal Taxation 2010
  Corporations.
•  
•          C6-8 Discussion Question
•          C4-34 Problem
•          C4-36 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.

22
ACC 455 Week 4 Team Assignment Outline for Week
5

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• 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

23
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.

24
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?

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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?

26
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?

27
ACC 455 Week 5 Team Assignment Problem Set

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• Complete the problems found in Ch. 9, 10, 11
  of Federal Taxation 2010 Corporations with your
  Learning Team.
•  
•          C9-35 Problem
•          C11-45 Problem
•          C10-4 Discussion Question (Ch. 10)
•          C11-47 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.