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ACC 455 Lessons in Excellence / acc455.com

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1 ACC 455 Lessons in Excellence -- acc455.com

2 ACC 455 Entire Course For more course tutorials visit www.acc455.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 ACC 455 Week 2 Team Assignment Outline for Week 3 ACC 455 Lessons in Excellence -- acc455.com

3 ACC 455 Week 1 DQ 1 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

4 ACC 455 Week 1 DQ 2 For more course tutorials visit www.acc455.com What constitutes substantial authority for a position taken on a tax return? What options do you have if substantial authority is lacking? ACC 455 Lessons in Excellence -- acc455.com

5 ACC 455 Week 1 DQ 3 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

6 ACC 455 Week 1 tax Position Paper (2 Paper) For more course tutorials visit www.acc455.com 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. ACC 455 Lessons in Excellence -- acc455.com

7 ACC 455 Week 2 Chapter 3 Discussion Questions For more course tutorials visit www.acc455.com ACC 455 Week 2 Chapter 3 Discussion Questions Access p. 3-54 in Chapter 3 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write answers to questions C:3-1 through C:3-6. Click the Assignment Files tab to submit your assignment in as a Microsoft® Word document. ACC 455 Lessons in Excellence -- acc455.com

8 ACC 455 Week 2 Discussion Question Worksheet (New) For more course tutorials visit www.acc455.com 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 year’s income if it is a C-corp? Would it make a difference if Pers, Inc. was to be a different type of entity? ACC 455 Lessons in Excellence -- acc455.com

9 ACC 455 Week 2 DQ 1 For more course tutorials visit www.acc455.com What are the alternative tax years available to a corporation? What factors should be considered in electing the tax year? ACC 455 Lessons in Excellence -- acc455.com

10 ACC 455 Week 2 DQ 2 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

11 ACC 455 Week 2 DQ 3 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

12 ACC 455 Week 2 DQ 4 For more course tutorials visit www.acc455.com What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit. ACC 455 Lessons in Excellence -- acc455.com

13 ACC 455 Week 3 Chapter 11 Issue Identification Questions For more course tutorials visit www.acc455.com ACC 455 Week 3 Chapter 11 Issue Identification Questions Access p. 11-41 in Chapter 11 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write a minimum 175-word response to each question C:11-24 through C:11-27. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. ACC 455 Lessons in Excellence -- acc455.com

14 ACC 455 Week 3 Discussion Questions Worksheet (New) For more course tutorials visit www.acc455.com 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. Jeff’s 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 Jeff’s tax liability? What about Louis’ tax liability? 2. ACC 455 Lessons in Excellence -- acc455.com

15 ACC 455 Week 3 DQ 1 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

16 ACC 455 Week 3 DQ 2 For more course tutorials visit www.acc455.com Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction? ACC 455 Lessons in Excellence -- acc455.com

17 ACC 455 Week 3 DQ 3 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

18 ACC 455 Week 3 Team Assignment Phoenix Medical Worksheet, Part 1 For more course tutorials visit www.acc455.com 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 manager’s 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 manager’s questions ACC 455 Lessons in Excellence -- acc455.com

19 ACC 455 Week 4 Chapter 6 Issue Identification Questions For more course tutorials visit www.acc455.com ACC 455 Week 4 Chapter 6 Issue Identification Questions Access p. 6-23 in Chapter 6 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write a minimum 175-word response to each question, C:6-29 though C:6-31. Click the Assignment ACC 455 Lessons in Excellence -- acc455.com

20 ACC 455 Week 4 Discussion Question Worksheet (New) For more course tutorials visit www.acc455.com 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. ACC 455 Lessons in Excellence -- acc455.com

21 ACC 455 Week 4 DQ 1 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

22 ACC 455 Week 4 DQ 2 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

23 ACC 455 Week 4 DQ 3 For more course tutorials visit www.acc455.com What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income? ACC 455 Lessons in Excellence -- acc455.com

24 ACC 455 Week 4 DQ 4 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

25 ACC 455 Week 4 Team Phoenix Medical Part 2 (Form 1120) For more course tutorials visit www.acc455.com 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. ACC 455 Lessons in Excellence -- acc455.com

26 ACC 455 Week 5 Chapter 5 Discussion Questions For more course tutorials visit www.acc455.com ACC 455 Week 5 Chapter 5 Discussion Questions Access p. 5-38 in Chapter 5 of your textbook Prentice Hall’s Federal Taxation 2016 Corporations, Partnerships, Estates & Trusts. Write answers to questions C:5-1 through C:5-10. Click the Assignment Files tab to submit your assignment as a Microsoft® Word document. C:5-1 Explain Congress’ intent for enacting the AMT. ACC 455 Lessons in Excellence -- acc455.com

27 ACC 455 Week 5 DQ 1 For more course tutorials visit www.acc455.com What is a liquidating distribution? What is a nonliquidating distribution? Provide an example of each. ACC 455 Lessons in Excellence -- acc455.com

28 ACC 455 Week 5 DQ 2 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

29 ACC 455 Week 5 DQ 3 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

30 ACC 455 Week 5 DQ 4 For more course tutorials visit www.acc455.com 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 Lessons in Excellence -- acc455.com

31 ACC 455 Week 5 Team Assignment Part 3 (Form 1065) For more course tutorials visit www.acc455.com 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. ACC 455 Lessons in Excellence -- acc455.com

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