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 ACC/455

CORPORATE TAXATION



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ACC 455 Entire Course Link

https://uopcourses.com/category/acc-455/

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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 Week 1 MyAccountingLab Week 1

Access the MyAccountingLab software and complete this week’s assignments

C:15.1-1

The Internal Revenue Service is part of the



A.

Congress.

B.

Federal Bureau of Investigation.

C.

Treasury Department.



D.

U.S. Customs Department.





QC:1-3 (book/static)

Explain what is encompassed by the term tax law as used by tax advisors.



A.

“Tax law” refers only to the Internal Revenue Service (IRS) Commissioner’s conclusions of any hearings and not the interpretations by federal courts.

B.

“Tax law” refers to the Internal Revenue Code (IRC) as elaborated by Treasury Regulations and administrative pronouncements and as interpreted by federal courts.



C.

“Tax law” is simply a way to refer to all of the transcripts incorporated into the Congressional

Record.

D.

“Tax law” is a term tax advisors use to refer to the interpretation of tax documents that Congress records since it is ambiguous.







QC:1-4 (book/static)

The U.S. Government Printing Office publishes both hearings on proposed legislation and committee reports. Distinguish between the two.



A.

Committee reports concerning tax legislation explain the purpose behind Congress’ proposing the legislation. Transcripts of hearings reproduce the testimonies of the persons who spoke for or against the proposed legislation before the Congressional committees. Committee reports are sometimes used to interpret the statute.



B.

Committee reports concerning tax legislation explain the purpose behind Congress’ proposing the legislation. Transcripts of hearings reproduce the testimonies of the persons who spoke against the proposed legislation before the Congressional committees. Committee reports are used to defend the statute.

C.

Committee reports concerning tax legislation explain the purpose behind Congress’ proposing the legislation. Transcripts of hearings reproduce the testimonies of the persons who are in favor of the proposed legislation before the Congressional committees. Committee reports are sometimes used to interpret the statute.

D.

Committee reports concerning tax legislation explain the similarities between older legislation and Congress’ current proposed legislation. Transcripts of hearings reproduce the testimonies of the persons who spoke for or against the older legislation before the Congressional committees. Committee reports are sometimes used to interpret the statute.







QC:2-1 (book/static)

What entities or business forms are available for a new enterprise? Explain the advantages and disadvantages of each.



Begin by selecting the entity or business forms available for a new enterprise. (Select all that apply.)

A.

Corporations



B.

Limited liability partnerships (LLP)



C.

Limited liability companies (LLC)



D.

Sole proprietorships



E.

Partnerships







Select an “X” for the entities or business forms that offer the tax advantage listed when doing business as that type of entity. (If the entity or business form does not create the advantage listed, leave the cell blank. For LLCs and LLPs, assume that the entity has two or more owners and has not elected to be treated as acorporation.)

Partner- S C Sole
Advantages LLC LLP ship Corp Corp proprietor
Losses can be used to offset income from other sources (may be
subject to limitations.)
Not taxed as a separate business entity. Instead, all profits and losses
pass through to the owner(s) or member(s).
Shareholders generally can contribute money to or
withdraw money from this entity without recognizing gain.
Shareholder-employees are entitled to nontaxable fringe benefits.
Income is not subject to double taxation.
The entity can use a fiscal instead of a calendar year as its reporting period
without demonstrating a business purpose or making a special election.
There are no restrictions on the types of owners the company can have.
Offers its owners some form of limited liability.
Select an “X” for the entities or business forms that carry the disadvantages listed when doing business as that type of entity. (If the entity or business form does not create the disadvantage listed, leave the cell blank. For LLCs and LLPs, assume that the entity has two or more owners and has not elected to be treated as a corporation.)

Partner- S C Sole
Disadvantages LLC LLP ship Corp Corp proprietor
Double taxation of income results when the entity distributes
dividends to shareholders or, effectively, when shareholders sell
their stock.
Generally cannot defer income by choosing a fiscal year other than
a calendar year unless it can establish a legitimate business purpose
for a fiscal year or unless it makes a special election.
Certain nontaxable fringe benefits generally are not available.
Capital losses confer no tax benefit to the owners in the year the entity
incurs them.
Must use the same accounting period for business and personal purposes.
All profits are taxed to the owner(s)/partner(s) and/or shareholder(s) when
earned, even if not distributed.
Must pay the full amount of Social Security taxes on wages because the
owner is not considered to be an employee of the business.








QC:2-8 (book/static)

What items are considered to be property for purposes of Sec. 351(a)? What items are not considered to be property?



What items are considered to be property for purposes of Sec. 351(a)?

A.

Property includes any type of tangible property, including all equipment, furniture and fixtures and computer software. It also includes buildings, and the fixtures included within the building, but does not include any intangible property.

B.

Property includes money, and any tangible property. All other forms of intangible property are not under Sec. 351(a)’s definition of property.

C.

Property includes money and almost any other kind of tangible or intangible property, including installment obligations, accounts receivable, inventory, equipment, patents, trademarks, trade names, and computer software.



D.

Property includes any type of services rendered to the corporation in exchange for its stock.





What items are not considered to be property?

A.

Property does not include money, or any tangible property.

B.

Property does not include services, an indebtedness of the transferee corporation that is not evidenced by a security, or an interest on an indebtedness that accrued on or after the beginning of the transferor’s holding period for the debt.



C.

Property does not include installment obligations, accounts receivable, inventory, equipment, patents, trademarks, trade names, or computer software.

D.

Property does not include equipment, furniture and fixtures and computer software. It also doesn’t include buildings, and the fixtures included within the building.







QC:2-9 (book/static)

How is “control” defined for purposes of Sec. 351(a)?



A.

Control requires the stock owners to own at least 80% of the common stock of the company. Other classes of stock do not need to meet the 80% ownership rule.

B.

Control is when the transferors of a company own at least 80% of the total combined voting power of the common stock and at least 50% of the total number of shares of nonvoting stock.

C.

Control is when transferors of a company own at least 50% of a single class of stock immediately after the exchange. If the stock is nonvoting stock, the ownership is tested on a class-by-class basis.

D.

Control requires the transferors as a group to own at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the total number of share of all other classes of stock. The nonvoting stock ownership is tested on a class-by-class basis.







QC:2-14 (book/static)

How are a transferor’s basis and holding period determined for stock and other property (boot) received in a Sec. 351 exchange? How does the transferee corporation’s assumption of liabilities affect the transferor’s basis in the stock? (Abbreviation used: FMV = fair market value.)



Select the choice that accurately depicts how a transferor’s basis is determined for stock and other property (boot) received in a Sec. 351 exchange, including how the transferee corporation’s assumption of liabilities affect the transferor’s basis in the stock.

A.

Basis of property transferred to the corporation
Plus: Gain recognized
Minus: Money received (including liabilities
treated as money)
FMV of noncash boot property
Total basis of stock received (Sec. 358(a))


B.

Basis of property transferred to the corporation
Plus: Gain recognized
Money received (including liabilities
treated as money)
Minus: FMV of noncash boot property
Total basis of stock received (Sec. 358(a))
C.

Basis of property transferred to the corporation
Plus: Money received (including liabilities
treated as money)
FMV of noncash boot property
Minus: Gain recognized
Total basis of stock received (Sec. 358(a))
D.

Basis of property transferred to the corporation
Plus: FMV of noncash boot property
Minus: Money received (including liabilities
treated as money)
Gain recognized
Total basis of stock received (Sec. 358(a))
How are a transferor’s holding period determined for stock and other property (boot) received in a Sec. 351 exchange?

A.

The transferor’s (shareholder’s) holding period for the stock issued in exchange for any capital assets or Sec. 1231 assets transferred begins the day after the exchange date. If the shareholder transfers any other property, the holding period for any stock received includes the holding period of those non-capital assets transferred.

B.

The transferor’s (shareholder’s) holding period for the stock received in exchange for non-capital assets (e.g. inventory), capital assets or Sec. 1231 assets will begin on the day after the exchange date.

C.

The transferor’s (shareholder’s) holding period for the stock includes the holding period of any capital assets or Sec. 1231 assets transferred. If the shareholder transfers any other property, the holding period for any stock received begins on the day after the exchange date.



D.

The transferor’s (shareholder’s) holding period for the stock includes the holding period of any non-capital assets (e.g. inventory), capital assets or Sec. 1231 assets transferred.









QC:2-20 (book/static)

What are the advantages and disadvantages of using debt in a firm’s capital structure?



LOADING…

(Select

advantage or disadvantage.)

Ref. Advantage/disadvantage
a.
b.
c.
d.
e.






QC:15-2 (book/static)

Name some of the IRS administrative pronouncements.





A.

The IRS issues internal revenue code, Circular 230 guidance, letter rulings, notices, and revenue procedures.

B.

The IRS issues Circular 230 guidance, notices, revenue procedures, revenue rulings, penalty provisions of tax law, and Cumulative Bulletins.

C.

The IRS issues revenue rulings, revenue procedures, determination letters, announcements, notices, and information releases.



D.

The IRS issues Cumulative Bulletins, revenue rulings, determination letters, and penalty provisions of tax law.







QC:15-28 (book/static)

In general, when does the limitations period for tax returns expire? List four exceptions to the general rule.





A.

Three years after the later of the due date for the return or the date on which the return was filed. Four exceptions include civil fraud, criminal fraud, omission from gross income exceeding more than 25%, and no return being filed. These exceptions have periods of six years or no limitations at all.



B.

Four years after the date of filing the tax return, even if the return was filed early. Four exceptions include no return being filed, criminal fraud, math errors, and error of information on the return. These exceptions have periods of four years or six years depending upon the seriousness of the error.

C.

Six years after the date of filing the tax return, up to the original due date of the return, not taking into consideration extensions. Four exceptions include civil fraud, math errors, errors of information furnished on the return, and omission from gross income exceeding more than 50%. These exceptions have periods of ten years or no limitations at all.

D.

None of the above.









C:2.1-3

S corporations must allocate income to shareholders based on their proportionate stock ownership.



True



False







C:2.1-7

Which of the following statements about a partnership is true?





A.

A partnership is a taxpaying entity.

B.

Partners are taxed on distributions from a partnership.

C.

Partners are taxed on their allocable share of income whether it is distributed or not.



D.

Partners are considered employees of the partnership.







C:2.2-1
The check-the-box regulations permit an LLC to be taxed as a C corporation.

True

False





C:2.1-4
Business assets of a sole proprietorship are owned by

A.

a partner.

B.

a member.

C.

a stockholder.

D.

an individual.







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 Week 2 MyAccountingLab, Week 2

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ACC 455 Week 3 Team Assignment, Part 1

Resources: Phoenix Medical Data Worksheet Part 1 and Phoenix Medical Worksheet Student Part 1

Access the Phoenix Medical Data Spreadsheet and the Phoenix Medical Worksheet for your new tax client – Phoenix Medical.

Determine the following:

Adjusting Journal Entries
Adjusted Book Income
Tax Journal Entries
Taxable Income
Your manager has also listed questions that require a response.
Complete the Microsoft® Excel® spreadsheet showing your adjustments and final tax trial balance. Answer all questions as short answers.
Click the Assignment Files tab to submit your assignment as a Microsoft® Word document or Microsoft® Excel®.



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 Week 3 MyAccountingLab, Week 3

Access the MyAccountingLab software and complete this week’s assignments





ACC 455 Week 4 Team Assignment, Part 2

Resources: Phoenix Medical Data Part 2, Phoenix Medical Worksheet Student Part 2, 2014 F1120 Instructions, and 2014 F1120 Return

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 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 Files tab to submit your assignment as a Microsoft® Word document.



ACC 455 Week 4 MyAccountingLab, Week 4

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ACC 455 Week 5 Team Assignment, Part 3

Utilizing the included resources, complete tax Form 1065.

Resources: Phoenix Medical Data Part 3, Phoenix Medical Worksheet Student Part 3, Schedule K-1 Form 1065, Instructions Form 1065, Partner’s Instructions Form 1065, and Return Form 1065

Click the Assignment Files tab to submit your assignment as a Microsoft® Word document.



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.



ACC 455 Week 5 MyAccountingLab, Week 5

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