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  1. ACC 455 UOP Tutorial / acc455dotcom

  2. ACC 455 UOP Tutorial • 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 • 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 ACC 455 Entire Course ACC 455 Week 1 DQ 1

  3. ACC 455 UOP Tutorial • What constitutes substantial authority for a position taken on a tax return? What options do you have if substantial authority is lacking? • 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 DQ 2 ACC 455 Week 1 DQ 3

  4. ACC 455 UOP Tutorial • 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 are the alternative tax years available to a corporation? What factors should be considered in electing the tax year? ACC 455 Week 1 Individual assignment Tax Return Position Paper ACC 455 Week 2 DQ 1

  5. ACC 455 UOP Tutorial • 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? • 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 2 ACC 455 Week 2 DQ 3

  6. ACC 455 UOP Tutorial • What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit. • Complete the problems found in Ch. 2 of Prentice Hall’s Federal Taxation 2010: Corporations. ACC 455 Week 2 DQ 4 ACC 455 Week 2 Individual Assignment Problem Set

  7. ACC 455 UOP Tutorial • 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 • 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 2 Team Assignment Outline for Week 3 ACC 455 Week 3 DQ 1

  8. ACC 455 UOP Tutorial • Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction? • 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 DQ 2 ACC 455 Week 3 DQ 3

  9. ACC 455 UOP Tutorial • 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 • 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 3 Team Assignment Problem Set ACC 455 Week 4 DQ 1

  10. ACC 455 UOP Tutorial • 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? • 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 2 ACC 455 Week 4 DQ 3

  11. ACC 455 UOP Tutorial • What is the difference between a distribution and a distributive share? How do these affect the owner’s K-1 and individual taxes? • 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. ACC 455 Week 4 DQ 4 ACC 455 Week 4 Individual Assignment Problem Set

  12. ACC 455 UOP Tutorial • 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 • What is a liquidating distribution? What is a nonliquidating distribution? Provide an example of each. ACC 455 Week 4 Team Assignment Outline for Week 5 ACC 455 Week 5 DQ 1

  13. ACC 455 UOP Tutorial • 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? • 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 2 ACC 455 Week 5 DQ 3

  14. ACC 455 UOP Tutorial • 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? • Complete the problems found in Ch. 9, 10, & 11 of Federal Taxation 2010: Corporations with your Learning Team. • · C:9-35 Problem • · C:11-45 Problem • · C:10-4 Discussion Question (Ch. 10) • · C:11-47 Problem ­­–) • Read the scenario and respond to the questions. • Support your answers with calculations, as needed. • Show your work. ACC 455 Week 5 DQ 4 ACC 455 Week 5 Team Assignment Problem Set

  15. ACC 455 UOP Tutorial