ACC 455 Week 4 Discussion Question 1

Topics: Taxation in the United States, Tax, Corporation Pages: 3 (596 words) Published: October 28, 2014

The document ACC 455 Week 4 Discussion Question 1 contains answers on these questions: "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?"

Business - Accounting
ACC 455 Week 4

ACC 455 Week 4 Individual Assignment Week Four Problem Set

Complete the problems found in Ch. 4 6 of Prentice Hall’s Federal Taxation 2010: Corporations.

C:6-5 Discussion Question – Tax consequences of distributions (Ch. 6)

C:4-29 Problem – Current EP Computation (Ch. 4)

C:4-52 Problem – Comparison of Dividends and Redemptions (Ch. 4)
ACC 455 Week 4 Team Assignment Week Four Tax Return Ch. 3 Tax Return

Complete the tax return found in Ch. 3 of Prentice Hall’s Federal Taxation 2010: Corporations with your Learning Team.
•   C:3-64 Tax Form /Return Preparation Problem  – Knoxville Musical Sales Inc. Tax Return Preparation (Ch. 3)

Discussions>

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?

What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income?

What is the difference between a distribution and a distributive share? How do these affect the owner’s K-1 and individual taxes?

You surely realize that there is more to college than parties, despite what you have seen on the big screen. You...

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