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ACC 455 Week 4 Team Assignment 

Outline for Week 5

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ACC 455 Week 5 Learning Team Assignment Problem Set

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Learning-Team-Assignment-Problem-Set

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.

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ACC 455 Week 5 DQ 4

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DQ-4

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?

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ACC 455 Week 5 DQ 3

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DQ-3

What events will cause an S election to terminate? What would 

you recommend S corporations do to plan for an orderly 

termination of an Selection?

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ACC 455 Week 5 DQ 2

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DQ-2

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 1

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What is a liquidating distribution? 

What is a nonliquidating distribution? 

Provide an example of each.

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ACC 455 Week 4 Individual Assignment Problem Set

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Individual-Assignment-Problem-Set

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.

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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 owner’s K-1 

and individual taxes?

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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 2

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DQ-2

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 1

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DQ-1

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 2 Team Assignment 

Outline For Week 3

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ACC 455 Week 2 Team Assignment 

Outline for Week 3

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ACC 455 Week 3 Learning Team Assignment Problem Set

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Learning-Team-Assignment-Problem-Set

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

Read the scenario and respond to the questions.

Support your answers with calculations, as needed.

Show your work.

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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?

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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?

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ACC 455 Week 3 DQ 1

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DQ-1

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?

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