UOP ACC 455 Week 1 tax Position Paper (2 Paper) NEW

UOP ACC 455 Week 1 tax Position Paper (2 Paper) NEW

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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.

UOP ACC 455 Week 2 Discussion Question Worksheet NEW

UOP ACC 455 Week 2 Discussion Question Worksheet NEW

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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 make a difference if Pers, Inc. was to be a different type of entity? Please provide specific examples.

2. Lindel, Inc. currently uses a calendar year, but wants to change to a fiscal year ending on September 30th.

a) Assume Lindel is a C-corp owned by 85 shareholders, each owning 5% or less of the total stock. Can Lindel change its tax year? What steps does the company need to take in order to do so?

b) Assume Lindel is a S-corp owned by 100 shareholders, each owning 5% or less of the total stock. Can Lindel change its tax year? What steps does the company need to take in order to do so?

3. American Corporation incorporates on February 15 and begins business on August 12. The company elects its initial tax year end on October 31. The following are expenses for American Corporation: February 30 – Travel expenses to inspect potential business location, $1,200

March 2 – Payment to lawyer for incorporation, $5,300

March 5 – Legal fees for stock issuance, $1,200

May 20 – Salary payment to CEO, $5,000

September 1 – First rent payment, $3,000

Please classify each expense as either an organizational or start-up expenditure. Which expenses can be deducted during the first year ending October 31?

4. What is the difference in tax treatment for capital gains/ capital losses for a corporation vs. an individual? Which is more beneficial?

UOP ACC 455 Week 3 Chapter 11 Issue Identification Questions NEW

UOP ACC 455 Week 3 Chapter 11 Issue Identification Questions NEW

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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.

UOP ACC 455 Week 3 Discussion Questions Worksheet NEW

UOP ACC 455 Week 3 Discussion Questions Worksheet NEW

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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.     Mary and Paul began a partnership 10 years ago that has been incredibly successful. Mary and Paul own 50% of the partnership each. Mary and Paul’s accountant has suggested that they incorporate as an S corp. To do so, the partnership will exchange all its existing assets and liabilities for the new S Corp stock on October 1 of the current year. The partnership will then liquidate by distributing the acquired S Corp stock to Mary and Paul, in equal parts. What are some of the most relevant tax implications of this transaction? Do you believe Mary and Paul’s accountant is providing good advice?

3.     Anna and Brandon own an S Corporation. Anna and Brandon own 50% of the corporation each. Anna’s S Corporation stock basis at the beginning of the year was $175,000. Brandon’s was $225,000. The company is reporting an ordinary gain of $125,000 and will distribute land with a $85,000 adjusted basis and $425,000 FMV. How can this gain affect Anna’s tax liability? What about Brandon’s tax liability? What implications would this distribution have for each of them? Please calculate the gain that will be reported by each Anna and Brandon.

4.     Johnson Corporation is a C Corp that has been in business since 2000. The corporation’s accountant, John Smith, has recommended converting from C corporation status to S corporation status. Johnson Corporation has assets with a $540,000 adjusted basis and an $800,000 fair market value. Liabilities are $75,000. The corporation is owned solely by its founder, Ray Johnson. Currently, Johnson Corporation uses accrual accounting and has selected a fiscal year which ends on June 30. Do you believe the conversion to S status is appropriate? What implications would it have on the corporation’s tax liability? What about Ray Johnson’s personal tax liability?

UOP ACC 455 Week 3 Team Assignment Phoenix Medical Worksheet, Part 1 NEW

UOP ACC 455 Week 3 Team Assignment Phoenix Medical Worksheet, Part 1 NEW

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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 (Microsoft® Word or Excel). 

The client depends on you, the CPA, to provide journal entries for activity in fixed assets. While discussing fixed assets, the client divulges that he got a great deal to upgrade his laser dermatology equipment. Ultimately, you find out that $569,888 of new equipment was purchased and placed in service on 6/18/2014. 

Furthermore, and much after the fact, you discover that old medical equipment was sold to an unrelated party for $75,000 cash. The original cost of the equipment was $300,000 and it was fully depreciated (no Sec. 179). The cash was deposited in one of the shareholders personal accounts.

Provide a journal entry to calculate the gain on sale and adjust the fixed asset and accumulated depreciation accounts.

What is the nature of this gain?

Could the Dr. have structured this sale in a different way to avoid taxable income? How?

The client depends on his accountant to provide a journal entry for the annual depreciation expense. They have adopted a policy of treating book depreciation equal to tax depreciation. Depreciation expense for the year will include:

Depreciation on assets placed in service prior to 2014 is: $86,769

Maximize Sec. 179 expense on assets placed in service in 2014.

Take Sec. 168(k) – 50% Bonus – on new equipment if applicable.

Week 3 Determine Taxable Income:

Determine taxable income. Show all adjustments in the Microsoft® Excel spreadsheet. Footnote references are provided to assist you.

The Dr. has filed his prior tax returns on the cash basis. 

What questions will you ask to be sure he can continue to file on the cash basis? 

You find that in 2014, the Dr. qualifies, and choose to file on the cash basis. His books are kept on the accrual basis. Determine the adjustments needed.

No federal taxes were paid in 2013, and no estimated taxes were paid in 2014.

Within the state tax expense, you find $4,389 is late payment penalties.

While analyzing the financial information, you find that hidden in “Accounts Payable” is $28,953 of accrued salaries. You also find that the salaries were paid in the first week of February. 

Does this have an impact on taxable income?

Determine the accrual to cash adjustments for accounts receivable and accounts payable.

A charitable contribution carryforward of $40,000 is available.

Included in insurance expense is $12,523 of officers’ life insurance. You determine the company is the beneficiary, and each officer is a greater than 20% shareholder.

UOP ACC 455 Week 4 Chapter 6 Issue Identification Questions NEW

UOP ACC 455 Week 4 Chapter 6 Issue Identification Questions NEW

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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.

C:6-29: What tax issues should Cable, John, and Peter consider with respect to the liquidation?

C:6-30: What tax issues should Parent and Subsidiary consider with respect to the bankruptcy and liquidation of Subsidiary?

C:6-31: What tax issues should Harry and Rita consider with respect to this pending liquidation?