ACC 455 Education for Service--acc455.com

ACC 455 Entire Course
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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
ACC 455 Week 2 DQ 3
ACC 455 Week 2 DQ 4
ACC 455 Week 3 Team Assignment Problem Set
ACC 455 Week 3 DQ 1
ACC 455 Week 3 DQ 2
ACC 455 Week 3 DQ 3
ACC 455 Week 4 Team Assignment Outline for Week 5
ACC 455 Week 4 Individual Assignment Problem Set

ACC 455 Week 4 DQ 1
ACC 455 Week 4 DQ 2
ACC 455 Week 4 DQ 3
ACC 455 Week 4 DQ 4
ACC 455 Week 5 Team Assignment Problem Set
ACC 455 Week 5 DQ 1
ACC 455 Week 5 DQ 2
ACC 455 Week 5 DQ 3
ACC 455 Week 5 DQ 4
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ACC 455 Week 1 DQ 1
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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, (3)
decisions under the small cases procedure of the Tax Court, or (4) Fifth
Circuit Court of Appeals?

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

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ACC 455 Week 1 tax Position Paper (2 Paper)
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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.
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ACC 455 Week 2 Chapter 3 Discussion Questions
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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.
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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 it 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?
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ACC 455 Week 2 DQ 1
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What are the alternative tax years available to a corporation? What
factors should be considered in electing the tax year?
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ACC 455 Week 2 DQ 2

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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?
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ACC 455 Week 2 DQ 3
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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.
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ACC 455 Week 2 DQ 4
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What is the legislative intent behind the corporate alternative minimum
tax (AMT)? Define tax preference items, AMT adjustment, and
minimum tax credit.
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ACC 455 Week 3 Chapter 11 Issue Identification
Questions
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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.

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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?
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ACC 455 Week 3 DQ 1
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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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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 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 Team Assignment Phoenix Medical
Worksheet, Part 1
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ACC 455 Week 3 Team Assignment, Part 1 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.
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ACC 455 Week 4 Chapter 6 Issue Identification
Questions

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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. 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?
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ACC 455 Week 4 Discussion Question Worksheet
(New)
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Week 4 – Discussion Questions Worksheet 1. The holding company
Port, Inc. is owned 50% by John and 50% by Peter. The company
invests in real estate bonds and stocks, land and buildings from different
enterprises, including Omega, Inc.; Landside, Inc.; and Best Properties,

LLC. In order to avoid personal holding company tax, Peter and John
plan to liquidate Port, Inc. within the next quarter. Please consider the
following questions with respect to this case: a. In which case would
the open transaction doctrine apply to Port, Inc.? b. Can Port, Inc.
change its market composition/activities to decrease personal holding
company tax? 2. Nancy owns 25% of Mayfair Corporation stock. She
currently has $200,000 adjusted basis. She is a cash basis accounting
taxpayer. Mayfair has indicated that they will issue a year-end, $270,000
liquidating distribution to Nancy for year 2016. This distribution will be
paid on January 3, 2017 . a) What is the amount of gain or loss that
Nancy will report in 2016? b) What about in 2017? Please explain in
detail or provide calculations. c) How would your answer differ if
Nancy was an accrual method accounting taxpayer. 3. The Best of
Boston, Inc. is a company that provides customized tourist services, such
as charters and sightseeing tours in the city of Boston. The company is
owned 75% by Linda Smith and 25% by her sister, Amy Smith. Linda
has recently married and she is moving with her husband to New York
City. As such, Linda and Amy have decided to liquidate the business.
Linda will open a new business, the Best of New York, once she is
settled. She has decided to take two small vans that belong to Best of
Boston, Inc. as her final distribution. Amy, on the other hand, will keep
the existing savings of $50,000. Please consider the following questions
with respect to this case: a. Assume you are Best of Boston’s
accountant. Would you suggest an alternate strategy to minimize or
avoid liquidation tax? b. What gain or loss would Amy recognize? c.
Would Best of Boston recognize a loss on the distribution of the two
vans?
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ACC 455 Week 4 DQ 1
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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 4 DQ 2
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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 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 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 Team Phoenix Medical Part 2 (Form
1120)
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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.
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ACC 455 Week 5 Chapter 5 Discussion Questions
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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. C:5-1 Explain Congress’
intent for enacting the AMT. C:5-2 Define the following terms relating

to the AMT: C:5-3 Dunn Corporation is not a small corporation exempt
from the AMT. Dunn’s CPA does not calculate the AMT because he
knows that Dunn’s taxable income is less than the $40,000 AMT
exemption amount allowed to corporations. Is the CPA correct in his
belief? Explain. C:5-4 What special rules (if any) apply to the AMT
calculation for the following entities: C:5-5 Agnew Corporation operates
a small manufacturing business. During Year 1 (its first tax year, which
is 12 months long), Agnew sells goods for $3.8 million for which the
cost of goods sold is $2.8 million. Agnew’s owner estimates that future
sales and cost of goods sold will grow by 25% each year. Agnew is not
related to any other corporations. Is Agnew exempt from the AMT in
Year 1? In any of the next five years? Explain. C:5-6 Menifee
Corporation has conducted business for several years, and its annual
gross receipts never have been more than $4 million. Jackie, who has
owned all of Menifee’s stock since she incorporated it, purchases all of
Estill Corporation’s stock in the current year. Estill’s annual gross
receipts have been approximately $6 million in recent years. C:5-6
Menifee Corporation has conducted business for several years, and its
annual gross receipts never have been more than $4 million. Jackie, who
has owned all of Menifee’s stock since she incorporated it, purchases all
of Estill Corporation’s stock in the current year. Estill’s annual gross
receipts have been approximately $6 million in recent years. Explain to
Jackie how her acquisition of Estill’s stock will affect the AMT that
Menifee pays. C:5-7 Determine whether the following statements
relating to the AMT for a corporation are true or false. If false, explain
why. C:5-8 Identify each of the following as a tax preference item
(PREF), an AMT adjustment item to calculate preadjustment AMTI
(ADJ), an item to adjust from preadjustment AMTI to ACE (ACE), or
none of these (NONE): C:5-9 What adjustment does a corporation make
if ACE is more than preadjustment AMTI? If ACE is less than

preadjustment AMTI? C:5-10 Florida Corporation incurs AMT for the
first time in the current year. The main reason for incurring the AMT is a
$2 million gain on a current year installment sale that Florida is
recognizing over ten years for regular tax purposes. Explain to Florida’s
president how the installment sale can cause Florida to incur the AMT,
how its treatment for ACE is similar to and different from the E&P
treatment with which she is familiar, and whether its ACE treatment will
partially or completely reverse in future years.
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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 5 DQ 2

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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 3
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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?
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ACC 455 Week 5 DQ 4

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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 Team Assignment Part 3 (Form
1065)
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ACC 455 Week 5 Team Assignment, Part 3 Utilizing the included
resources, complete tax Form 1065. Click the Assignment Files tab to
submit your assignment as a Microsoft® Word document.
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ACC 455 Education for Service--acc455.com

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