ACC 455 Entire Course

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ACC 455 Week 1 DQ 1

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

ACC 455 Week 2 DQ 1
What are the alternative tax years available to a corporation? What factors should be considered in electing the tax
year?
ACC 455 Week 2 DQ 2

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?
ACC 455 Week 2 DQ 3
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 4
What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items,
AMT adjustment, and minimum tax credit.
ACC 455 Week 2 Individual Assignment Problem Set
Complete the problems found in Ch. 2 of Prentice Halls Federal Taxation 2010: Corporations.

C:2-6
C:2-40
C:2-45

Read the scenario and respond to the questions.

Support your answers with calculations, as needed.
Show your work.
Submit your completed assignment as a Microsoft Excel, a Microsoft Word, or a PDF document.
ACC 455 Week 2 Team Assignment Outline for Week 3
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
ACC 455 Week 3 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?
ACC 455 Week 3 DQ 2
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
ACC 455 Week 3 DQ 3
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 Team Assignment Problem Set

Complete the problems found in Ch. 3 & 5 of Prentice Halls 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.
Submit your completed assignment as a Microsoft Excel, a Microsoft Word, or a PDF document.
ACC 455 Week 4 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?
ACC 455 Week 4 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?
ACC 455 Week 4 DQ 3
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 4
What is the difference between a distribution and a distributive share? How do these affect the owners K-1 and
individual taxes?
ACC 455 Week 4 Individual Assignment Problem Set
Complete the problems found in Ch. 4 & 6 of Prentice Halls 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.
Submit your completed assignment as a Microsoft Excel, a Microsoft Word, or a PDF document.
ACC 455 Week 4 Team Assignment Outline for Week 5
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
ACC 455 Week 5 DQ 1
What is a liquidating distribution? What is a nonliquidating distribution? Provide an example of each.
ACC 455 Week 5 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?
ACC 455 Week 5 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 S election?
ACC 455 Week 5 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?
ACC 455 Week 5 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.