WFT_Ch 12_Vol 2_SM

WFT_Ch 12_Vol 2_SM - Path:

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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-012_V2-SM.3d Date: 13th April 2006 Time: 10:58 User ID: 40520 CHAPTER 12 S CORPORATIONS SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Treatment of S corporations New 2 Tax differences: partnerships versus S corporation Unchanged 1 3 Use of NOL carryovers Unchanged 2 4 Major requirements Unchanged 3 5 S corporations and like-kind exchanges Unchanged 4 6 Nonresident alien Unchanged 5 7 Straight debt Unchanged 6 8 Valid shareholders New 9 Passive investment income New 10 Reelection after termination Unchanged 7 11 Treatment of a LTCG Unchanged 8 12 Schedule M Unchanged 9 13 AAA bypass election Unchanged 10 14 AAA versus stock basis Unchanged 11 15 Other adjustments accounts New 16 Stock basis Unchanged 12 17 Debt basis New 18 Built-in gains tax Unchanged 13 19 Unexpired NOLs Unchanged 14 20 C corporation NOL and S election Unchanged 15 21 LIFO taxpayer Unchanged 16 22 Double taxation New 23 Low compensation New *24 Subchapter S taxable income Unchanged 17 25 Nonseparately computed income Unchanged 18 *26 Nonseparately computed income Unchanged 19 27 Income allocation Unchanged 20 *28 AAA Unchanged 21 29 Distributions Unchanged 22 30 Distributions Unchanged 23 31 Appreciated property Unchanged 24 32 AMT flow through Unchanged 25 12-1
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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-012_V2-SM.3d Date: 13th April 2006 Time: 10:58 User ID: 40520 Question/ Problem Topic Status: Present Edition Q/P in Prior Edition *33 Shareholder basis: losses and distributions Unchanged 26 *34 AAA: losses and distributions Unchanged 27 *35 Stock basis/AAA Unchanged 28 *36 Distribution Unchanged 29 37 AEP bypass election Unchanged 30 38 Loan basis New 39 Loan basis New 40 Loan basis New 41 Alternative minimum tax Unchanged 31 42 Loss allocation Unchanged 32 43 Loss allocation Unchanged 33 44 Loss allocation Unchanged 34 *45 Built-in gains tax Unchanged 35 46 Built-in gains tax Unchanged 36 *47 Passive investment income tax Unchanged 37 48 Passive investment income tax Unchanged 38 *49 Stock basis Unchanged 39 50 Built-in gains tax Unchanged 40 51 Family S corporation and reallocation of operating income Unchanged 41 52 Liquidation of S corporation Unchanged 42 53 Section 1244 stock Unchanged 43 54 Section 1244 stock New 55 Reducing salary to owner Unchanged 44 56 Built-in gain Unchanged 45 57 Stock basis and NOL New Comprehensive Tax Return Problem Computing taxable income, Schedule K-1 items, adjustments New Research Problem 1 Bad debt versus stock redemption Unchanged 1 2 Passive activity losses Unchanged 2 3 Guaranteed loans Unchanged 3 4 Exempt organization Unchanged 4 5 Internet activity New 6 Internet activity Unchanged 6 7 Internet activity Unchanged 7 8 Internet activity Unchanged 8 *The solution to this problem is available on a transparency master.
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This note was uploaded on 10/07/2008 for the course ACC 355 taught by Professor Mears during the Spring '07 term at Delaware County CC.

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WFT_Ch 12_Vol 2_SM - Path:

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