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CHAPTER 17 CORPORATIONS: INTRODUCTION AND OPERATING RULES SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Tax and nontax factors in entity selection Unchanged 1 2 Corporation versus partnership: treatment of New income; no distributions 3 Corporation versus partnership: treatment of losses Unchanged 3 4 Corporation versus proprietorship: treatment of Unchanged 4 losses 5 Corporation versus proprietorship and S corporation Modified 5 6 Expenses to avoid double taxation Unchanged 6 7 Taxation of dividends and salary Unchanged 8 8 Check-the-box regulations: classification rules New 9 Capital gain treatment of corporation and individual New 10 Capital loss treatment of corporation and individual Unchanged 10 11 Passive loss rules: closely held C corporations Unchanged 13 and PSCs contrasted 12 Charitable contributions: year of deduction for Unchanged 14 corporate and noncorporate taxpayers 13 Charitable contributions: corporate contribution New of inventory 14 Charitable contributions: year-end planning issues New with carryover 15 NOL, dividends, and LTCL issues Unchanged 16 16 Dividends received deduction: corporate versus Unchanged 17 individual treatment 17 Tax liability of related corporations Unchanged 18 18 Schedule M-1: adjustments Unchanged 19 19 Schedule M-3: objective of schedule Unchanged 20 20 Schedule M-3: income from partnership Unchanged 21 17-1
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17-2 2009 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 21 Financial accounting considerations: FAS 109 New deferred tax assets and liabilities 22 Financial accounting considerations: FIN 48 New applicable entities 23 Compare LTCL treatment for corporations and Unchanged 22 for proprietorships 24 Tax treatment of income and distributions from Unchanged 23 partnership, S and C corporations 25 Corporation versus proprietorship: with Modified 24 distributions 26 Comparison of deduction for casualty loss for Unchanged 25 individual and corporate taxpayers *27 Tax liability determination as proprietorship or Unchanged 26 corporation 28 Capital loss of corporation Unchanged 27 29 Comparison of treatment of capital losses for Modified 28 individual and corporate taxpayers 30 Capital gains and losses of a corporation; Unchanged 29 carryback/carryover 31 Passive loss of closely held corporation; PSC Modified 30 32 Corporate charitable contribution Unchanged 31 33 Charitable contributions of corporation; Modified 32 carryover 34 Timing of charitable contributions deduction: Unchanged 33 taxable income limit 35 Domestic production activities deduction Unchanged 34 *36 Net operating loss: computed with dividends New received deduction *37 Dividends received deduction Modified 36 38 Organizational expenses Unchanged 37 *39 Organizational expenses Modified 38 *40 Determine corporate income tax liability Unchanged 39 41 Controlled group or affiliated group Unchanged 40 42 Schedule M-1, Form 1120 New 43 Schedule M-3, Form 1120 Modified 42 44 Schedule M-3, Form 1120 Modified 43 45 Schedule M-3, Form 1120 Modified 44 46
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