V2-SM_ch 02

V2-SM_ch 02 - CHAPTER 2 CORPORATIONS INTRODUCTION AND...

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CHAPTER 2 CORPORATIONS: INTRODUCTION AND OPERATING RULES SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 1 LO 1 Choice of entity: tax and nontax factors Unchanged 1 in entity selection 2 LO 1 Corporation versus S corporation: treatment New of loss; no distributions 3 LO 1, 7 Corporation versus proprietorship: treatment Unchanged 3 of losses 4 LO 1, 2 Corporation versus LLC: treatment of Unchanged 4 losses 5 LO 1 Corporation versus LLC and S corporation Unchanged 5 6 LO 1, 7 Closely held corporations: shareholder New transactions 7 LO 1 Closely held corporations: shareholder Unchanged 7 transactions 8 LO 1 Choice of entity: nontax considerations Unchanged 8 9 LO 1 LLC: sole member default rule New 10 LO 2 Similarities and differences between New individual and corporate taxation 11 LO 2 Accounting periods: PSC defined and New fiscal year limitation 12 LO 2 Accounting methods: limitation on cash Modified 12 method 13 LO 2 Accounting methods: limitation on accrual Unchanged 13 of expenses to cash basis related party 14 LO 2 Net capital gain: corporation and Unchanged 14 individual contrasted 15 LO 2 Net capital loss: corporation and Unchanged 15 individual contrasted 16 LO 2 Recapture of depreciation: § 291 adjustment New 17 LO 2 Passive loss rules: closely held C Unchanged 16 corporations and PSCs contrasted Instructor : For difficulty, timing, and assessment information about each item, see p. 2-5. 2-1
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2-2 2011 Corporations Volume/Solutions Manual Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 18 LO 2 Passive loss rules: closely held C Modified 17 corporation 19 LO 2 Charitable contributions: year of deduction Unchanged 18 for accrual basis corporation 20 LO 2 Charitable contributions: corporate New contribution of inventory 21 LO 2, 7 Charitable contributions: year-end planning Unchanged 20 issues with carryover 22 LO 2 Domestic production activities deduction: New computation 23 LO 2, 3, 7 NOL, dividends, and LTCL issues Unchanged 22 24 LO 1, 3 Dividends received deduction: corporate Modified 23 versus individual treatment 25 LO 3 Dividends received deduction: 45-day Unchanged 24 holding period 26 LO 3 Dividends received deduction: debt- New financed stock limitation 27 LO 3 Organizational and startup expenditures Unchanged 26 contrasted 28 LO 4 Corporate income tax rates: PSC exception Unchanged 27 29 LO 5 Tax liability of related corporations Unchanged 28 30 LO 6 Schedule M-1: adjustments Modified 29 31 LO 6 Schedule M-3: objective of schedule Unchanged 30 32 LO 6 Schedule M-3: reconciliation of expense Unchanged 31 item 33 LO 1 Compare LTCL treatment for regular Unchanged 34 corporations and S corporations 34 LO 1 Tax treatment of income and distributions Unchanged 35 from partnership, S and C corporations 35 LO 1, 2 Corporation versus proprietorship: salary New versus dividends; LTCG 36 LO 1, 2 Corporation versus single-member LLC:
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  • Spring '10
  • SMITH
  • Taxation in the United States, Analytic Analytic Analytic, Reflective Thinking Analytic Analytic | Reflective Thinking Analytic Analytic Analytic | Reflective Thinking Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic | Reflectiv

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V2-SM_ch 02 - CHAPTER 2 CORPORATIONS INTRODUCTION AND...

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