V2-SM_ch 12

V2-SM_ch 12 - CHAPTER 12 S CORPORATIONS SOLUTIONS TO...

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CHAPTER 12 S CORPORATIONS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 1 LO 1 Differences: S corporations and partnerships New 2 LO 1 Differences: S corporation and LLC New 3 LO 1 Advantages of S corporation New 4 LO 2 Qualified shareholders Unchanged 4 5 LO 2, 11 S corporations and like-kind exchanges Unchanged 5 6 LO 2, 3 Nonresident alien and making the election Unchanged 6 7 LO 2 Member of family definition Unchanged 7 8 LO 2 Partner as shareholder Unchanged 8 9 LO 3 Election process Unchanged 9 10 LO 4 Reelection after termination Unchanged 10 11 LO 5 Availability to S corporation Unchanged 11 12 LO 6 Schedule M-2 Unchanged 12 13 LO 6, 11 AAA bypass election Unchanged 13 14 LO 6, 8 AAA versus stock basis Unchanged 14 15 LO 6 AAA New 16 LO 8 Stock basis Unchanged 16 17 LO 8 Loan basis Unchanged 17 18 LO 9 Loss passthrough Unchanged 18 19 LO 7 Distribution: loss property Unchanged 19 20 LO 1, 11 C corporation NOL and S election Unchanged 20 21 LO 10 Recognition period for built-in gains tax New 22 LO 10 Earnings and profits and taxes of S corporations New 23 LO 10 Section 1244 stock New *24 LO 5, 6 Subchapter S ordinary income Unchanged 24 25 LO 5 Nonseparately computed income Unchanged 25 *26 LO 6, 8, 9 AAA, stock basis, AEP New 12-1
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12-2 2011 Corporations Volume/Solutions Manual Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition 27 LO 6 Income allocation Unchanged 27 Instructor: For difficulty, timing, and assessment information about each item, see p. 12-4.
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S Corporations 12-3 Status: Q/P Question/ Learning Present in Prior Problem Objective Topic Edition Edition *28 LO 5 Nonseparately computed income New 29 LO 5, 6 Shareholder salaries Unchanged 29 30 LO 6 Distributions Unchanged 30 31 LO 6, 7, 8 Appreciated property and distributions New 32 LO 6, 11 AMT flow-through Unchanged 32 *33 LO 6, 8, 9, 11 Shareholder basis: losses and distributions Unchanged 33 34 LO 6 AAA: losses and distributions Unchanged 34 35 LO 6, 8 Stock basis/AAA Unchanged 35 36 LO 6, 7, 8 Property distribution Unchanged 36 37 LO 6, 7, 8 AAA bypass election Unchanged 37 38 LO 8 Loan basis Unchanged 38 39 LO 8 Loan basis Unchanged 39 40 LO 8 Loan basis Unchanged 40 41 LO 5, 6, 11 Alternative minimum tax Unchanged 41 42 LO 6, 9 Loss allocation Unchanged 42 43 LO 6, 9 Loss allocation New 44 LO 5, 6, 8, 9 Loss allocation Unchanged 44 *45 LO 5, 6, 8 Stock basis Unchanged 47 *46 LO 10 Built-in gains tax Modified 45 47 LO 10 LIFO recapture tax Unchanged 46 48 LO 10 Built-in gains tax Unchanged 47 49 LO 10 Passive investment income tax Unchanged 48 50 LO 5, 6, 10, 11 Family S corporation and reallocation of operating income Unchanged 49 51 LO 11 Liquidation of S corporation Unchanged 50 52 LO 6, 10 Section 1244 stock Modified 52 53 LO 11 Reducing salary to owner Unchanged 53 54 LO 10 Built-in gain Unchanged 54 55 LO 1, 6, 8, 9, 11 Stock basis and NOL New *The solution to this problem is available on a transparency master. Instructor:
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V2-SM_ch 12 - CHAPTER 12 S CORPORATIONS SOLUTIONS TO...

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