WEST CH 2 SOLUTIONS (2007)

WEST CH 2 SOLUTIONS (2007) - Path...

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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-002_V2-SM.3d Date: 15th April 2006 Time: 18:56 User ID: 40223 CHAPTER 2 CORPORATIONS: INTRODUCTION AND OPERATING RULES SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Tax and nontax factors in entity selection New 2 Partnership capital gain and withdrawals Unchanged 2 3 Corporation versus proprietorship Unchanged 3 4 Corporate tax versus partnership tax Unchanged 4 *5 Corporate versus individual taxation New 6 Expenses to avoid double taxation Unchanged 6 7 Unreasonable compensation Unchanged 7 8 Taxation of dividends and salary New 9 Check-the-box rules Unchanged 9 10 Benefits of LLC Unchanged 10 11 Fiscal year election for corporation New 12 Cash method of accounting limitations Unchanged 12 13 Accrual method required Unchanged 13 14 Capital loss treatment of corporation and individual Unchanged 14 *15 Capital gain treatment for corporations, individ- uals, and LLC New 16 LTCL of individuals and corporations Unchanged 16 17 Passive loss rules: closely held C corporations and PSCs contrasted Unchanged 17 18 Passive loss deduction for closely held corporation and personal service corporation Unchanged 18 19 Tax treatment of charitable contributions for corporate and noncorporate taxpayers Unchanged 19 20 Production activities deduction New 21 Organizational and start-up expenses Unchanged 21 22 Dividends received deduction New 23 Organizational expenditures and start-up expenditures Unchanged 23 24 Start-up expenditures Unchanged 24 25 Tax liability of related corporations Unchanged 25 2-1
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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-002_V2-SM.3d Date: 15th April 2006 Time: 18:56 User ID: 40223 Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 26 Schedules M-1 and M-3 New 27 Differences between taxable income and accounting income Unchanged 27 28 Schedule M-3 Unchanged 28 29 Compare LTCL treatment for corporations and for proprietorships Unchanged 29 30 Tax treatment of income and distributions from partnership, S and C corporations New 31 Corporation net income taxation, cash distribu- tion to owner versus proprietorship with cash distribution, new rules on dividend taxation New 32 Taxation of corporation versus proprietorship Unchanged 32 *33 Taxation of corporation versus proprietorship New 34 Comparison of deduction for casualty loss for individual and corporate taxpayers Unchanged 34 *35 Tax liability determination as proprietorship or corporation Unchanged 35 36 Salary requirements for use of fiscal year by personal service corporation New 37 Capital loss of corporation Unchanged 37 38 Salary deduction under cash and accrual accounting Unchanged 38 39 Comparison of treatment of capital losses for individual and corporate taxpayers Unchanged 39 40 Capital gains and losses of a corporation; carryback/carryover New 41 Passive loss of closely held corporation; PSC Unchanged 41 42 Charitable contributions of corporation
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This homework help was uploaded on 04/06/2008 for the course ACC 355 taught by Professor Mears during the Spring '07 term at Delaware County CC.

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WEST CH 2 SOLUTIONS (2007) - Path...

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