Chapter 8: What is the definition of control for purposes of section 351? Why does Congress require the shareholders to control a
corporation to receive tax deferral? Explain whether the receipt of boot by a shareholder in a section 351 transaction causes
Chapter 14: Identify the features common to the gift tax formula and the estate tax formula. Fred is retired
and living on a pension. He has accumulated almost $1 million of property he would like to leave to his
children. However, Fred is afraid much of
Chapter 2: Explain the reasoning behind the tax laws requiring the cost of certain assets to be capitalized
and recovered over time rather than immediately expensed. What similarities and dissimilarities are there
between depreciation, amortization, and d
Chapter 9: What is the rationale for requiring partners to defer most gains and all losses when they
contribute property to partnerships? What are inside basis and outside basis and why are they relevant for
taxing partnerships and partners?
Chapter 4: How do business owners create legal entities and is the process the same for all entities? If not,
what are the differences? What is the operating agreement for an LLC? Are operating agreements required
for limited liability companies? If not,
Chapter 11: How do the tax laws treat family members for purposes of limiting the number of owners an S
corporation may have? In what circumstances could a calendar-year C-corporation make an election on
February 1, year 1, to be taxed as an S corporation
Chapter 6: Briefly describe the six-step process by which a company computes its income tax provision.
How does a company determine if a deferred tax asset or liability should be classified as current or
noncurrent on its balance sheet?
The six steps to c