Indicate whether the statement is true or false.
1. A property distribution from a partnership to a partner is generally taxable to the partner.
2. For Federal income tax purposes, a distribution from a partnership to a partner i
Taxes Week 1
1. What is meant by revenue neutrality?
2. In terms of asset acquisitions, what tax provisions can congress use to control the
3. List some tax provisions that encourage particular industries.
4. What economic objective is
1Chapter 1 - The Demand for Audit and Other Assurance Services
1-1 The relationship among audit services, attestation services, and assurance services is reflected in Figure 1-3 on page 13 of the text. An assurance service is an independent professional s
Chapter 12-13 Exam
Indicate whether the sentence or statement is true or false.
1. An S corporation is allowed to own wholly owned S corporation subsidiaries
2. Organizational costs are usually amortized over 72 months (if elected).
Module B - Professional Ethics
MODULE B Professional Ethics LEARNING OBJECTIVES
Review Checkpoints 1. Understand general ethics and a series of steps for making ethical decisions. 2. Reason through an ethical decision problem using the imperative, utilita
Indicate whether the statement is true or false.
1. Sometimes also known as transaction taxes, Federal gift and estate taxes are excise taxes.
2. A lifetime transfer that is supported by full and adequate consideration is not a g
SOLUTIONS TO PROBLEM MATERIALS
Partnerships versus S corporations
S election versus LLC
Use of a qu
Your Success Is Our Greatest Achievement!
Course Number and Title:
Term and Year:
Final Withdrawal Date:
ACC 3610 Taxation II
3 Semester Hours
2, Winter 2014
2/3 of course material has been completed
What did John Locke claim about the laws of nature?
That we should not harm anyone's life, health, liberty or happiness.
That humans are essentially selfish and act out of self interest
That no moral action is right or wrong, there are only rig
ANSWERS TO HOMEWORK
If shareholders have high marginal rates relative to C corporation rates, it may be
desirable to avoid S corporation status. Although C corporation earnings can be subject to double
taxation, good tax pl
I. General set up of the page
Spacing - double-spaced
Paper size - standard-sized paper (8.5" x 11")
Margins - 1" margins on all sides.
Font - 10-12 pt. Times New Roman font or a similar font.
II. Layout of the paper
A. Title Page - In
CHAPTER 27 HOMEWORK SOLUTIONS
No gift took place when Mike created the trust in 2004 because the transfer was
incomplete. In 2009, however, the release of the power to revoke made the gift complete.
Now Mike has made two gifts: a life estate to his
Chapter 11: Partnerships: Distributions, Transfers of Interests, and Terminations"
Skip L.O. 5 and L.O. 7 through L.O. 11
Two main transactions we will discuss: distributions from PS to partner and the sale of a
Target corporation recognizes gain in certain situations.
Target distributes its appreciated property to its shareholders as part of the
reorganization. The gain equals the fair market value of the property
distributed less its adjusted basis.
Shareholders recognize gain (but not loss) under 356 they receive boot as part of the
consideration in the reorganization.
Gain recognized is equal to the lesser of boot received or gain realized on the
Recognized gain is a divide
Summary of the Different Types of Reorganizations
Types of reorganizations available under 368(a)(1) include the following.
Type A includes statutory mergers and consolidations (stock for assets).
Type B requires that the acquiring corporation give sol
Tied the following examples to the Big Picture on Page 1: Example 4, 11, 12, 14, 23, 25,
Updated the tax treatment for dividends for expected revision to ordinary tax treatment in
Added Example 40 demonstrating the allocation of
SUMMARY OF CHANGES IN THE CHAPTER
The following are notable changes in the chapter from the 2011 Edition. For major content
changes, see the Preface to the Instructors Edition of the text.
Replaced Global Tax Issues titled U.S. Bankruptcies hav
TA B L E
CORPORATION PRACTICE SETPaddle Play, Inc.
Information for Instructors . 21
S CORPORATION PRACTICE SETThe Earth Bag Corp.
Solution . 27
Information for Instructors . 49
PARTNERSHIP PRACTICE SETFold & Go SunWear
Chapter 7 Solutions
Corporations: Reorganizations (2011 edition)
updated: August 13, 2010
Acquisitive Type D reorganization. White, the larger corporation, transfers its assets to
Red, the target, in exchange for a controlling interest in Red.
2010 Deloitte Tax Case Study Competition
Case Study Solution
Requirement 1: Undergraduate students only
What is the authority allowing the U.S. Congress to impose taxes? How is tax legislation
initiated, adopted, and passed? At the beginning of our story,
The CRUD cycle describes the elemental functions of a persistent database. CRUD
stands for Create, Read, Update and Delete. (Retrieve may occasionally be substituted
for Read.) These functions are also descriptive of the data life cycle.