ACC 455 Week 1 Individual Tax Return
Position Paper
Suppose you have a concern about
taking a particular position on a tax return.
Write a 700- to 1,050-word paper that discusses the
following:
- What are the primary sources of tax law?
- What are the secondary sources of tax law?
- What is substantial authority?
- What is the role of the courts and the Internal Revenue Service in interpreting and applying the sources of tax law?
Format your paper consistent with APA guidelines.
Discussion Questions
DQ 1 What business entities are available for a newbusiness? What are the tax and nontax advantages of each form? Select twobusiness types and provide an example of when that selection is mostappropriate from a tax perspective and from a nontax perspective.
Read the scenario and respond to the
questions.
Support your answers with
calculations, as needed.
Show your work.
Submit your completed assignment as
a Microsoft® Excel®, a Microsoft® Word,
or a PDF document.
- C:3-3 Discussion Question – Case Scenario on Tax Elections (Ch. 3)
- C:5-8 Discussion Question – Identify Items as AMT Adjustment or Preference (Ch. 5)
- C:3-37 Problem – Charitable Contributions of Property (Ch. 3)
- C:3-64 Tax Form /Return Preparation Problem – Knoxville Musical Sales Inc. Tax Return Preparation (Ch. 3)
Read the scenario and respond to the
questions.
Support your answers with
calculations, as needed.
Show your work.
Submit your completed assignment as
a Microsoft® Excel®, a Microsoft® Word,
or a PDF document.
- Initial answers to each Discussion Starter Question will be at least 200-300 words. Outside research may be necessary and please include references and citations using APA 6th edition standards. I do not count repeating the question or your signature block toward the 200-300 minimum word count for DSQ initial answers. Discussion Starter Questions (DSQs) initial responses do count toward participation, and are not mandatory. However, your responses to these DSQs will help to start our more informal class discussions. As you reply to others’ initial DSQ responses by asking questions, adding ideas, making connections to the readings, etc., you will be creating the substantive messages that will also count toward your participation grade. Note: The participation requirement for University of Phoenix, Online Campus students is that you must post eight substantive messages over at least 3 days each week.
- Explain why you agree or disagree, and add some examples to support your belief.
- Relate your personal or work experiences to the topic at hand.
- Ask additional questions of your classmates.
- Make connections between the topics at hand and the readings in the text. • Add ways you can apply the lessons from the class in your work and educational life.
- For the current year, Water reports an $80,000 long-term capital loss and no capital gains.
- Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation.
- Water paid fines and penalties of $6,000 that were not deducted in computing taxable income
- In computing this year’s taxable income, Water deducted a $20,000 NOL carryover from a prior tax year.
- Water claimed a $10,000 U.S. production activities deduction.
- Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.
- In Part a, what would be the tax consequences if Bailey were a corporation?
- What are the tax consequences to Checker and to Bailey (an individual) if Bailey surrendersall her stock in a redemption qualifying for sale treatment?
- In Part c, what would be the tax consequences if Bailey were a corporation?
- Which treatment would Bailey prefer if Bailey were an individual? Which treatmentwould Bailey Corporation prefer?
- Compute the partnership’s ordinary income and separately stated items.
- Show Mark’s and Pamela’s shares of the items in Part a.
- Compute Mark’s and Pamela’s ending basis in their partnership interests assuming
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