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Category > Accounting Posted 06 May 2017 My Price 5.00

ACC 547 Week 4 Tax Law Research Worksheet

ACC 547 Week 4 Tax Law Research Worksheet

Write an APA-formatted response of no more than 100 words for each the following questions

·         What are some common legal entities used for operating a business? What types of business entities does the U.S. tax system recognize? What are tax and nontax advantages of business entities recognized by the tax system?

 

·         What are the statutory requirements of Section 351? What is the definition of control under Section 351? Why does Congress require shareholders to control a corporation to receive a preferential tax treatment? When might a taxpayer not want to meet the requirements of Section 351?

 

·         What is the process for computing a corporation’s taxable income, assuming the corporation must use generally accepted accounting principles (GAAP) to determine financial income? How might this differ for corporations not required to use GAAP?

 

 

·         How do current earnings and profits differ from accumulated earnings and profits? Is there any reason to keep the two accounts separate? How does a corporation’s computation of earnings and profits differ based on the tax treatment of a stock redemption as a dividend as opposed to an exchange?

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SmartExpert
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Status NEW Posted 06 May 2017 04:05 PM My Price 5.00

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