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Acc455 Uop Course Complete Week 3 Homework Aid

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ACC455 UOP Course   Complete Week 3   Homework Aid
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Week 3
Learning Team Week Three Problem Set
Complete the problems found in Ch. 3 & 5 of Prentice Hall’s Federal Taxation 2010: Corporations with your Learning Team.

• 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.

Discussion Questions
DQ 1 How does a corporation compute earnings and profits (E&P)? What income is deferred to a later year when computing taxable income but is included in E&P in the current year? What deductions are allowed for taxable income purposes but denied for E&P?
DQ 2 The corporation owns a building with a $160,000 adjusted basis and $120,000 fair market value. The company has earnings and profits of $200,000. Is it more advantageous for the company to sell the property and distribute the sales proceeds to its shareholders or distribute the property to its shareholders and let them sell the property? Why? If you were a shareholder, what would be most advantageous to you?
DQ 3 What is a stock redemption? What are some reasons for redeeming stock? Why are some redemption treated as sales and others as dividends?

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