ACCT 424 All Weeks Discussions

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Week 1 DQ 1

We all have great ideas for a business but don’t think out the tax consequences for formation. For this discussion, please tell me what type of business you are interesting in starting. Now, what entity works best for your business? Why?

Week 1 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 2, problem 33 on page 2-47.

Week 2 DQ 1

Just when you thought you had the calculation of a corporation’s taxable income down (last week), Congress throws us a few more curves—and, in some instances, an entirely different way of calculating a corporation’s taxable income! Chapter 3 introduces us to two of these big special situations: the PAD and the corporate AMT. Let’s start at the beginning: What are they, and why are they here? Pick one and enlighten us!

Week 2 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 3, problem 33 on page 3-35.

Week 3 DQ 1

Indeed, sometimes 1 plus 1 does equal 1—at least in the merging and reorganization of corporations. As we see in the news almost weekly, one company agrees to purchase another, or two companies decide to merge. You get the idea. What are the tax consequences of such transactions? As we’ve learned and revisited again and again, transactions between unrelated parties, such as two corporations, are generally fully taxable, and the parties involved will generally recognize gain or loss on these transactions as a result. Does this general rule apply to corporate mergers and reorganizations as well? If not, why and how?

Week 3 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 7, problem 26 on page 7-42.

Week 4 DQ 1

In enacting Subchapter S of the Code, Congress intended to give a certain group of corporations a break from the burden of double taxation. Tautologically, then, there must be limitations on which corporations can select S corporation status in the first place! Provide an example of one such limitation, including the text of the Code section that provides the limitation. (We might as well get a look at a verbatim Code section or two during the course of this class!)

Week 4 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 12, problem 24 on page 12-38.

Week 5 DQ 1

As we’ve learned this week, choosing a partnership as a tax entity has consequences different from those that arise from choosing the corporate form. Many of them can be quite dramatic, particularly if things go sour or if catastrophic, unforeseen circumstances arise—and many of them don’t have a thing to do with taxes. What are some of the more significant nontax consequences of choosing the partnership form? Which do you think is the most important? Why?

Week 5 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 10, problem 27 on page 10-44.

Week 6 DQ 1

As we now know all too well, virtually every tax system has two major components: the thing that is being taxed (otherwise known as the tax base) and the rate at which it is taxed (known, appropriately enough, as the tax rate). With the income tax, the base is, well, income. Contrary to what Congress might have you believe, however, the base of the death tax is not death. Rather, it’s the size of the decedent’s estate. How is this determined and, in particular, what is the starting point for this determination? The answer is the gross estate.

Week 6 DQ 2

Think of the workout room as a classroom chalkboard that will be used to discuss and work on problems each week. So, who will be the first brave student? Please start with Chapter 18, problem 38 on page 18-45.

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