Write my essay on ACC/455 ACC455 ACC 455 Week 4 Complete

ACC 455 Week 4 Complete DQ1.Answer one of the following two questions What are separately stated items on a K-1? Why is it necessary to separate these items from ordinary income? Or What is the difference between a distribution and a distributive share? How do these affect the owner- K-1 and individual taxes? DQ2.Answer one of the following three questions Bob and Carol want to open a bed and breakfast inn as soon as they buy and renovate a turn-of-the-century home. What would be the major disadvantage of using a general partnership rather than a corporation for this business? Should they consider any other form for structuring their business? Or Sam wants to help his brother, Lou, start a new business. Lou is a capable auto mechanic but has little business sense, so he needs Sam to help him make business decisions. Should this partnership be arranged as a general partnership or a limited partnership? Why? Should they consider any other form for structuring their business? Or Yvonne and Larry plan to begin a business that will grow plants for sale to retail nurseries. They expect to have substantial losses for the first three years of operations while they develop their plants and their sales operations. Both Yvonne and Larry have substantial interest income, and both expect to work full-time in this new business. List three advantages for operating this business as a partnership instead of a C corporation DQ3.Answer one of the following two questions What is an inadvertent termination? What actions must the S corporation and its shareholders take to correct an inadvertent termination? OR After an S corporation revokes or terminates its Selection, how long must the corporation wait to make a new election? What circumstances permit an early reelection? Individual Assignment – Week Four Problem Set Complete the problems found in Ch. 4 & 6 of Prentice Hall- Federal Taxation 2010: Corporations. • C: 6-5 Discussion Question – Tax consequences of distributions (Ch. 6) • C: 4-29 Problem – Current E&P Computation (Ch. 4) • C: 4-52 Problem – Comparison of Dividends and Redemptions (Ch. 4) 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.
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