1. ACC 455 Entire Course: University of
Phoenix: New Updated Course
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ACC 455 Week 1 Individual Assignment 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.
Week 1 DQ1
What business entities are available for a new business? What are the tax and nontax
advantages of each form? Select two business types and provide an example of when that
selection is most appropriate from a tax perspective and from a nontax perspective.
Week 1 DQ2
Once a business has elected its tax status using check-the-box regulations, what options are
available if it needs to change its tax status? What should a business consider before
electing to change its tax status?
Week 1 DQ3

2. Do the following decisions have the same precedential value: (1) Tax Court regular
decisions, (2) Tax Court memo decisions (3) decisions under the small cases procedure of
the Tax Court? Why?
ACC 455 Week 2 Individual Assignment Week Two
Problem Set
Complete the problems found in Ch. 2 of Prentice Hall’s Federal Taxation 2010: Corporations.
C:2-3 Black LLC
C:2-54 Bear Corporation
C:2-55 Wildcat Corporation
C:2-56 Tax Strategy for Wildcat Corporation
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.
ACC 455 Week 2 Learning Team Week Two
Discussion Question
What are the requirements for the following deductions: U.S. production activity deduction,
dividend received deduction, and net operating loss? Discuss any recent legislative changes.
Week 2 DQ1
What are the alternative tax years available to a corporation? What factors should be
considered in electing the tax year?
Week 2 DQ2
What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define
tax reference items, AMT adjustment, and minimum tax credit.

3. ACC 455 Week 3 Learning Team Assignment 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.
Week 3 DQ1
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?
Week 3 DQ2
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?
Week 3 DQ3
What is a stock redemption? What are some reasons for redeeming stock? Why are some
redemption treated as sales and others as dividends?

4. ACC 455 Week 4 Individual Assignment Week Four
Problem Set
Complete the problems found in Ch. 4 & 6 of Prentice Hall’s 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.
ACC 455 Week 4 Learning Team Week Four
Discussion Question
Sue and Bill plan to open an accounting firm and expect to work full time in the firm. They
expect to incur a small loss during their first year of operation and expect to be profitable after
the first year. What are the tax law requirements for structuring the business as a partnership or
an S corporation? Which would you recommend and why?
Week 4 DQ1
Bob and Dave plan to start a business. Bob will contribute land and Dave will contribute
services. Would you recommend this business be formed as a partnership or as an S
corporation? Why?
Week 4 DQ2
What are separately stated items on a K-1? Why is it necessary to separate these items
from ordinary income?
ACC 455 Week 5 Learning Team Assignment Week
Five Problem Set

5. Complete the problems found in Ch. 9, 10, & 11 of Federal Taxation 2010: Corporations with
your Learning Team.
C:9-32 Problem – Partnership Income and Basis Adjustments (Ch. 9)
C:11-37 Problem – Determination of Pass-Throughs and Stock Basis Adjustments (Ch. 11)
C:10-1 Discussion Question (Ch. 10)
C:11-31 Problem – Termination of the Election (Ch. 11)
C:11-56 Comprehensive Problem – Comparison of Entity Formations (Ch. 11)
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.
Week 5 DQ1
What is an inadvertent termination of an S election? How does an S corporation and its
shareholders rectify an inadvertent termination? What could happen if a company fails to
rectify the termination?
Week 5 DQ2
A C corporation has incurred substantial losses and the owners have decided to close the
business. What considerations should the owners make in this termination? Should they
consider making an S election and then later, terminating the S corporation? If you were
their tax advisor, what would you recommend?