Ch-12. S Corps-2015 C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 1 of 8
|
|
- Samson Hopkins
- 5 years ago
- Views:
Transcription
1 Ch-12. S Corps-2015 C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 1 of 8 1 A 2 D 3 C Total One Owner Form 1040 Basis Stockholder A, Basis in Stk $100,000 Taxable Income $300,000 $100,000 $100,000 $100,000 Municipal interest $30,000 $10,000 $10,000 Distributions $120,000 $40,000 ($40,000) 3 C Amount of income for one owner $100,000 4 C Basis for Shareholder A $170,000 5 D Total AAA Taxable Income $300,000 $300,000 Municipal interest $30,000 Distributions $120,000 ($120,000) AAA Balance $180,000 6 C S Corporation Losses Owner's loss deduction is limited to basis in stock and amount of loan to S corporation. Cannot count share of corporate debt to others in computing basis of stock. Facts Bob's Basis Investment in the S corporation $7,000 $7,000 Loan to S Corporation by Shareholder 6,000 6,000 S Corporation loan from bank 10,000 Limit on loss deduction $13,000 Amount of S corporation loss for year $40,000 Bob's share of S corp. loss for year $20,000 Amount of Bob's deduction this year $13,000 7 D S Corp. Distribution E & P AAA Basis 1040 income Beginning Bal. $40,000 $30,000 $50,000 Income for year $100,000 $100,000 $100,000 Subtotal $40,000 $130,000 $150,000 $100,000 Distribution $150,000 First layer (AAA) $130,000 ($130,000) ($130,000) $0 Next layer (E&P) $20,000 ($20,000) $20,000 Subtotal $0 $0 $0 $120,000 Total income recognized by Joe $120,000 Ending basis $20,000 8 A Bern Corporation Loss for year $365,000 $365,000 Days in year 365 Loss per day 1,000 Loss for 60 days for all stock 60 60,000 Loss for 60 days for 50% of the stock 30,000 $30,000 Note that this is the share of the loss. Basis of stock is determined at the stockholder level. He will be able to deduct $10,000.
2 Ch-13-Compare Organ-2015 C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 2 of 8 9 C 10 Facts Basis-S Corp Partnership Investment in the a business $7,000 $7,000 $7,000 Business obtained a loan from bank 10, Limit on loss deduction $7,000 $12,000 Amount of business loss for year $40,000 Owner's share of loss for year $20,000 $0 10 D Amount of loss deduction - S corp $7, B Amount of loss deduction - Partnership $12,000 Facts for next 3 questions Walter contributed land to a new business in return for a 50% ownership interest. On the same day, another investor contributed cash of $100,000 for a 50% interest. Walter's land had a FMV of $140,000, an adjusted basis to Walter of $20,000. Walter's land was subject to a $40,000 mortgage which was assumed by the new business. 12 A What was Walter s recognized gain if the new business is a C corporation of a partnership? 13 A What is Walter's basis of his interest, if it is a C corporation of a partnership 14 C What is the basis of the land to the new business if it is a C corporation of a partnership? 1. Stockholder's Gain or Loss on Exchange 351, 357(c) 1 Value of all consideration received by stockholder: 2 Value of Stock received $100,000 3 Value of Other Assets received 4 Liabilities assumed the other party 40,000 5 Minus: Cost of all property transferred to corp. (20,000) 6 Equals Gain Realized $120,000 7 Recognized Gain: Lesser of gain realized or 12 A 8 boot (include excess debt) received 20, Stockholder's Basis in Stock Received 358(a)(1) 9 Basis of all property transferred to Corporation 20, Plus gain recognized 20, Minus boot received (include all debt transferred) (40,000) 13 A 12 Equals basis of stock received $ Corporation's Gain on the Exchange 118(a), 1032 $0 4. Corporation's Basis in Property Received 362(a) 14 Basis of non-cash property transferred by stockholder 20, Add: Gain recognized by stockholder 20, C 16 Equals: Basis of non-cash property to corporation $40, Partner's Gain on investment in Partnership 721,752,731 Note: "Partner-1" is investing in the Partnership. 1 Partner-1's asset had a VALUE of $140,000 2 Partner-1's asset had a BASIS of $20,000 3 Partnership capital % received by Partner-1 50% 4 Partnership capital % of other partners 50% 5 Partnership's debt before investment 6 Partnership's debt assumed by Partner-1 752(a) 7 Partner-1's debt assumed by PARTNERSHIP 40,000 8 Partner-1's debt assumed by other PARTNERS 752(b) 20,000 9 Excess of line 8 over lines (a)(1) - 12 A 10 Partner-1's Gain-Positive Amt. on Line 9 $0
3 Ch-13-Compare Organ-2015 C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 3 of Partnership's gain or loss on exchange 721 $0 3. Partner-1's Basis in partnership Interest Asset basis before contribution $20, Add: Partnership debt assumed by Partner-1 13 A 14 Less: Partner-1's Debt assumed by other Ptnrs (20,000) 15 Partner-1's Basis - Cannot be negative $0 4. Partnership's basis in Asset Received Partner-1's asset basis (before contribution) $20, Add: Investment company gain (rare) 721(b) 14 C 18 Do not add gain for excess debt XXX 19 Partnership's basis in asset received $20, A On , Jan invested $200,000 in Repair Corp. and $200,000 in Consulting Corp. Jan received all stock of both corps. Consulting Corp immediately elected S Status. Repair Consulting Summary of 2015 Transactions C Corp. S Corp. Jan-1040 Revenue $100,000 $200,000 Compensation paid to Jan (40,000) (40,000) $80,000 Rent (20,000) (70,000) Other Expenses (10,000) (10,000) Net Income before income tax- Repair $30,000 0 Net Income before income tax - Consulting $80,000 80,000 Dividends paid to Jan by Repair Corporation $10,000 10,000 Dividends paid to Jan by Consulting Corporation Total income recognized by Jan $10,000 0 $170, D Jan and Joe each own 50% of a business. Each has a basis of $20,000 in the entity There is no debt.they each take a curent distribution of $20,000 (Total $40,000). If entity is a C corporation, it has retained earnings and E&P of $5,000. If entity is an S corporation, it has AAA of $2,000 and E&P of $3,000. If entity is assumed to be a partnership, there is no hot asset. How much total income is recognized by Joe? Note: 50% of corporate amounts (E&P and AAA) are shown for Joe C Corp. Distribution E & P AAA Basis 1040 income Beginning Bal. $2,500 N/A $20,000 Distribution $20,000 N/A First layer $2,500 ($2,500) N/A $2,500 Next layer $17,500 N/A ($17,500) Total income recognized by Joe N/A $2,500 Ending basis N/A $2,500 Note: 50% of corporate amounts (E&P and AAA) are shown for Joe S Corp. Distribution E & P AAA Basis 1040 income Beginning Bal. $1,500 $1,000 $20,000 Distribution $20,000 First layer $1,000 ($1,000) ($1,000) Next layer $1,500 ($1,500) $1,500 Next layer $17,500 ($17,500) Total income recognized by Joe $1,500 Ending basis $1,500 Partnership Distribution E & P Basis AAA 1040 income Beginning Bal. N/A $20,000 N/A Distribution $20,000 N/A N/A First layer $20,000 N/A ($20,000) N/A $0 Next layer N/A N/A Total income recognized by Joe N/A N/A $0 Ending basis N/A $0 N/A Note: Income column may show ordinary income and/or capital gain.
4 "Incomplete Tax Return Problem" This is the first year of operation December 31, 2014 Cash $50,000 Service Revenue $250,000 Accounts Receivable 80,000 Municipal bond interest 30,000 Income Tax Refund Receivable Expenses Bond Investments 100,000 Salaries Expense 44,000 Equipment (5-year life) 50,000 Rent, Insurance, etc. 48,000 Accumulated Depreciation (10,000) 40,000 Interest expense 11,000 Deferred Income Tax Asset Depreciation Expense 10,000 Less Valuation Allowance Loss on sale of capital asset 40,000 Total Assets $270,000 Other Expense 27, ,000 Accounts and Notes Payable 100,000 Net Income before Tax 100,000 Income Tax Payable-Current Current Tax Expense (Benefit) Deferred Income Tax Liability Deferred Tax Expense (Benefit) Total Liabilities $100,000 Net Income (loss) after tax $100,000 Common Stock ($10 Par) 70,000 Retained Earnings - Beginning Balance 0 Retained Earnings 100,000 Subtotal 100,000 Stockholders' Equity 170,000 Less: Dividends Total Liabilities & Equity $270,000 Retained Earnings - Ending Balance 100,000 Income tax rate is 40% for 2014 and 30% for later years. All deferred tax assets will be realized. 17 D 17 Compute Taxable Income (on tax return) Net income per books $100,000 Less: Municipal bond interest (30,000) Add: capital loss 40,000 Taxable income $110,000 Income tax rate 40% Current income tax expense $44, B 18 Compute the deferred tax account balance(s). Capital loss carryforward 40,000 Tax rate 30% Ending Deferred tax asset (DTA) 12,000 Beginning Deferred Tax Asset (DTA) 0 19 C 19 Income tax Provision (Current and Deferred) Current income tax expense 44,000 Current income tax payable 44,000 Deferred tax asset 12,000 Deferred tax benefit 12,000 Total Provision 32, A 20 What is effective tax rate in audited statements GAAP Net Income Before Taxes 100,000 Provision for income tax 32,000 Effective tax rate (using info. above) 32.00% C15 Chap 00 Tst 4 Exm Sol 2015 May Posted , Acct for income tax
5 Questions C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 5 No An 21 D Which of the items represent temporary book-tax differences? 22 D Charlotte GAAP Return Revenue? Expenses? Book net income Before Tax $500,000 $500,000 Warranty Expense - GAAP? Warranty Expense on Tax Return? Excess GAAP Warranty Expense $50,000 $50,000 Book net income Before Tax $500,000 Taxable income $550,000 Income tax rate 40% 40% 22 B GAAP provision for income tax $200, C Income tax currently payable $220, A Best- No fixed asset sold in 2014 Book Tax Difference Depreciation Expense-2013?? $50,000 Depreciation Expense-2014?? ($10,000) Total difference in basis at end of 2014 $40, Excess GAAP basis $50,000 $40,000 40% 40% 24 A Deferred Tax Liability $20,000 $16, D Charlotte Corp. had pretax income of $800,000 for the year ended December 31, In the computation of federal income taxes, the following data were considered: Pre-tax book net income $850,000 Interest revenue on municipal bonds $350,000 ($350,000) Depreciation for tax purposes in excess of GAAP deprec. $50,000 ($50,000) Federal estimated tax payments, 2015 Enacted federal tax rates, 2015 $70,000 30% Taxable income Enacted federal tax rates, 2015 $450,000 30% Current federal income tax expense on its 2015 income statement? $135, C Abbot Corporation reported the following information for 2015 Pretax book income DECREASE in the reserve for bad debts Tax depreciation exceeded GAAP depreciation by Received life insurance proceeds on death of an officer $500,000 $5,000 $40,000 $10,000 $500,000 ($5,000) ($40,000) ($10,000) $445,000 Income tax rate 40% 40% Abbot's current income tax expense or benefit would be $178,000
6 Tax Return-changes-2015 C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 6 of 8 No Ans Tax Return 32 D Entertainment expense understated by $30,000. Taxable Income in Original Project $138,800 Taxable Income in Original Project-Before DRD and Charity $162,000 Gross change in "amount" of revenue Change in "type" of revenue (tax-free or taxable) $0 Gross change in "amount" of expense ($30,000) Change in non-deductible amount of entertainment expense $15,000 Subtotal - Base for Charity Deduction limit $147,000 Impact of change in deduction for Charity Original Charity Deduction $16,200 Revised Charity Deduction $14,700 ($14,700) Change $1,500 Total Dividend Income/Dividend received ded. $10,000 ($7,000) Revised Taxable Income $125, D Original amount of entertainment expense 18,000 Additional entertainment expense 30,000 48,000 24, E Selling price 190,000 Adjusted basis for tax return 180,000 Gain 10, C 36 D
7 PracticePenalties C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 7 of 8 27 A Compute late filing penalty 6651 Penalty for failure to file is 5% per month, up to 5 months. Penalty for failue to pay is.5% per month. (Max. 25%) Failure to file penalty is reduced by failure to pay penalty (.5%) In effect, total penalty is 5% per month, for first few months. Amount Underpaid $10,000 April Rate per month 5.0% May 15 One month Penalty per month $500 June 15 Two months Number of months 3 July 15 Three months Late payment penalty $1, D Amount of underpayment $30, (a) 20% Underpayment Penalty $6, A Amount of fee $7, (a) 50% of fee $3,500 Minimum penalty $1,000 Penalty imposed $3, D Not a substantial omission of income from tax return (25% error). 6501( e)(a)(a) 31 B Minimum level of authority required, if disclosed (it was disclosed) 6662(d)(2)(B) Without disclosure, minimum level of authority would be substantial authority
8 Tab: Tax Return Prob-2015 File: C15-Chap-00-Tst-4-Exm-Sol-2015-May Posted Page 8 of 8 Corporate Tax Return Problem December 31, 2015 Cash $24,000 Accounts receivable 48,000 Investment in IBM Stock 100,000 Investment in North Carolina Bonds (7%) 200,000 Fixed assets 200,000 Accumulated depreciation 16,000 Accounts payable 70,000 Capital stock 400,000 Retained earnings Service revenue 600,000 Dividend income 10,000 Interest income 14,000 Salary expense for employees 300,000 Payroll taxes 29,000 Bad debts expense (Note 1) 5,000 N. C. Corp. estimated income taxes ,000 Federal Corp. estimated income taxes ,000 Rent expense 73,000 Depreciation expense (Note 2) 16,000 Entertainment expenses 18,000 Capital loss 15,000 Charitable Contribution 30,000 Trial Balance Total $1,110,000 $1,110,000 Total Revenue $624,000 Total Expenses $538,000 Net income per books $86,000 Note 1. The company uses the direct write-off method for bad debts. Note 2. Depreciation for tax purposes is $20,000 Note 3. Assume estimates NC income tax payments are equal to NC liability. Note 4. Profitability will increase. Income tax tax rate will be 40% in the future. Net income (loss) per books $86,000 Bad Debts Expense (Uncollectible Accounts Expense) Charitable Contribution 30,000 Tax-exempt Interest (14,000) Federal Income Tax 40,000 Excess Capital Losses 15,000 Travel and Entertainment (50%) 9,000 Depreciation Expense (4,000) Base for Charitable Contribution Limit 162,000 Limit on Charity Deduction (10%) 16,200 Actual Contributions 30,000 Carryover 13,800 Taxable income before Charity & Dividend Received Deduction 162,000 Charitable contribution deduction (16,200) Taxable Income before Dividend Received Deduction 145,800 Dividends received deduction (70%) (7,000) Taxable income $138,800 Income Tax Computation 50,000 15% 7, ,000 25% 6, ,000 34% 8, ,800 39% 15, Income tax 138,800 $37,382.00
Chapters 1 & 2 C15-Chap-00-Tst-1-Exm-Sol-2015-Posted Page 1 of 6
Chapters 1 & 2 C15-Chap-00-Tst-1-Exm-Sol-2015-Posted-3-09-2016 Page 1 of 6 Note: Chapter numbers for these tabs do not correspond to our 2016 textbook. First five questions are not subject to being included
More information3 C 441(i) Restrictions on fiscal year B Capital Gains and Losses of Corporations Capital Ordinary Tax
Tab: Chap-05A-Corp. File: C17-Chap-05-2-Homework-SOL-Corp-Tax-EXCEL-Part-1-Feb-2-2017 Page 1 of 5 No Ans Code 1 B With a C corp, taxable income of $50,000 will be taxed at 15%, not her max personal rate.
More informationAccounting Corporate Taxation Examination No. 2 Chapters 4 7. Name
Accounting 6120. Corporate Taxation Examination No. 2 Chapters 4 7. Name Spring, 2016. The University of North Carolina at Charlotte. March 16, 2016 Instructions: You may also use notes and other materials.
More informationChapter 6 Supplemental Homework. Part 2. Problems
Chapter 6 Supplemental Homework 1 A Which of the items represent temporary book tax differences? 2 C What amounts enter into computation of effective tax rate? 3 C How are deferred tax liabilities and
More informationHomework for Chapter 5. Part 1
Homework for Chapter 5. Part 1 This is a bread and butter chapter. It covers day to day tax compliance (and planning). You need to know everything in this chapter. Many questions are based on law not explained
More informationTaxation of Corporations and their Shareholders
Taxation of Corporations and their Shareholders Documents for Lecture on Chapter 7 Part 1. Dividends and other distributions Part 2. Stock Redemptions UNC Charlotte MACC Program Turner School of Accountancy
More information2. Repair Corporation provided this GAAP information at the end of its first year of operation.
Taxation of Corporations & Shareholders - TEST No. 1. Chapters 1-3. Test No. Spring, 2017. The University of North Carolina at Charlotte Name Row In Class Instructions: This test is "open book," (you may
More information6 B Carry Capital losses forward only rule for individual taxpayers, not for corporations.
Tab: Chapter 04 File: T16F-Chap-00-Tst-2-Exam-Sol-Fall-2016-POST-March-16-2017 Page 1 of 6 1 E One-half of self-employment tax is deductible for AGI. 2 A David, Head of Household, 2016 Computation Salary
More informationFailure to follow instructions below will result in a 5 point reduction in your grade.
T15F-Chp-00-Tst-3-Exam-Prb-WORD-FALL-2015-Nov-17 - Page 1 of 4 FEDERAL TAX - TEST No. 3. Chapters 8-10 Test No. Fall, 2015. The University of North Carolina at Charlotte Name Row In Class Instructions:
More informationACCT Corporate Income Tax. Chapter 6. Spring, 2017.
ACCT 6120. Corporate Income Tax. Chapter 6. Spring, 2017. Note: this assignment has more problems than usual. You may choose to work all of these problems if you need to a thorough review of the rules,
More informationTaxation of Corporations and their Shareholders. Business Income, Deductions, and Accounting Methods. UNC Charlotte MACC Program
Taxation of Corporations and their Shareholders Documents for Lecture on Chapter 1 Business Income, Deductions, and Accounting Methods UNC Charlotte MACC Program January 11, 2017 Turner School of Accountancy-MACC
More informationIND-15-Chp-00-Tst-3-Exm-Prb-Summer Page 1 of 5
IND-15-Chp-00-Tst-3-Exm-Prb-Summer-2015. Page 1 of 5 Advanced Individual Income Tax Test No. 3. Summer, 2015. The University of North Carolina at Charlotte Name Instructions: You may use your Code Book,
More informationAdvanced Individual Income Tax Test No. 1. Summer, The University of North Carolina at Charlotte.
Advanced Individual Income Tax Test No. 1. Summer, 2016. The University of North Carolina at Charlotte. Name INSTRUCTIONS: You may use your textbook and other notes or materials during the test. A question
More informationTaxation of Corporations and their Shareholders
Taxation of Corporations and their Shareholders Documents for Lecture on Chapter 3 Property Dispositions UNC Charlotte MACC Program January 25, 2017 UNC Charlotte MACC Program Chapter 3 Lecture Materials-2017
More informationTAX DEDUCTIONS FOR SMALL BUSINESS
TAX DEDUCTIONS FOR SMALL BUSINESS Bob Wangsness SCORE MENTOR bwangsness@hotmail.com If you email me, please put SCORE on the subject line (Many thanks to Jean Kruse for original composition of majority
More informationTAX DEDUCTIONS FOR SMALL BUSINESS
TAX DEDUCTIONS FOR SMALL BUSINESS JEAN KRUSE SCORE MENTOR jekcpa@msn.com If you email me, please put SCORE on the subject line ORDINARY & NECESSARY Whether an expense is ordinary and necessary is based
More informationS-Corporation Tax Return and ending (MM-DD-YY) 1. Net Worth (From Schedule C, Line 10) Holding Company Exception (See instructions)
Web 8-16 For calendar year 2016 or other tax year beginning (MM-DD) CD-401S S-Corporation Tax Return 2016 1 6 and ending (MM-DD-YY) Legal Name (First 35 Characters) (USE CAPITAL LETTERS FOR YOUR NAME AND
More informationChapter 4. Corporations: Earnings & Profits and Dividend Distributions. Corporations, Partnerships, Estates & Trusts
Chapter 4 Corporations: Earnings & Profits and Dividend Distributions Corporations, Partnerships, Estates & Trusts 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated,
More informationFIDUCIARY TAX ORGANIZER FORM 1041
FIDUCIARY TAX ORGANIZER FORM 1041 Enclosed is an organizer that I provide to my tax clients in order to assist them in gathering the information necessary to prepare their fiduciary income tax returns.
More informationCorporation Tax Return c North Carolina Department of Revenue
CD-405 Web 10-11 For calendar year 2011 or other tax year beginning (MM-DD) Corporation Tax Return 2011 c North Carolina Department of Revenue Submit forms in the following order: CD-V NC-478VJ CD-479
More informationFIDUCIARY TAX ORGANIZER (FORM 1041)
Trust/Estate Name(s) Federal ID# Address City, Town, or Post Office County State ZIP Code Telephone Number Telephone Number Fax Number E-mail Address Home/Mobile Office Fiduciary Name(s) and Title(s) Federal
More informationCPA EXAM: REGULATION GET MORE POINTS AND PASS THE EXAM!
CPA EXAM: REGULATION GET MORE POINTS AND PASS THE EXAM! CPA EXAM: REGULATION GET MORE POINTS AND PASS THE EXAM! REG: C-CORP ANOTHER QUALITY BOOK FROM CPA-PLANET This book is for anyone studying for the
More informationU.S. Corporation Income Tax Return. For calendar year 2013 or tax year beginning, 2013, ending, Name
Form 112 Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851). b Life/nonlife consolidated return... 2 Personal holding co. (attach Sch. PH).. 3 Personal
More informationIMPACT OF THE FEDERAL PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015 ON NORTH CAROLINA S CORPORATE AND INDIVDUAL INCOME TAX RETURNS FOR TAX YEAR
April 13 2016 IMPACT OF THE FEDERAL PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015 ON NORTH CAROLINA S CORPORATE AND INDIVDUAL INCOME TAX RETURNS FOR TAX YEAR 2015 North Carolina s corporate income tax
More informationDIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS CORPORATE INCOME TAX RETURN
DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS CORPORATE INCOME TAX RETURN For calendar year 00 or tax year beginning, 00, ending, 0 Form 00 0-CM A Check if : B Name a Consolidated
More informationStreet address (suite/room no.) City (if the corporation has a foreign address, see instructions.) State ZIP code
TAXABLE YEAR 2018 California S Corporation Franchise or Income Tax Return FORM 100S For calendar year 2018 or fiscal year beginning and ending. (m m / d d / y y y y) (m m / d d / y y y y) RP Corporation
More information. Your completed tax organizer needs to be received no later than
Organizer Estate and trust This organizer is designed to assist you in gathering the information required for preparation of fiduciary tax returns. Please complete it in full and provide details and documentation
More information4. What types of changes in the TCJA should be reflected in the 2017 financials?
Tax Cuts and Jobs Act (TCJA) Insurance Company Q&A Tax Reserves 1. Is 92.81 percent applied to the Statutory Reserve as reported in the Annual Statement? 2. What valuation interest rate or mortality table
More informationChapter 14. C Corporations. Chapter 14. Teaching Suggestions
247 C Corporations Teaching Suggestions Discuss the differences between the calculation of taxable income for corporations and individual taxpayers. Discussion should include: 1. Dividends received deduction
More informationESTATE OR TRUST TAX ORGANIZER FORM New Estate or Trust Administrators Information Needed
ESTATE OR TRUST TAX ORGANIZER FORM 1041 New Estate or Trust Administrators Information Needed This is a list of information which will be typically needed for us to work with you on tax issues for an estate
More informationCarol's Tax Return-2016 Tax Year. Part 2. Compute income tax
Turner School of Accountancy Chapter 1 and Chapter 2 Materials Page 1 Part 1. Complete Columns F,G,H. Part 2. Compute amount of tax due or refund Complete Form 1040, page 1 & 2, and Form 1040 Schedules
More informationTax Cuts and Jobs Act. Durham Chamber of Commerce Public Policy Meeting January 9, 2018
Tax Cuts and Jobs Act Durham Chamber of Commerce Public Policy Meeting January 9, 2018 Tax Cuts in Billions Corporate/Business ($653) S-Corps/Partnership/Sole Proprietor ($414) International Tax Changes
More informationTax Reform Impact on GAAP Accounting Entries
January 2018 Tax Reform Impact on GAAP Accounting Entries On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the Act) was signed into law. Among other things, the Act reduced the corporate federal
More informationPARTNERSHIP/LLC TAX ORGANIZER (FORM 1065)
Enclosed is an organizer that provide to our tax clients to assist in gathering the information necessary to prepare the current year tax returns. The Internal Revenue Service matches information returns
More informationU.S. Income Tax Return for an S Corporation
Form Sign Here 1120S Department of the Treasury Internal Revenue Service Paid Preparer Use Only U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is
More informationDeferred Tax-Practice questions- part 1
Deferred Tax-Practice questions- part 1 1. Justification for the method of determining periodic deferred tax expense is based on the concept of a. Matching of periodic expense to periodic revenue. (also,
More informationContents Unit 2 Presentation of financial statements... 3
Contents Unit 2 Presentation of financial statements... 3 Preparing a statement of cash flows... 3 Preparing the reconciliation of operating cash flows... 4 Unit 4 Income taxes... 5 Calculating the current
More informationINCOME TAX ORGANIZER W. Olympic Boulevard, Suite 400 Los Angeles, CA
INCOME TAX ORGANIZER 2010 11500 W. Olympic Boulevard, Suite 400 Los Angeles, CA 90064-1525 310-444-3041 info@californiarepublic.com WAGES-TAXPAYER (FORM W2) EMPLOYER NAME TAXABLE WAGES (BOX 1) FEDERAL
More informationPARTNERSHIP/LLC TAX ORGANIZER FORM 1065
PARTNERSHIP/LLC TAX ORGANIZER FORM 1065 Enclosed is an organizer that we provide to our tax clients to assist in gathering the information necessary to prepare the current year tax returns. The Internal
More informationSU 3.1 Property, Plant, and Equipment
Part 1 Study Unit 3 SU 3.1 Property, Plant, and Equipment Overview Property, plant and equipment are also referred to as fixed assets, or capital assets. Last more than 1 year. Are for production or benefit
More informationAccounting for Income Taxes
Accounting for Income Taxes Publication Date: November 2016 Accounting for Income Taxes Copyright 2016 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any
More informationDebit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE
Debit and Credit Rules Module 2 part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 1 T- Accounts Assets
More informationTax Update: Legislative Developments and Tax Planning for Law Firms and Attorneys
Tax Update: Legislative Developments and Tax Planning for Law Firms and Attorneys Presented by Kristin Bettorf, CPA FM24 5/4/2018 4:15 PM The handout(s) and presentation(s) attached are copyright and trademark
More informationAccounting for Income Taxes Calculations & Concepts
Accounting for Income Taxes Calculations & Concepts Notice The following information is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section
More informationDistributions. 9/30/2011 (c) William P. Streng 1
Chapter 4 Nonliquidating Distributions Dividends - i.e., operating distributions IRC 301(a) - Subchapter C, Part A. Alternative dividend classification systems: 1) Federal income tax income tax; e&p 2)
More informationGuide to Returns Based on a Combined Report. State of Alaska Department of Revenue
Guide to Returns Based on a Combined Report State of Alaska Department of Revenue Alaska Corporate Net Income Tax GUIDE TO RETURNS BASED ON A COMBINED REPORT CONTENTS Introduction 1 Allocation and Apportionment
More informationChapter 2 Asset and Liability Valuation and Income Measurement
Chapter 2 Asset and Liability Valuation and Measurement MULTIPLE CHOICE 1. Which of the following assets appears on the balance sheet at Historical cost? a. Equipment b. Notes Payable c. Investments in
More informationCorporate Taxation Chapter Four: Nonliquidating Distributions
Presentation: Corporate Taxation Chapter Four: Nonliquidating Distributions Professors Wells February 1, 2017 Chapter 4 Nonliquidating Distributions Dividends i.e., operating distributions IRC 301(a) Subchapter
More informationAdvanced Individual Income Tax
Advanced Individual Income Tax Documents for Lecture on Chapter 3 Tax Planning Strategies UNC Charlotte MACC Program May 21, 2016 UNC Charlotte MACC Program Chapter 3 Lecture Materials Page 1 Memo from
More informationStatutory Accounting Principles (E) Working Group Maintenance Agenda Submission Form Form A
Issue: Federal Income Tax Reform Statutory Accounting Principles (E) Working Group Maintenance Agenda Submission Form Form A Check (applicable entity): Modification of existing SSAP New Issue or SSAP Interpretation
More informationINCOME TAXATION OF CORPORATIONS
H Chapter One H INCOME TAXATION OF CORPORATIONS INTRODUCTION AND STUDY OBJECTIVES Corporations, except for corporations electing to be taxed under Subchapter S, are taxed on their gross income less certain
More informationAmerican Savings Life Insurance Company. FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT For the Years Ended December 31, 2014 and 2013
American Savings Life Insurance Company FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT For the Years Ended December 31, 2014 and 2013 C O N T E N T S Page Independent Auditor s Report... 2-3 Statutory
More informationGovernment Affairs. The White Papers TAX REFORM.
Government Affairs The White Papers TAX REFORM www.independentagent.com January 3, 2018 Below is a summary of the provisions of the new tax reform law that are most likely to impact Big I members. This
More informationIncome Tax Return for Exempt Businesses under the Puerto Rico Incentives Programs Industrial Development
Form 480.30(II)DI Rev. 018 Liquidator: Reviewer: Field Audited by: Date / / R M N Taxpayer's Name Postal Address 20 GOVERNMENT OF PUERTO RICO DEPARTMENT OF THE TREASURY Income Tax Return for Exempt Businesses
More informationTAX REFORM TCJA TAX CUTS AND JOBS ACT AL NELLA & CO, LLP CHRIS KOLLAJA & KEVIN TUSING HONE MAXWELL LLP AUBREY HONE
TAX REFORM TCJA TAX CUTS AND JOBS ACT AL NELLA & CO, LLP CHRIS KOLLAJA & KEVIN TUSING HONE MAXWELL LLP AUBREY HONE New Individual Tax Rates New rate structure with seven tax brackets 10% (same as 2017)
More informationAdjusted Trial Balance Another Company Ltd - for period 01/04/2013 to 31/03/2014
Adjusted Trial Balance Another Company Ltd - for period 01/04/2013 to 31/03/2014 Account Quantity Client bal. DR CR Final Last Period Status Accounts 10+ *** FARM LIVESTOCK ACCOUNTS [100-169] *** - Livestock
More informationPotnetwork Holdings, Inc. Unaudited Financial Statements As of December 31, 2015
Potnetwork Holdings, Inc. Unaudited Financial Statements As of December 31, 2015 Potnetwork Holdings, Inc. Unaudited Balance Sheets As of December 31, 2015 and December 31, 2014 Page 1 ASSETS December
More informationAssociation of Life Insurance Counsel May 7, Aditi Banerjee. Bryan Keene. Pete Bautz. Prudential. Davis & Harman LLP ACLI
Association of Life Insurance Counsel May 7, 2018 Aditi Banerjee Prudential Bryan Keene Davis & Harman LLP Pete Bautz ACLI Agenda The Legislative Process Overview and General Tax Reforms Life Insurance
More informationTax Reform: What Dealers Need to Know
Tax Reform: What Dealers Need to Know 1 Disclosure To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication is not intended or written
More informationACCOUNTING. The Wonder of the Worksheet
ACCOUNTING The Wonder of the Worksheet SAC 2012 P a g e 2 2012 State Group 11 Refer to the Table and to the work sheet. For questions 53 through 59, write the identifying letter of the best response on
More informationANNUAL STATEMENT OF THE SEPARATE ACCOUNTS OF THE. Ameritas Life Insurance Corp. of New York NEW YORK. in the STATE OF NEW YORK TO THE
ANNUAL STATEMENT OF THE SEPARATE ACCOUNTS OF THE of NEW YORK in the STATE OF NEW YORK TO THE Insurance Department OF THE STATE OF FOR THE YEAR ENDED DECEMBER 31, 2017 LIFE AND ACCIDENT AND HEALTH, SEPARATE
More informationDistributions. 9/28/2012 (c) William P. Streng 1
Chapter 4 Nonliquidating Distributions Dividends - i.e., operating distributions See IRC 301(a) - Subchapter C, Part A. Alternative dividend classification systems: 1) Federal income tax income tax; e&p
More informationAnnual Statement for the year 2016 of the GENWORTH MORTGAGE INSURANCE CORPORATION ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......2,143,854,390......2,143,854,390...1,720,265,375 2. Stocks
More informationClass Plan and Notes March You have noticed that the set of class lecture materials for Chapter 8 (distributed in class earlier and posted on
Class Plan and Notes March 22 2017 You have noticed that the set of class lecture materials for Chapter 8 (distributed in class earlier and posted on my webpage) is very long. (I will bring extra copies
More informationAssets - GL reconciliation
Another Company Ltd Assets - GL reconciliation Assets values are calculated based on: Control group Cost Accumulated depreciation Closing WDV Account GL balance Asset balance Variance Account GL balance
More informationAmTrust Title Insurance Company ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......18,097,246......18,097,246...18,995,167 2. Stocks (Schedule
More informationAnnual Statement for the year 2016 of the GENWORTH FINANCIAL ASSURANCE CORPORATION ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......6,466,142......6,466,142...6,161,492 2. Stocks (Schedule
More informationDistributions. 10/1/13 (c) William P. Streng 1
Chapter 4 Nonliquidating Distributions Dividends - i.e., operating distributions See IRC 301(a) - Subchapter C, Part A. Alternative dividend classification systems: 1) Federal income tax income tax; &
More informationIMPACT OF THE FEDERAL PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015 ON NORTH CAROLINA S CORPORATE AND INDIVDUAL INCOME TAX RETURNS FOR TAX YEAR
April 13, 2016 IMPACT OF THE FEDERAL PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015 ON NORTH CAROLINA S CORPORATE AND INDIVDUAL INCOME TAX RETURNS FOR TAX YEAR 2015 North Carolina s corporate income tax
More informationLot78, Inc. Quarterly Report For Period Ending March 31, 2018
Lot78, Inc. Quarterly Report For Period Ending March 31, 2018 CURRENT INFORMATION REGARDING Lot78, Inc. A Nevada corporation The following information is furnished to assist with "due diligence" compliance.
More informationTax Cuts & Jobs Act: What You Need to Know
TRI Tax Resolution Institute where your tax debt is your power! Tax Cuts & Jobs Act: What You Need to Know Presented by: Peter Y. Stephan, CPA February 20, 2018 Crossing the River... 2 Meet our speaker
More informationREINFORCEMENT ACTIVITY 3, Part B, p. 715
REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible
More informationC Corporation Tax Return 2012
CD-405 (SD) For calendar year 2012, or other tax year beginning C Corporation Tax Return 2012 North Carolina Department of Revenue 12 45 12 and ending 12 45 78 DOR Use Only BCDEFGHIJKLMNOPQRSTUVWXYZBCDEFGHIJKLMNOP
More informationIncome Tax Return for Exempt Businesses under the Puerto Rico Incentives Programs Green Energy
Form 480.30(II)EV Rev. 018 Liquidator: Reviewer: Field Audited by: / / R M N Taxpayer's Name Postal Address 20 GOVERNMENT OF PUERTO RICO DEPARTMENT OF THE TREASURY Income Tax Return for Exempt Businesses
More informationPresented by Thomas F. Wheeland, CPA Dale L. Scholl II, CPA. Tax Update and SSAP101 Boot Camp
Presented by Thomas F. Wheeland, CPA Dale L. Scholl II, CPA Tax Update and SSAP101 Boot Camp AGENDA Recent Developments in Tax Legislation PATH Act, Appropriations Bill, Highway Bill Tax Reform Research
More informationEmployee s Withholding Allowance Certificate North Carolina Department of Revenue
NC-4 Web 11-13 Employee s Withholding Allowance Certificate North Carolina Department of Revenue! Important: You must complete a new Form NC-4 EZ or NC-4 for tax year 2014. As a result of recent law changes,
More informationExempt Organization Business Income Tax Return
990-T Exempt Organization Business Income Tax Return Form OMB No. 1545-0687 (and proxy tax under section 6033(e)) For calendar year 2016 or other tax year beginning JUL 1, 2016, and ending JUN 30, 2017.
More informationINDEX TO FINANCIAL STATEMENTS. Balance Sheets as of December 31, 2015 and 2014 (Unaudited) F-2
INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and 2014 (Unaudited) F-2 Statements of Operations for the years ended and 2014 (Unaudited) F-3 Statements of Stockholders Equity
More informationMaine Employers Mutual Insurance Company. Financial Statements (Statutory Basis) December 31, 2016 and 2015
Maine Employers Mutual Insurance Company Financial Statements December 31, 2016 and 2015 Index Page(s) Independent Auditor s Report... 1 2 Financial Statements - Statements of Admitted Assets, Liabilities
More informationIndividual Items to Note (1040)
Items to Note Individual Items to Note (1040) This list provides details about how ProSeries converts the following 1040 calculated carryovers. Number of Assets - The conversion program converts a maximum
More informationDMJ & Co., PLLC - Year-End Tax Planning Letter
2016 DMJ & Co., PLLC - Year-End Tax Planning Letter Dear Clients and Friends: First of all, if we haven t thanked you recently for letting us work with your tax and accounting needs, then THANK YOU! Our
More informationCut here and give this certificate to your employer. Keep the top portion for your records.
Web 12-18 NC-4 Employee s Withholding Allowance Certificate PURPOSE - Complete Form NC-4 so that your employer can withhold the correct amount of State income tax from your pay. If you do not provide an
More informationCh. 8 - Taxable Corporate Acquisitions/Dispositions
Ch. 8 - Taxable Corporate Acquisitions/Dispositions Corporate ownership & disposition options: 1) Sale of stock transfer mechanics are easy to accomplish; LT capital gain treatment to the individual seller
More informationIndividual Items to Note (1040)
Individual Items to Note (1040) Items to Note This list provides details about how ProSeries converts the following 1040 calculated carryovers. The 2015 converted client file is not intended to duplicate
More informationU.S. Return of Partnership Income
Form Department of the Treasury Internal Revenue Service For calendar year 013, or tax year beginning,, ending,. OMB No. 1545-0099 A Principal business activity Name of partnership D Employer identification
More informationIndividual Items to Note (1040)
Individual Items to Note (1040) Items to Note This list provides details about how ProSeries converts the following 1040 calculated carryovers. The 2013 converted client file is not intended to duplicate
More information. Your completed tax organizer needs. Any information received after that date may require an extension to be filed for this return.
Organizer Partnership This organizer is designed to assist you in gathering the information necessary to prepare the current year s tax return.please complete it in full and provide details and documentation
More informationCourse # Accounting For Income Tax
Course # 171035 Accounting For Income Tax based on the electronic.pdf file(s): Accounting For Income Tax by: Delta CPE, 2014, 99 pages 4 CPE Credit Hours Accounting & Auditing A P E X C P E. C O M.....
More informationTax Basics for Small Business
Tax Basics for Small Business 19 th Edition Attorney Frederick W. Daily Introduction... 1 Chapter 1 Tax Basics... 3 Learning Objectives... 3 Introduction... 3 How Tax Law Is Made and Administered: The
More informationFIDELITY & GUARANTY LIFE INSURANCE COMPANY ASSETS
ASSETS Current Statement Date 4 1 2 3 Net Admitted December 31 Nonadmitted Assets Prior Year Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds......17,586,507,695......17,586,507,695...17,405,521,962
More informationTax Cuts and Jobs Act February 8, 2018
Tax Cuts and Jobs Act 2017 February 8, 2018 Disclaimer This presentation is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any specific taxpayer
More informationFlorida Corporate Income/Franchise Tax Return. For calendar year 2014 or tax year beginning, 2014 ending Year end date. Check here if negative
Florida Corporate Income/Franchise Tax Return R 01/15 Name Address City/State/ZIP Rule 12C-1051 Florida Administrative Code Effective 01/15 Use black ink Example A - Handwritten Example B - Typed 0 1 2
More informationTax Cuts and Jobs Act Construction Industry Impact
Tax Cuts and Jobs Act Construction Industry Impact Presented By: Sean M. Auger, Partner 1 Introduction Most but not all provisions effective for tax periods beginning after December 31, 2017 2 General
More informationAdjustments, Financial Statements, and the Quality of Earnings
Adjustments, Financial Statements, and the Quality of Earnings Chapter 4 McGraw-Hill/Irwin 2009 The McGraw-Hill Companies, Inc. Understanding the Business Management is responsible for preparing... Financial
More informationYear-End Tax Planning Letter
2013 Year-End Tax Planning Letter 54 North Country Road Miller Place, NY 11764 (877) 474-3747 or (631) 474-9400 www.ceschinipllc.com Introduction Tax planning is inherently complex, with the most powerful
More informationReturn of Private Foundation
Form or Section 447(a)(1) Trust Treated as Private Foundation Department of the Treasury Do not enter social security numbers on this form as it may be made public. Internal Revenue Service Information
More informationUS Taxation- A Primer
WIRC of the ICAI- Seminar Series on Global Updates- I US Taxation- A Primer Presented by : 7 th May, 2011 CA. Shishir Lagu Session Overview Introduction Corporate Tax Overview Federal Income Tax State
More informationIncome Tax Return for Exempt Businesses under the Puerto Rico Incentives Programs Industrial Development
Form 480.30(II)DI Rev. 015 Liquidator: Reviewer: Field Audited by: Date / / R M N Taxpayer's Name Postal Address 20 COMMONWEALTH OF PUERTO RICO DEPARTMENT OF THE TREASURY Income Tax Return for Exempt Businesses
More informationAcc. 433, Chapter Outline for use with Prentice Hall's Federal Taxation Corporations Richard B. Malamud, last updates, in part, November, 2011
Acc. 433, Chapter Outline for use with Prentice Hall's Federal Taxation Corporations Richard B. Malamud, last updates, in part, November, 2011 1) Chapter 1 was not assigned! 2) Formation and Capital Structure
More informationCut here and give this certificate to your employer. Keep the top portion for your records.
Web 10-17 NC-4 Employee s Withholding Allowance Certificate PURPOSE - Complete Form NC-4 so that your employer can withhold the correct amount of State income tax from your pay. If you do not provide an
More information