Reference no: EM131337695
• Jennelle and Paula are equal partners in the J&P Manufacturing Partnership. The partnership will form J&P Corporation by exchanging the assets and liabilities of the J&P Manufacturing Partnership for all the corporation's stock on September 1 of the current year. The partnership then will liquidate by distributing the J&P Corporation stock equally to Jennelle and Paula. Both shareholders use the calendar year as their tax year and desire that the corporation make an S election. What tax issues should Jennelle and Paula consider with respect to the incorporation?
• Williams Corporation has operated as a C corporation for the last seven years. The corporation has assets with a $450,000 adjusted basis and an $800,000 FMV. Liabilities amount to $100,000. Dan Williams, who uses a calendar year as his tax year, owns all the Williams Corporation stock. The corporation uses the accrual method of accounting and a June 30 year-end. Dan's CPA has suggested that he convert the corporation to S corporation status to reduce his total corporate/personal federal income tax liability. Dan would like to complete the conversion on the last day of the corporation's tax year. What tax issues should Dan and his CPA consider with respect to the S election?
• Peter owns 50% of Air South Corporation, an air charter service. His S corporation stock basis at beginning of the year is $100,000. Air South has not done well this year and will report an ordinary loss of $375,000. What tax issues should Peter consider with respect to the loss?
• Glacier Smokeries has been an S corporation since its inception six years ago. On January 1 of the current year, the corporation's two equal shareholders, Adam and Rodney, had adjusted bases of $175,000 and $225,000, respectively, for their S corporation's stock. The shareholders plan to have the corporation distribute land with a $75,000 adjusted basis and a $300,000 FMV in the current year. The shareholders also expect ordinary income to be $125,000 in the current year. What tax issues should Adam and Rodney consider with respect to the distribution?
|
Determine the distance from the leading edge
: Determine the distance from the leading edge at which the minimum cooling rate is achieved.
|
|
Analyze the recidivism rates for sex crimes
: Analyze the recidivism rates for sex crimes and offer your opinion, supported by research, on the effectiveness of treatment.The lowest of the low? Addressing the disparity between community view, public policy, and treatment effectiveness for se..
|
|
Explain specific training initiatives you would recommend
: Design a needs assessment plan and identify three specific training initiatives you would recommend for these employees. Include the expected outcomes for the three training initiatives in your proposal.
|
|
Choose two of the theories below to compare
: Choose two of the theories below to compare and contrast thoroughly. Be sure to include what makes them similar, as well as what makes them different, and where you believe each could be applied most appropriately within an organization based on y..
|
|
What tax issues should jennelle and paula consider
: Both shareholders use the calendar year as their tax year and desire that the corporation make an S election. What tax issues should Jennelle and Paula consider with respect to the incorporation?
|
|
Discuss the criminal behavior in your community
: Describe the typical perpetrator of this crime with regards to gender, race, age, and socioeconomic status. Compare and contrast the criminal and civil legal systems regarding penalties, burden of persuasion, and key players.explain the causes of ..
|
|
Why does freudian theory garner so much criticism
: Why does Freudian theory garner so much criticism? What are some positive qualities of frauds theory that might describe behavior in the twenty-first century? Discuss on main difference between modern psychoanalytic theory and Freud's theory of ps..
|
|
Point of view regarding organizational behavior
: What theoretical foundations and principles most prominently play into your point of view regarding organizational behavior? Describe 4-5 and why you would consider them the most important.
|
|
Discuss the theories of self-concept maintenance
: Researchers have examined several ways in which individuals actively maintain their sense of self in what can collectively be termed "self-concept maintenance" (Crisp and Turner, 2010, p. 10). Theories pertinent to self-concept maintenance include..
|