Acc 455 Week 3 Complete Uop Exam Assignment

ACC 455 Week 3 Complete

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DQ1.What is a stock redemption? What are some reasons for redeeming stock? Why are some redemption treated as sales and others as dividends?

DQ2.Neil purchased land from Spring Harbor, his 100%-owned corporation, for $275,000. The corporation purchased the land three years ago for $300,000. Similar tracts of land located nearby have sold for $400,000 in recent months. What tax issues should be considered with respect to the corporation’s sale of the land?

DQ3.Explain why a shareholder receiving a liquidating distribution would prefer to receive either capital gain treatment or ordinary loss treatment.

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.

Weekly Summary

Post a short summary of what you have learned this week.

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