ACC 455 Week 2 Participations

Prentice Hall’s Federal Taxation, Ch. 3

Read Ch. 3 of your textbook Prentice Hall’s Federal Taxation (29th ed)

Fiscal Years and Accounting Methods

Students, when forming a business, there are many decisions to make. Let’s discuss:  What are the tax year options available to a corporation? What about unincorporated companies? Is there a difference and, if so, why? What factors should be considered in electing the tax year? What methods of accounting are available to a small business and to a large business? If the business decides to make an accounting method change, how is this accomplished?

Prentice Hall’s Federal Taxation, Ch. 2

Review Ch. 2 of your textbook Prentice Hall’s Federal Taxation (29th ed)

Book-to-Tax Accounting Differences

What is the difference between journal entries and adjustments? How do you know which process to use and why?

Prentice Hall’s Federal Taxation, Ch. 2

Review Ch. 2 of your textbook Prentice Hall’s Federal Taxation (29th ed)

Section 351

Students, let’s discuss another topic: Section 351

Section 351 can be advantageous to owners because it reduces tax liability. Can you describe Section 351? What are the advantages and disadvantages? How do you calculate value?  Discuss the concept of boot?