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ACC/455 ACC455 ACC 455 Week 3 Complete

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ACC 455 Week 3 Complete 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)

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