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UOP ACC547 week 6 problem set




Question;Complete, individually, the following problems located in Taxation of;Individuals and Business Entities;Problems;50 & 51 (Ch. 22);50.;(LO3) Jack and Jill are owners;of UpAHill, an S corporation. They own 25 and 75 percent, respectively.;a.;What amount of ordinary income and separately stated items are;allocated to them for years 1 and 2 based on the information above?;b.;Complete UpAHill?s Form 1120S, Schedule K, for year 1.;c.;Complete Jill?s 1120S, Schedule K-1, for year 1.;51.;(LO3;LO4) Assume;Jack and Jill, 25 and 75 percent shareholders in UpAHill corporation, have;tax bases in their shares at the beginning of year 1 of $24,000 and $56,000;respectively. Also assume no distributions were made. Given the income;statement above, what are their tax bases in their shares at the end of year;1?;Discussion;Questions 1, 2, & 3 (Ch. 25);?;1.;(LO1) Identify the features;common to the gift tax formula and the estate tax formula.;2.;(LO1) Explain why Congress felt;it necessary to enact a gift tax to complement the estate tax.;3.;(LO1) Describe the unified;credit and the purpose it serves in the gift and estate tax;Respondto all questions.;Please remember provide support for;answers whether you are researching or calculating to get answers.;Properly label all parts of a problem.


Paper#39355 | Written in 18-Jul-2015

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