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kaplan AC507 week 1 assignment




Question;Chapter Assignment;Problem Assignments for Chapter 1;12, 19, 30, 36, and 40.Problem Assignments12.;What are the three characteristics of a sole proprietorship? Are these;characteristics the same as or different from those of a partnership? What are;three characteristics of a limited liability company that differ from those of;a partnership?119. The;Warner Corporation has gross income of $560,000. It has business expense of;$325,000, a capital loss of $20,000, and $2,500 of interest income on temporary;investments. What is the corporation?s taxable income?="msonormal">="msonormal">30.Hunter Corporation has $250,000 in gross income;$125,000 in deductible business expenses, and a $12,000 business tax credit.;Determine the corporation?s net tax liability36. June and John decide to form a business. They;each plan to contribute $20,000 in exchange for a 50 percent interest in the;business. They will then take out a bank loan for $30,000 to cover the balance;of their working capital needs. They expect that the business will make a;profit of;$64,000 in the first;year and that it will not make any cash distributions that year. Excluding the;business income, June, who files as head of household, has $450,000 of other;taxable income. John is married and files a joint return, he and his wife have;$100,000 of other taxable income. They want to know how much tax the business;will pay and how much additional tax they will personally pay in 2012 if they;form the business as a partnership, S corporation, or C corporation. Consider;only income taxes40. Carl is a 30 percent partner in the CCF;Partnership. At the beginning of the year, his basis in the partnership is;$4,000. The partnership reports $7,000 of ordinary income and distributes;$3,000 to the partners. What is Carl?s basis at the end of the year?;="msonormal">="msonormal">


Paper#40727 | Written in 18-Jul-2015

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