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Question # 4 P Corporation use the calendar yea...




Question # 4 P Corporation use the calendar year as its tax year and the accrual method as its overall accounting method. S corporation uses a fiscal year ending June 30 as its tax year and the cash method as its overall accounting method. On July 31, 2012, P acquired all of S?s stock, and P-S affiliated group elects to file a consolidated tax return for 2012. a- What tax year must the group use in filing its consolidated tax return? b- What overall accounting method can P and S corporations use? c- What tax returns must the corporations file? Question # 6 On January of the current year, Becky (20%), Chuck (30%), and Dawn (50%) are partners in the BCD Partnership. During the current year, BCD reports the following results. All items occur evenly throughout the year unless otherwise indicated. Assume the current year is not a leap year. Ordinary income $120,000 Long-term capital gain (recognized September 1) 18,000 Short-term capital loss (recognized March 2) 6,000 Charitable contribution (made October 1) 20,000 a- What are the distributive shares for each partner, assuming they all continue to hold their interest at the end of the year? b- Assume the Becky purchases a 5% partnership interest from Chuck on July 1 so that Beck and Chuck each own 25% from that date through the end of the year. What are Becky and Chuck?s distributive shares for the current year?,Thank you!,I was just wondering if these two question would be completed by 2:00pm?


Paper#8400 | Written in 18-Jul-2015

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