ACC
665 Entire Course-GC
Click Link Below To Buy:
Contact Us:
Hwcoursehelp@gmail.com
ACC 665 Grand Canyon Entire Course
ACC 665 Entire Course-GC
ACC665
ACC 665 Grand Canyon Module 1 Discussion 1
Discuss some of your initial apprehensions surrounding working
with your CLC team and client Dave Novell throughout the course. Upon review of
the case, what predictions can you make concerning the outcome of the case as
it relates to Dave, his businesses, and family situation? What suggestions
and/or resources can you offer your classmates for collaborating and completing
the case study reports in a professional manner?
ACC 665 Grand Canyon Module 1 Discussion 2
A taxpayer uses borrowed funds to acquire no dividend-paying
corporate stock. Note that interest on borrowed funds may be deducted in the
period paid, up to the amount of net investment income from other stocks or
investments (that is, interest and dividend income). Discuss the tax
consequences of this plan and support your response by referencing a relevant
reading and/or other supplemental material
ACC 665 Grand Canyon Module 2 Discussion 1
What background information provided in the case seems to be the
most pertinent to Dave’s tax liability and ability to apply tax planning
strategies in the most effective manner? Evaluate the documents left by the
deceased tax preparer on their ability to complicate or improve Dave’s tax
liability and/or personal/business circumstances. Support your response by
referencing a relevant reading and/or other supplemental material.
ACC 665 Grand Canyon Module 2 Discussion 2
Under what circumstances is an investment, taxed each period at
capital gains rates, preferred to an SPDA contract (taxed at ordinary rates on
investment income but only at the point of liquidation)? When is Savings
Vehicle IV (income deferred and taxed at capital gains rates at the point of
liquidation) preferred to an SPDA? Support your response by providing a
specific example in each circumstance.
ACC 665 Grand Canyon Module 3 Discussion 1
Provide at least two resources you have found to be useful in
analyzing the case study thus far. Explain how you use the resource and why it
is important.
ACC 665 Grand Canyon Module 3 Discussion 2
In determining the tax advantage of a current salary contract
versus a deferred-compensation contract, why is it useful to set the
contractual terms so as to hold one party indifferent to the choice of the
contract? Does it matter whether the employee or employer is made indifferent
between the two choices? Explain your reasoning and support your response by
referencing a relevant reading and/or other supplemental material.
ACC 665 Grand Canyon Module 4 Discussion 1
Discuss recent developments in the case study, which seem to pose
the most challenges for you and your CLC team in terms of providing Dave with
highest level of service in terms of his personal and business needs.
ACC 665 Grand Canyon Module 4 Discussion 2
When a corporation repurchases shares of its stock from investors,
do individual shareholders generally prefer the repurchase to be treated as a
dividend for tax purposes or do they prefer it to be treated as a sale? What do
corporate shareholders prefer? Why? Explain your reasoning and support your
response by referencing a relevant reading and/or other supplemental material.
ACC 665 Grand Canyon Module 5 Discussion 1
As a financial analyst or tax planner, how would you determine
whether a potential target firm’s goodwill was tax-based goodwill (deductible)?
Explain your reasoning and support your response by referencing a relevant
reading or providing a specific example.
ACC 665 Grand Canyon Module 5 Discussion 2
Under what general circumstances is a taxable acquisition
structure preferable? Consider specifically the tax attributes and tax status
of the target corporation and the target’s shareholders. Also consider the tax
preferences and nontax circumstances of the acquiring corporation. Provide a
specific example to substantiate your response.
ACC 665 Grand Canyon Module 6 Discussion 1
Apart from the exclusion equivalent, should tax planners recommend
that all estate assets be transferred to the surviving spouse if the goal is to
transfer resources to successive generations? What nontax issues arise in the
planning problem?
ACC 665 Grand Canyon Module 6 Discussion 2
Under what circumstances is it more tax advantageous to give to
charity during your lifetime rather than on bequest? What nontax factors might
influence your decision?
ACC 665 Grand Canyon Module 7 Discussion 1
Why do countries with worldwide tax systems give foreign tax
credits? Provide an example of the business implications for two different
countries as it relates to doing business with the United States
ACC 665 Grand Canyon Module 7 Discussion 2
Consider a wealthy U.S. citizen that earns $1.3 million per year
in dividends and capital gains from her portfolio of U.S. stocks. Can she
legally avoid having this income subject to U.S. tax laws by forming an
offshore holding company and having the holding company own the stock? She has
her holding company reinvest the dividends and capital gains, so she personally
receives no cash from her investments. Explain your reasoning and support your
response by referencing a relevant reading and/or other supplemental material.
ACC 665 Grand Canyon Module 8 Discussion
Reflect upon your experience throughout the course. Share some
challenges you and your team had as well as some successes. How has this
experience better prepared you to work as an accountant and/or tax or financial
advisor? To collaborate and work effectively with others? What areas or
concepts studied throughout the course would you say you need the most
developing in? What areas are you strongest in? What advice would you give to a
new student taking this course?
ACC 665 Grand Canyon Wee k 1 Assignment
Tax Planning and Business Strategy Case Study
ACC 665 Grand Canyon Week 1 Case Guidelines
Throughout the case, you may assume that events described unfold
over a period of several years, as your client, Dave Novell progresses through
life and each module is viewed as a different point in his life, in which his
business and private affairs change and evolve. Your task is to assume the role
of an accountant and member of an accounting team at a local firm assigned to
work with Dave and apply your understanding of tax strategies and regulations
to address and resolve issues concerning his tax obligations and liabilities.
Background Information
Dave Novell is a divorced parent with custody of his two children.
Dave is an owner-employee with “On-Off-Shore Searchers, LLC” (OOSS). He and his
children reside in Phoenix, AZ. When they were young, his children lived with
their mother, even though he provided over 50% of their support. OOSS is a
Louisiana registered LLC and based in Houma, Louisiana. It operates six
drilling rigs now. Adam works a regular 2-weeks-onshore and 2-weeks-offshore
schedule.
His prior tax preparer and advisor died unexpectedly.
Unfortunately, the tax preparer was a sole practitioner and there was no one to
continue the tax services to Dave. His stockbroker recommended you and your
accounting firm to advise him and his family on his tax obligations and
liabilities.
During the onshore weeks, Dave also manages a small business in
Phoenix operating under the name of “Diamond Discovery,” a 100% owned small
business that develops new musical talents. He operates this currently as a
regular Schedule C business. You discover that his ex-wife, Diane, works in
this business, he paid for the completion of her education in addition to
paying for her house, in which she and the two children previously resided, and
he has done this for many years. Once she had completed her education and had
become employed, the divorce settlement required the house to be sold and the
proceeds, net of the loan payoff, to be divided equally between the two
individuals. This has not been done.
Documents Left by the Deceased Tax Preparer Contain the Following
Information:
• On prior tax returns, he has deducted his mileage round-trip
between Phoenix and Houma as a no reimbursed business expense.
• Diane does not receive a W-2 or a Form 1099-Miscellaneous for
the weekly cash stipend of $500 received from Diamond Discovery, Inc.
• Dave is vague as to if and how the stipend was handled by the
deceased tax preparer.
• A review of prior tax returns does not reveal any information
about this issue. However, Dave claims that he has always deducted it.
• Dave had converted Diamond Discovery to a corporate structure on
November 20 of the prior year. However, the prior year returns provided by him
consisted only of Dave’s 1040.
• Dave claims that Diamond Discovery was to be established as an
S-Corp. with him as 100% owner. No records from the deceased tax preparer files
show this was filed.
• W-2 from OOSS has the following:
o Gross, Box 1, Income, $125,000.
o Federal income tax withheld, Box 2, $21,300
o Social Security Income, Box 3, $106,800
o Medicare Income, Box 5, $125,000
o All Social Security and Medicare taxes were withheld
o Arizona income, $125,000
o Arizona withholding, $5,250
ACC 665 Grand Canyon Week 2 Assignment
Individual Case Study Report A and CLC report
Details:
For specific instructions regarding the Individual Case Study
Report A, please refer to the Tax Planning and Business Strategy Case Study
resource.
This assignment uses a grading rubric. Instructors will be using
the rubric to grade the assignment; therefore, students should review the
rubric prior to beginning the assignment to become familiar with the assignment
criteria and expectations for successful completion of the assignment.
You are required to submit this assignment to Turnitin. Please
refer to the directions in the Student Success Center.
CLC Case Study Report
A Upon being retained by Dave to provide tax advice you are
scheduled to meet with him in one week. The tax partner-in-charge assembles
several staff members (CLC Team) and begins the task of understanding Dave’s
tax situation. Dave is to be provided a summary of his current tax issues and
at least three alternative plans to address these issues before tax returns
need to be completed for his current tax year. During the first session Dave
expects to be provided with an analysis of his individual tax situation, tax
structure, and potential tax liability issues.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. The CLC
team is to prepare a two-page (double-spaced) report with the required
information to be submitted by the end of Module 2.
Individual Case Study Report A
As a member of the staff (CLC) team assigned to work with Dave,
you are assigned the individual task of developing a summary of the legal
restrictions placed on the client, the areas of tax planning that you recommend
for the taxpayer, and what sources of interpretation of tax laws, regulations,
and rules (search audit trail to be included as citations and references)
should be used by the staff (CLC) team.
Additional information provided by Dave during a previous meeting
included the following:
a) Dave is under a full investigation by the Internal Revenue
Service for failure to file tax returns for a former company, Tucson to Texas
Travelers (3T), a sole proprietorship, which ran a series of truck stops
between Tucson, AZ and Houston, TX until it was closed down due to net losses
for the last 4 years of the 7 years it was in operation.
b) A document produced by Dave indicates that the former tax
preparer had rolled over a net operating loss (NOL) into the last 4 years of
tax returns prepared for the client.
c) You discover a handwritten note in the files provided that the
NOL was used to offset taxable income in other business ventures for the
taxpayer in each of the last four years of returns prepared for the taxpayer.
d) A single piece of paper was discovered in the prior tax
preparers file that reveals that 3T had not prepared and submitted payroll
reports including W-2s and 2099s for its last 3 years.
You are to work independently of the CLC Team, but use the CLC
report being developed for Module 1 with the anticipation that your additional
work will be merged with that of other staff (CLC) members later.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. Prepare a
two- to three-page (double-spaced) report with the required information to be
submitted by the end of Module 2.
ACC 665 Grand Canyon Week 2 Assignment 2
CLC Case Study Report B
Details:
For specific instructions regarding the CLC Case Study Report B,
please refer to the Tax Planning and Business Strategy Case Study resource.
This assignment uses a grading rubric. Instructors will be using
the rubric to grade the assignment; therefore, students should review the
rubric prior to beginning the assignment to become familiar with the assignment
criteria and expectations for successful completion of the assignment.
You are required to submit this assignment to Turnitin. Please
refer to the directions in the Student Success Center
CLC Case Study Report B
The entire staff assigned to work with Dave (CLC Team) reassembles
and are brought up-to-date by the tax partner. You learn that Dave has acquired
controlling partner interest in OOSS’s second largest competitor, Deepwater
Exploration, LLC, (DE) by purchasing $200 million of common stock using OOSS
assets as collateral for a loan with First Trust Bank. After being appointed
the new general manager of DE, he is considering merging OOSS and DE into a
single company.
Dave requests advice on what is the best business structure and
why as it relates to the compensation structure of DE and perhaps OOSS. He also
wants to know the impact of different business forms of organization on the
compensation of owners.
The staff team (CLC team) is now assigned the task of developing a
recommendation summary of these issues and which is the best organizational structure
to recommend for Dave and his companies. Dave indicated that even Diamond
Discovery should be considered a part of his reorganization efforts.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. The CLC
team is to prepare a two-page (double-spaced) report with the required
information to be submitted by the end of Module 3.
ACC 665 Grand Canyon Week 4 Assignment
Individual Case Study Report B
As a member of the staff (CLC) team assigned to work with Dave,
you are assigned the individual task of developing a summary of the issues
related to Dave after being in a meeting with the tax partner-in-charge.
During the latest meeting, you learned that Dave has remarried.
His new spouse owns Dollar Max, Inc., and Dave has agreed to invest in Dollar
Max. Dollar Max is an S-Corporation for tax purposes. Dave’s contribution
consists of personal assets valued at $7,500,000. He requests information about
the special tax rules that will apply to a corporation; information on what are
the possible tax benefits of leverage in the corporation’s capital structure;
whether or not some hybrid of debt-equity should be used; a summary of tax
treatments of corporate distributions; and what would happen if they decided to
liquidate her corporation with the plan to merge her operations assets into one
of his companies; and whether or not a merger could be done tax free especially
if an S Corporation structure was to be used.
You are to work independently of the CLC Team but use the CLC
report being developed for Module Three with the anticipation that your work
will be merged with that of other staff members.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. Prepare a
two- to three-page (double-spaced) report with the required information to be
submitted by the end of Module 4.
ACC 665 Grand Canyon Week 5 Assignment
CLC Case Study Report C
The staff (CLC) team assigned to work with Dave was notified in a
weekly meeting by the tax partner-in-charge that Dave is in negotiations with
the owners of Rough Timber Corporation (RTC) to acquire that business. RTC owns
approximately 2,000,000 acres of timber throughout the U.S. and leases another
5,000,000 in the U.S. and Canada. Dave wants to know the best approach to
minimize the tax liability for the acquisition for him and the other owners.
The other owners are his brother and sister. He wants to make this a tax-free
acquisition of their C Corporation if possible. If not, then he needs
recommendations on the best way to minimize the tax liability.
The staff team (CLC team) is now assigned the task of developing a
recommendation summary of these issues and which is the best organizational
structure to recommend for Dave and his companies.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. The CLC
team is to prepare a two-page (double-spaced) report with the required
information to be submitted by the end of Module 5.
ACC 665 Grand Canyon Week 6 Assignment
Individual Case Study C
As a member of the staff (CLC) team assigned to work with Dave you
are assigned the individual task of developing a summary of the legal
restrictions placed on the client, the areas of tax planning that should
provide the taxpayer with the services needed, and what sources of tax law
should be used by the staff team.
Dave has informed the tax partner-in-charge that he plans to bring
his wife, children, brother and sister into the operation and ownership of his
businesses. He expresses a desire to begin at the end of the current tax year
to make gifts to his children of cash and ownership interests.
You are to work independently of the CLC Team but use the CLC
report being developed for Module Five with the anticipation that your work
will be merged with that of other staff members.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. Prepare a
two- to three-page (double-spaced) report with the required information to be
submitted by the end of Module 6.
ACC 665 Grand Canyon Week 8 Assignment 1
CLC Case Study Report D
The tax partner-in-charge provides additional information
regarding Taxpayer Dave and his family-owned businesses. A grandchild has now
entered the business after completion of his college studies. He recently
married a citizen of another country.
Dave needs advice as to how this new family layer will affect the
tax situation of the family-owned and -operated businesses. He also wants to
know if there are any tax issues related to relocating some of his business
efforts to another country, operating in multiple countries, or operating a
business independently in another country. The tax partner-in-charge believes
that Dave plans to turn over some of the business operations to his grandchild,
who has expressed a desire to live in another country.
The staff team (CLC team) is now assigned the task of developing a
recommendation summary of these issues and what is the best organizational
structure for Dave and his family.
Please refer to the assignment grading rubric at the assignment’s
drop box for information regarding how the assignment will be graded. The CLC
team is to prepare a final four- to five-page (double-spaced) report with the
required information to be submitted by the end of Module 8.
ACC 665 Grand Canyon Week 8 Assignment 2
Individual PowerPoint Presentation
Dave, as the senior family member-owner of a variety of
businesses, has requested from the tax partner-in-charge a presentation and
summary of the issues and recommendations provided to him. He would like this
in a PowerPoint slide presentation to be used at a family-business retreat
being planned to review the businesses owned and operated by the expanding
family. Of specific interest to family members is the strategic tax planning
issues faced by the family.
You are to prepare a PowerPoint presentation with the required
information to be submitted by the end of Module 8.
No comments:
Post a Comment