ACC 547 Week 4 Assignment
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Question 1
What is the process
for computing a corporation's taxable income, assuming the corporation must use
generally accepted accounting principles (GAAP) to determine financial income?
How might this differ for corporations not required to use GAAP?
Question 2
How do current earnings and profits differ from accumulated
earnings and profits? Is there any reason to keep the two accounts separate?
How does a corporation's computation of earnings and profits differ based on
the tax treatment of a stock redemption as a dividend as opposed to an
exchange?
Question 3
If limited liability companies and S corporations are both
taxed as flow-through entities for tax purposes, why might an owner prefer one
form over the other for tax purposes? List separately the tax factors
supporting the decision to operate as either an LLC or S corporation.
Word count: - 100
words for each question.
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