Assessment 7: Partnership And Corporate Tax Reporting

Complete the problem in the partnership scenario that requires research and analysis as well as computation.

Note: The assessments in this course are presented in a sequence and must be completed in order. Do not complete Assessment 7 until you have submitted and received faculty feedback for Assessment 6.

Don't use plagiarized sources. Get Your Custom Essay on
Assessment 7: Partnership And Corporate Tax Reporting
Just from $13/Page
Order Essay

Introduction

There is a need for other forms of business ownership beyond sole proprietorship. Small businesses can only do so much to provide the public with an array of goods and services that match the public’s insatiable appetite. To this end, large corporate entities are better equipped to provide the required goods and services. Partnerships, in all of their forms, also fill a niche, especially in the area of services, such as legal, health, and welfare.

When it comes to these business entities’ responsibility for reporting their income and deductions, the tax code becomes very complicated. Their tax reporting needs may require the services of certified public accountants, who know the code thoroughly.

Corporate and partnership tax preparation require highly developed skills in research and analysis.

Note: The assessments in this course are presented in a sequence and must be completed in order. Do not complete Assessment 7 until you have received faculty feedback for Assessment 6.

Preparation

Corporate and partnership tax preparation require highly developed skills in research and analysis. Consider the following problems and research the applicable tax regulations to answer the questions.

Instructions

For this assessment, complete the following:

  • Download Assessment 7 Problems [DOCX].
  • Using the primary source of IRS.gov and the IRS Interactive Tax Assistant and Tax Trails, locate and interpret regulations and publications that relate to each problem.
  • Record your answers to the problems in a Word document.
  • Provide an explanation for each answer, including any related calculations and evidence.
  • Include the following criteria from the scoring guide in your responses.
    • Determine partners’ recognized gains, explaining how much they gained and the rationale.
    • Prepare self-employment income and basis at the end of the year.
    • Determine how much gain or loss must be recognized on a distribution, ending partnership basis, and basis in equipment.
    • Calculate the gain or loss on the sale of a partnership interest.
    • Determine the basis of the stock in the hands of the shareholder.
    • Determine taxable income on a C corporation and the book income.
    • Determine the amount of taxable dividend, nontaxable distribution, and capital gain.
  • Submit the Word document containing your answers to the problem and the explanations for your answers.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 3: Assess types of non-individual entities subject to federal taxation.
    • Determine partners’ recognized gains, explaining how much they gained and the rationale.
    • Prepare self-employment income and basis at the end of the year.
    • Determine how much gain or loss must be recognized on a distribution, ending partnership basis, and basis in equipment.
    • Calculate the gain or loss on the sale of a partnership interest.
    • Determine the basis of the stock in the hands of the shareholder.
    • Determine taxable income on a C corporation and the book income.
    • Determine the amount of taxable dividend, nontaxable distribution, and capital gain.

Essaywriters4me

Calculate The Price Of Your Paper

Pages
{{total || ""}}

Why Choose Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Freebies
Our FREE services
Every order comes with these awesome features.
Order Now
Money Back Guarantee
FREE Best essay writer across your subject
FREE Cover page and bibliography
FREE APA/MLA/Chicago formatting
FREE Free Revisions
FREE 24/7 customer support hotline and chat

Essays

Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission and Business Papers

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Editing

Editing and Proofreading

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Coursework

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.