Discuss the accounting methods

Assignment Help Taxation

Reference no: EM13560667

1. Discuss the various accounting methods and what types of considerations should be taken in determining which method is the best option for an S Corporation.

2. Explain the guidelines for choosing whether to elect a calendar year or fiscal year for financial reporting.

3. Describe the overall process for determining the income tax for an S Corporation.

4. Why would some items be separately stated and passed through to shareholders while others are not? What determines this?

5. Describe the different elections that could be taken as related to gross income and what influences these.

6. How might capital gains or losses impact the income distribution of an S Corporation?

7. Describe the guidelines that apply to related person transactions.

8. How is property distributions to shareholders handled typically?

Professional Development Question

You may use one or a combination of the following when completing this exercise:

1. Online research
2. Real-life experiences
3. Interview or professional experts
4. Textbook materials

Write a 1-2 page paper that covers the accounting methods that might be used by S Corporations and what types of decision criteria should be evaluated in selecting an optimal one. Students should also include a review of the two options for reporting periods (calendar vs. fiscal) and what types of things are used to decide which is the more appropriate one to elect, as an S Corporation filer.

Students should include at least one reference in their paper submission, in addition to theircomments and thoughts on the required content.

Verified Expert

Reference no: EM13560667

Questions Cloud

What is its speed-when it reaches valley beneath bridge : A bolt is dropped from a bridge under construction, falling 94 mto the valley below the bridge. (a) In how much time does it passthrough the last 28% of its fall? What is its speed (b) when itbegins that last 28% of its fall and (c) when it reaches t..

Define the body metabolizes glucose water and carbon dioxide : When the body metabolizes glucose water and carbon dioxide are produced according to the following equation. C6H12O6 + 6 O2 --> 6 CO2 + 6 H2O

Average net force that acts on the box during the collision : Airplane flight recorders must be able to survive catastrophiccrashes. Therefore, they are typically encased in crash-resistantsteel or titanium boxes that are subjected to rigorous testing. Oneof the tests is an impact shock test, in which the bo..

Evaluate the gauge pressure at the bottom of the tank : A storage tank 30 m high is filled with gasoline. Find the gauge pressure at the bottom of the tank

Discuss the accounting methods : Discuss the various accounting methods and what types of considerations should be taken in determining which method is the best option for an S Corporation.

Explain barium nitrate and ammonium chloride : A solution contains barium nitrate and ammonium chloride. Which of the following reagents would separate the two cation by making only one of them precipitate.

Find out the total concentration of cl- ions in a solution : Determine the total concentration (in mol/L) of Cl- ions in a solution formed from the reaction of 500mL of 1.0M barium hydroxide Ba(OH)2 with 182mL of 1.51M hydrochloric acid HCl

Find the final speed of the earth : A comet of mass 4.5 E22 kg moving at 10000 m/s collides withthe earth, initially at rest, and stick. Find the final speed of the earth

What is the average force exerted by the plate : A 5kg steel ball is dropped onto a copper plate from a heightof 10m. If the ball leaves a dent 3.2mm deep, what is the average force exerted by the plate on the ball during impact

User Account

All Pages