ACC 455 Week 2

Individual Week Two Problem Set

Complete the problems found in Ch. 2 of Prentice Halls Federal Taxation 2010: Corporations.

C:2-3 Black LLC

C:2-54 Bear Corporation

C:2-55 Wildcat Corporation

C:2-56 Tax Strategy for Wildcat Corporation

Read the scenario and respond to the questions.

Support your answers with calculations, as needed.

Show your work.

Submit your completed assignment as a Microsoft Excel, a Microsoft Word, or a PDF document.

Discussion Questions

What methods of accounting are available to a small business and to a large business? If the business decides to make an accounting methods change, how is this accomplished?

What are the requirements for the following deductions: U.S. production activity deduction, dividend received deduction, and net operating loss? Discuss any recent legislative changes

What is the legislative intent behind the corporate alternative minimum tax (AMT)? Define tax preference items, AMT adjustment, and minimum tax credit.