Acc 455 Week 5 Team B assignment
JeffCPATeam B Week Four Outline
C:9-35: Allocation of Precontribution Gain
· Response to sections by Saturday, July 14, 2012 6:00 EST – Team
o Team
§ Ordinary Income
§ Long-term Capital Gain
o Team
§ Ordinary Income
§ Long-term Capital Gain
C:11-45: Use of Losses by Shareholders
· Response to sections by Saturday, July 14, 2012 6:00 EST
o What amount of Hammer’s current year loss can Tom deduct on his income tax return? - Team
o What is Tom’s basis for the Hammer stock and note at the end of the loss year? – Team
o What income and deductions will Tom report next year from Hammer’s activities and the loan repayment? – Team
Discussion
Team Participation
· Post minimum of two substantive responses per team member
o One response to question
o One response to team member
o Responses due midnight Friday, July 13 2012
§ Compiled by Saturday July 14, 2012 by Team
§ Submitted for team review by Team
C:10-4 Discussion Question
· Basis
o How established
o Changes to basis
· Distributions
o Property
C:11-47: Post-Termination Loss Use
· Response to sections by Saturday, July 14, 2012 6:00 EST
o What amount of loss can Chuck and Linda deduct in 2008? – Team
o What amount of loss do Chuck and Linda carry over to 2009? – Team
· If Chuck reported only $5,000 of other business income in 2008, what happens to the “excess” deductible S corporation losses? – Team
· What portion of the loss carryover from Part b can Chuck and Linda deduct in 2009? What happens to any unused portion of the loss? – Team
· What advice can you offer to Chuck and Linda to enhance their use of the Stein loss? – Team
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