Acc 455 Week 5 Team B assignment

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Acc 455 Week 5 Team B assignment

Team 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

·         July 14, 2012 6:00 PM EST

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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