ACC 565 Week 1 - 11 Discussions - Strayer
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ACC565 Week 1 Discussions
Tax Representation Guidelines" Please respond to the following:
•Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.
•Imagine that you are a CPA, and there is a
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GAAP does not include this disallowance provision. Create an argument for allowing a loss on a sales transaction between a controlled corporation and shareholder when the transaction includes an independent appraisal and the loss is similar to losses incurred in arm’s length transactions. Provide an example to support your argument. Suppose clients request that their tax return preparation include the loss on the sales transaction identified between the controlling shareholder and corporation, as described in Part 1 of this discussion. Analyze the potential impact and required disclosures resulting from the inclusion on the financial statements and the tax return of the corporation. Examine the implications of the uncertain tax position in this situation on the requirements of Circular 230 and the Statements on Tax Standards (SSTS). week 3Section 306 of the IRC was enacted by Congress to prevent tax avoidance by distributing certain stock to a shareholder in a nontaxable stock dividend. Section 306 prevents shareholders from using a preferred stock bailout to convert ordinary income into a capital gain. Analyze the key provisions of Section 306 of the IRC, and outline a tax- planning strategy geared toward redeeming preferred stock with sale or exchange treatment as an alternative to Section 306.