ACC 665 Grand Canyon Entire Course
ACC 665 Grand Canyon Entire Course
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ACC 665 Grand Canyon Entire Course
ACC665
ACC 665 Grand Canyon
Module 1 Discussion 1
Discuss some of your
initial apprehensions surrounding working with your CLC team and client Dave
Novell throughout the course. Upon review of the case, what predictions can you
make concerning the outcome of the case as it relates to Dave, his businesses,
and family situation? What suggestions and/or resources can you offer your
classmates for collaborating and completing the case study reports in a
professional manner?
ACC 665 Grand Canyon
Module 1 Discussion 2
A taxpayer uses borrowed
funds to acquire no dividend-paying corporate stock. Note that interest on
borrowed funds may be deducted in the period paid, up to the amount of net
investment income from other stocks or investments (that is, interest and
dividend income). Discuss the tax consequences of this plan and support your
response by referencing a relevant reading and/or other supplemental material
ACC 665 Grand Canyon
Module 2 Discussion 1
What background
information provided in the case seems to be the most pertinent to Dave’s tax
liability and ability to apply tax planning strategies in the most effective
manner? Evaluate the documents left by the deceased tax preparer on their
ability to complicate or improve Dave’s tax liability and/or personal/business
circumstances. Support your response by referencing a relevant reading and/or
other supplemental material.
ACC 665 Grand Canyon
Module 2 Discussion 2
Under what circumstances
is an investment, taxed each period at capital gains rates, preferred to an
SPDA contract (taxed at ordinary rates on investment income but only at the
point of liquidation)? When is Savings Vehicle IV (income deferred and taxed at
capital gains rates at the point of liquidation) preferred to an SPDA? Support
your response by providing a specific example in each circumstance.
ACC 665 Grand Canyon
Module 3 Discussion 1
Provide at least two
resources you have found to be useful in analyzing the case study thus far.
Explain how you use the resource and why it is important.
ACC 665 Grand Canyon
Module 3 Discussion 2
In determining the tax
advantage of a current salary contract versus a deferred-compensation contract,
why is it useful to set the contractual terms so as to hold one party
indifferent to the choice of the contract? Does it matter whether the employee or
employer is made indifferent between the two choices? Explain your reasoning
and support your response by referencing a relevant reading and/or other
supplemental material.
ACC 665 Grand Canyon
Module 4 Discussion 1
Discuss recent
developments in the case study, which seem to pose the most challenges for you
and your CLC team in terms of providing Dave with highest level of service in
terms of his personal and business needs.
ACC 665 Grand Canyon
Module 4 Discussion 2
When a corporation
repurchases shares of its stock from investors, do individual shareholders
generally prefer the repurchase to be treated as a dividend for tax purposes or
do they prefer it to be treated as a sale? What do corporate shareholders
prefer? Why? Explain your reasoning and support your response by referencing a
relevant reading and/or other supplemental material.
ACC 665 Grand Canyon
Module 5 Discussion 1
As a financial analyst or
tax planner, how would you determine whether a potential target firm’s goodwill
was tax-based goodwill (deductible)? Explain your reasoning and support your
response by referencing a relevant reading or providing a specific example.
ACC 665 Grand Canyon
Module 5 Discussion 2
Under what general
circumstances is a taxable acquisition structure preferable? Consider
specifically the tax attributes and tax status of the target corporation and
the target’s shareholders. Also consider the tax preferences and nontax
circumstances of the acquiring corporation. Provide a specific example to
substantiate your response.
ACC 665 Grand Canyon
Module 6 Discussion 1
Apart from the exclusion
equivalent, should tax planners recommend that all estate assets be transferred
to the surviving spouse if the goal is to transfer resources to successive
generations? What nontax issues arise in the planning problem?
ACC 665 Grand Canyon
Module 6 Discussion 2
Under what circumstances
is it more tax advantageous to give to charity during your lifetime rather than
on bequest? What nontax factors might influence your decision?
ACC 665 Grand Canyon
Module 7 Discussion 1
Why do countries with
worldwide tax systems give foreign tax credits? Provide an example of the
business implications for two different countries as it relates to doing
business with the United States
ACC 665 Grand Canyon
Module 7 Discussion 2
Consider a wealthy U.S.
citizen that earns $1.3 million per year in dividends and capital gains from
her portfolio of U.S. stocks. Can she legally avoid having this income subject
to U.S. tax laws by forming an offshore holding company and having the holding
company own the stock? She has her holding company reinvest the dividends and
capital gains, so she personally receives no cash from her investments. Explain
your reasoning and support your response by referencing a relevant reading
and/or other supplemental material.
ACC 665 Grand Canyon
Module 8 Discussion
Reflect upon your
experience throughout the course. Share some challenges you and your team had
as well as some successes. How has this experience better prepared you to work
as an accountant and/or tax or financial advisor? To collaborate and work
effectively with others? What areas or concepts studied throughout the course
would you say you need the most developing in? What areas are you strongest in?
What advice would you give to a new student taking this course?
ACC 665 Grand Canyon Week
2 Assignment
Individual Case Study
Report A and CLC report
Details:
For specific instructions
regarding the Individual Case Study Report A, please refer to the Tax Planning
and Business Strategy Case Study resource.
This assignment uses a
grading rubric. Instructors will be using the rubric to grade the assignment;
therefore, students should review the rubric prior to beginning the assignment
to become familiar with the assignment criteria and expectations for successful
completion of the assignment.
You are required to submit
this assignment to Turnitin. Please refer to the directions in the Student
Success Center.
CLC Case Study Report
A Upon being retained by
Dave to provide tax advice you are scheduled to meet with him in one week. The
tax partner-in-charge assembles several staff members (CLC Team) and begins the
task of understanding Dave’s tax situation. Dave is to be provided a summary of
his current tax issues and at least three alternative plans to address these
issues before tax returns need to be completed for his current tax year. During
the first session Dave expects to be provided with an analysis of his
individual tax situation, tax structure, and potential tax liability issues.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. The CLC team is to prepare a
two-page (double-spaced) report with the required information to be submitted
by the end of Module 2.
Individual Case Study
Report A
As a member of the staff
(CLC) team assigned to work with Dave, you are assigned the individual task of
developing a summary of the legal restrictions placed on the client, the areas
of tax planning that you recommend for the taxpayer, and what sources of
interpretation of tax laws, regulations, and rules (search audit trail to be
included as citations and references) should be used by the staff (CLC) team.
Additional information
provided by Dave during a previous meeting included the following:
- a) Dave is
under a full investigation by the Internal Revenue Service for failure to
file tax returns for a former company, Tucson to Texas Travelers (3T), a
sole proprietorship, which ran a series of truck stops between Tucson, AZ
and Houston, TX until it was closed down due to net losses for the last 4
years of the 7 years it was in operation.
- b) A
document produced by Dave indicates that the former tax preparer had
rolled over a net operating loss (NOL) into the last 4 years of tax
returns prepared for the client.
- c) You
discover a handwritten note in the files provided that the NOL was used to
offset taxable income in other business ventures for the taxpayer in each
of the last four years of returns prepared for the taxpayer.
- d) A single
piece of paper was discovered in the prior tax preparers file that reveals
that 3T had not prepared and submitted payroll reports including W-2s and
2099s for its last 3 years.
You are to work
independently of the CLC Team, but use the CLC report being developed for
Module 1 with the anticipation that your additional work will be merged with
that of other staff (CLC) members later.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. Prepare a two- to three-page
(double-spaced) report with the required information to be submitted by the end
of Module 2.
ACC 665 Grand Canyon Week
2 Assignment 2
CLC Case Study Report B
Details:
For specific instructions
regarding the CLC Case Study Report B, please refer to the Tax Planning and
Business Strategy Case Study resource.
This assignment uses a
grading rubric. Instructors will be using the rubric to grade the assignment;
therefore, students should review the rubric prior to beginning the assignment
to become familiar with the assignment criteria and expectations for successful
completion of the assignment.
You are required to submit
this assignment to Turnitin. Please refer to the directions in the Student
Success Center
CLC Case Study Report B
The entire staff assigned
to work with Dave (CLC Team) reassembles and are brought up-to-date by the tax
partner. You learn that Dave has acquired controlling partner interest in
OOSS’s second largest competitor, Deepwater Exploration, LLC, (DE) by
purchasing $200 million of common stock using OOSS assets as collateral for a
loan with First Trust Bank. After being appointed the new general manager of
DE, he is considering merging OOSS and DE into a single company.
Dave requests advice on
what is the best business structure and why as it relates to the compensation
structure of DE and perhaps OOSS. He also wants to know the impact of different
business forms of organization on the compensation of owners.
The staff team (CLC team)
is now assigned the task of developing a recommendation summary of these issues
and which is the best organizational structure to recommend for Dave and his
companies. Dave indicated that even Diamond Discovery should be considered a
part of his reorganization efforts.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. The CLC team is to prepare a
two-page (double-spaced) report with the required information to be submitted
by the end of Module 3.
ACC 665 Grand Canyon Week
4 Assignment
Individual Case Study
Report B
As a member of the staff
(CLC) team assigned to work with Dave, you are assigned the individual task of
developing a summary of the issues related to Dave after being in a meeting
with the tax partner-in-charge.
During the latest meeting,
you learned that Dave has remarried. His new spouse owns Dollar Max, Inc., and
Dave has agreed to invest in Dollar Max. Dollar Max is an S-Corporation for tax
purposes. Dave’s contribution consists of personal assets valued at $7,500,000.
He requests information about the special tax rules that will apply to a
corporation; information on what are the possible tax benefits of leverage in
the corporation’s capital structure; whether or not some hybrid of debt-equity
should be used; a summary of tax treatments of corporate distributions; and
what would happen if they decided to liquidate her corporation with the plan to
merge her operations assets into one of his companies; and whether or not a
merger could be done tax free especially if an S Corporation structure was to
be used.
You are to work
independently of the CLC Team but use the CLC report being developed for Module
Three with the anticipation that your work will be merged with that of other
staff members.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. Prepare a two- to three-page
(double-spaced) report with the required information to be submitted by the end
of Module 4.
ACC 665 Grand Canyon Week
5 Assignment
CLC Case Study Report C
The staff (CLC) team
assigned to work with Dave was notified in a weekly meeting by the tax
partner-in-charge that Dave is in negotiations with the owners of Rough Timber
Corporation (RTC) to acquire that business. RTC owns approximately 2,000,000
acres of timber throughout the U.S. and leases another 5,000,000 in the U.S.
and Canada. Dave wants to know the best approach to minimize the tax liability
for the acquisition for him and the other owners. The other owners are his
brother and sister. He wants to make this a tax-free acquisition of their C
Corporation if possible. If not, then he needs recommendations on the best way
to minimize the tax liability.
The staff team (CLC team)
is now assigned the task of developing a recommendation summary of these issues
and which is the best organizational structure to recommend for Dave and his
companies.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. The CLC team is to prepare a
two-page (double-spaced) report with the required information to be submitted
by the end of Module 5.
ACC 665 Grand Canyon Week
6 Assignment
Individual Case Study C
As a member of the staff
(CLC) team assigned to work with Dave you are assigned the individual task of
developing a summary of the legal restrictions placed on the client, the areas
of tax planning that should provide the taxpayer with the services needed, and
what sources of tax law should be used by the staff team.
Dave has informed the tax
partner-in-charge that he plans to bring his wife, children, brother and sister
into the operation and ownership of his businesses. He expresses a desire to
begin at the end of the current tax year to make gifts to his children of cash
and ownership interests.
You are to work
independently of the CLC Team but use the CLC report being developed for Module
Five with the anticipation that your work will be merged with that of other
staff members.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. Prepare a two- to three-page
(double-spaced) report with the required information to be submitted by the end
of Module 6.
ACC 665 Grand Canyon Week
8 Assignment 1
CLC Case Study Report D
The tax partner-in-charge
provides additional information regarding Taxpayer Dave and his family-owned
businesses. A grandchild has now entered the business after completion of his
college studies. He recently married a citizen of another country.
Dave needs advice as to
how this new family layer will affect the tax situation of the family-owned and
-operated businesses. He also wants to know if there are any tax issues related
to relocating some of his business efforts to another country, operating in
multiple countries, or operating a business independently in another country.
The tax partner-in-charge believes that Dave plans to turn over some of the
business operations to his grandchild, who has expressed a desire to live in
another country.
The staff team (CLC team)
is now assigned the task of developing a recommendation summary of these issues
and what is the best organizational structure for Dave and his family.
Please refer to the
assignment grading rubric at the assignment’s drop box for information
regarding how the assignment will be graded. The CLC team is to prepare a final
four- to five-page (double-spaced) report with the required information to be
submitted by the end of Module 8.
ACC 665 Grand Canyon Week
8 Assignment 2
Individual PowerPoint
Presentation
Dave, as the senior family
member-owner of a variety of businesses, has requested from the tax
partner-in-charge a presentation and summary of the issues and recommendations
provided to him. He would like this in a PowerPoint slide presentation to be
used at a family-business retreat being planned to review the businesses owned
and operated by the expanding family. Of specific interest to family members is
the strategic tax planning issues faced by the family.
You are to prepare a
PowerPoint presentation with the required information to be submitted by the
end of Module 8.
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