Assignment 1: Partnership vs. Corporation

May 27th, 2014
Price: $50 USD

Question description

Use the partnership and corporate tax returns for the practice sets titled, “Walk Upright Company” and “No More Ice, Inc.” that were prepared in Weeks 4 and 7.

Write a 4-5 page paper in which you:

  1. Compare and contrast the advantages and disadvantages inherent in electing to become a partnership and a corporation. Indicate key aspects in which the resulting choice is likely to impact tax obligations.
  2. Imagine that you are a Partner at Walk Upright Company. Justify to your team why you elected to become a partnership in an effort to minimize tax liability. Prepare a response to the objection that this election was the best choice.
  3. Imagine that you are the Chief Financial Officer (CFO) at No More Ice, Inc. Justify to your management team why you elected to become a corporation.
  4. Determine whether becoming a corporation was a wise choice as a potential strategy to minimize tax liability as a result. Provide support for your rationale.
  5. Analyze the steps that the leadership in a partnership or a corporation must take in order to change the entity’s existing election. Provide examples of circumstance under which changing the existing election would be appropriate. Indicate how this election change, once complete, may either generate a tax liability or be a benefit. Provide support for your rationale.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

Tutor Answer

(Top Tutor) khakaan
School: University of Virginia

Studypool has helped 1,244,100 students

Review from student
" Top quality work from this guy! I'll be back! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1819 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors