ACC 455 Week 2 Individual Problem Set

May 8th, 2015
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ACC 455 Week 2 Individual Problem Set

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Week 2 Individual C: 2-3 Black LLC.What a company chooses to establish itself as a limited liability company it is taxed according to the number of owners. Because Black LLC has two owners the default tax classification would be a partnership, but the owners still experience the limited liability of a corporation. The other tax classification Bruce and Bob can choose is to be taxed as a corporation. The owners need to file a Form 8832.The other requirements are to distribute all the assets to the corporation in exchange for stock, filing articles of incorporation, paying state incorporation fees, and investing a minimum amount of capital. The tax consequences of doing this is the partnership cannot change its corporation status back to a partnership for 60 months. Any gain or loss can be deferred as long as the planned sale of stock is not arranged before forming the corporation, a boot is not received, and control of the company to the owners happens upon transfer of all assets and liability. C: 2 -54 Bear CorporationA) All members are in control of the corporation after the exchange. There is more than 80% control of all other owners beside Dick. So yes the requirements o

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