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Chapter 14
1. Please describe the concept of "double taxation" and discuss which
entity(ies) are subject to this type of taxation. (5 pts)
2. What type of taxpayers are considered "eligible" taxpayers with
regard to special ordinary loss treatment of IRC Section 1244 stock? (5
pts.)
3. Please describe how the treatment of capital gains(losses) differ for a
C Corporation as compared to an Individual. ( 5 pts.)
4. Please describe the concept of "Depreciation recapture". ( 5 pts.)
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ACCT 553 Week 5 Homework
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Chapter 14
1. Please explain how Charitable Contributions come into play in
determining "Corporate" taxable income. (5 pts)
2. What happens to a loss on the Corporate Tax Return (Form 1120)?
Does it pass through to the shareholders? Is it available for future or past
periods? Please explain in detail. (5 pts.)
3. Please describe the purpose of Sch3edules M-1 and M-3. When is a
Schedule M-3 required in lieu of a Schedule M-1. (5 pts.)
Chapter 17
4. Please define and differentiate a Spin-off, Split-off, and Split-up. ( 5
pts.)
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