ACC 547 Week 4 Assignment

ACC 547 Week 4 Assignment Click Link Below To Buy: http://hwcampus.com/shop/acc-547-week-4-assignment/ Contact Us: [email protected] Question 1 What is the process for computing a corporation's taxable income, assuming the corporation must use generally accepted accounting principles (GAAP) to determine financial income? How might this differ for corporations not required to use GAAP? Question 2 How do current earnings and profits differ from accumulated earnings and profits? Is there any reason to keep the two accounts separate? How does a corporation's computation of earnings and profits differ based on the tax treatment of a stock redemption as a dividend as opposed to an exchange? Question 3 If limited liability companies and S corporations are both taxed as flow-through entities for tax purposes, why might an owner prefer one form over the other for tax purposes? List separately the tax factors supporting the decision to operate as either an LLC or S corporation. Word count: - 100 words for each question.