15 Jan Using the text, the readings and
ACC525 Advanced Topics in Taxes
Unit 6 Discussion
Using the text, the readings and other exercises, as well as any additional research done, discuss here what some of your learnings and insights are regarding the revenue and expenditure issues. Also share what you think some of the challenges might be when it comes to these issues/topics.
List three items that increase book income and three items that reduce book income when reconciling book to taxable income. Why do you think it is appropriate for these items to be “book/tax” adjustments? Explain.
One of Corbett Corporation’s shareholders, Gene, is having severe financial problems due to extensive medical expenses. He has approached the company for a loan, but the other shareholders on the board of directors refuse to approve it. Gene owns 25 percent of the corporate stock with a basis of $100,00 and his brother owns 10 percent of the stock. Gene is not related to any of the other shareholders. One percent of the stock is worth $10,000. Gene needs $100,000 to pay off his current medical bills. The corporation has $100,000 in its accumulated earnings and profits account.
What alternatives can you suggest to Gene and the corporation that would provide Gene the money he needs while minimizing taxes?
Consider any ethical issues that may arise. Cite proper IRS regulation(s) to support your point of view. Review the rubric for discussion requirements.
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