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SKMBT_C28015102210590 Problem 3–C CORPORATION (FORM 1120).pdf
Problem 5–PARTNERSHIP(FORM 1065).pdf

Assignment 1: Partnership vs. Corporation

Use the partnership and corporate tax returns for the practice sets
titled, “Pet Kingdom” and “ROCK the Ages, LLC” that you prepared in
Weeks 3 and 5 in order to complete this assignment.

Write a four to five (4-5) page paper in which you:

1. Compare
   and contrast the tax rules and treatment applicable to corporations and
   partnerships. Indicate the major way in which the tax treatment affects
   the shareholders or partners.
2. Explain at least two (2) reasons
   why a business owner might opt to become a partnership over a
   corporation. Provide support for your rationale.
3. Imagine that
   you are a partner at ROCK the Ages, LLC. Justify why you elected to
   become a partnership as opposed to a corporation. Indicate tax rules
   that influenced your decision.
4. Imagine that you are the Chief
   Financial Officer at Pet Kingdom. Justify why your management team
   elected to become a corporation rather than a partnership. Indicate tax
   rules that influenced your decision.
5. Analyze what a business
   owner must consider when deciding what type of entity is best for the
   goals and vision of the business. Provide at least two (2) examples of
   research the owner must perform to ensure the proper election is made.
   Provide support for your rationale.
6. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

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. Note: Please refer to the APA template in the course shell for more information on APA style.
• 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.

The specific course learning outcomes associated with this assignment are:

• Examine the tax rules that are unique to corporations, and the basic concerns relevant to shareholders and the corporation.
• Examine the tax rules and treatment related to partnerships.
• Use technology and information resources to research issues in corporate federal taxation.
• Write clearly and concisely about corporate federal taxation using proper writing mechanics.