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Acct 553- Week 4 Assignment

In: Business and Management

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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)
Double taxation is a principle in which income taxes are paid twice on the same source of earned income. Double taxation occurs because corporations are considered separate legal entities from their shareholders. The corporation is taxed on its earnings and the shareholders are then again taxed on the dividends they receive from those earnings. Double taxation is a disadvantage to C corporations because they are subject to this principle. Partnerships, S corporations and sole proprietorships are not subject to double taxation because they are conduits. Their income passes through to the owners and is taxed at that level only.

2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.)
Section 1244 stock allows losses from the sale of shares of small domestic corporations to be deducted as ordinary losses instead of as capital losses. Only individuals and partnerships are eligible for ordinary loss treatment if they were original holders of the stock. The stock loses its Section 1244 status when it is transferred.

3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.)
The process used to determine a corporation’s capital gains and losses is similar to that used by individuals. Corporations do not receive preferential treatment of net long-term capital gains. Net capital gains must be included in the corporation’s gross income and are taxed at the same rate as ordinary income. Corporations may not take a deduction for net capital losses in the year in which they occur, unlike individuals. The net capital loss can never be used to reduce ordinary income. Corporate taxpayers may claim capital losses only against capital gains.

4. Please describe the concept of "Depreciation recapture". ( 5 pts.)

A gain that is received from the sale of depreciable capital property must be reported as income. Depreciation recapture is assessed when the tax basis of an asset exceeds the sale price. The difference between these figures is this “recaptured” by being reported as income. Depreciation recapture is reported on Form 4797.

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