Business Taxation Yard Corporation

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BUSINESS TAXATION (ACT415)

Critical Thinking Assignment (75 Points)

Important! Read First

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission

Option #1: Yard Corporation

Yard Corporation, a cash basis taxpayer, received $10,000 from a customer in 2015. In 2015, the customer filed a claim for a refund of the fee. In 2016, Yard refunded the customer $6,000. In 2015, Yard paid $5,000 in estimated state income tax. In May 2016, Yard received a state income tax refund of $2,000 for overpayment of its 2015 income tax. Yard was in the 35% marginal tax bracket in 2015 and in the 15% marginal tax bracket in 2016.

What are the tax effects of the 2016 payment to the customer and the collection of the state income taxes overpaid?

Review the grading rubric in the module folder to understand how you will be assessed on this assignment.

Be sure to use references and format your entire paper according to the CSU-Global Guide to Writing and APA. Reach out to your instructor if you have questions about the assignment.

Option #2: Accounting Period and Methods

Compute the least aggregate deferral using the partner information below.

Requirements:

Partner

Partnership Interest

Tax Year End

Aaron

10%

11/30/2013

Alfred

25%

12/31/2013

Betty

35%

6/30/2013

Curtis

5%

11/30/2013

Derek

15%

6/30/2013

Elroy

10%

12/31/2013

Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions is permitted. Submit a single MS Excel file for grading.

Review the grading rubric in the module folder to understand how you will be assessed on this assignment. Reach out to your instructor if you have questions about the assignment.

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