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Tax return

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Discussion Question 1
Your friend, John and Kate, are starting a business together and have asked your opinion regarding whether they should form a partnership, a corporation, or some other type of entity. Prepare a bullet list of questions you would ask in helping them decide which type of entity is more appropriate.
When are C corporations required to make estimated tax payments? Discuss how these payments are scheduled? What happens if the payments do not cover the actual tax liability?

Discussion Question 2
There are times in which corporations with subsidiaries will be able to file a consolidated return. In doing so, they can eliminate any inter-company profits and losses on the principle that its tax liability should be based on transactions with outsiders. Taking this concept a step further, what are the main advantages and disadvantages of filing consolidated returns? Provide some examples of companies who file consolidated returns.

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Solution Summary

The document contains questions which can help one decide whether partnership or corporation is suited to them, and details advantages and disadvantages of consolidated tax return

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Business Tax Return and Training Materials for New Hires

See attached files.

You and your colleagues at the firm have been asked to develop training materials for new hires on the preparation of tax returns for the corporation, using the tax return for your client company name, Peacock Tree Incorporated, as an example.

To access Peacock Tree Incorporated information, and to complete their 2008 return, be sure to download what I have presented to you: the Word documentation about the (Company Information ~ 2P - 3T (PG), plus download an Excel spreadsheet (Copy of Financial Statements ~ 2P - 3T (PG), and download a PDF file called (2008 Form 1120 income tax return).

You will need to complete whole 2008 tax return number 1120 form, and any other forms or schedules that also need to be included with this tax return, and I'm not sure what other forms and schedules are needed.

1). Create a Word document detailing:
a). Any questions or concerns you had while preparing the return.
b). The portions of the return were most difficult or complicated.

2). Develop another Word document that discusses about the outlines, in detail, the process of preparing of Peacock Tree Incorporated tax return that explains why each form and each schedule is required.

(NOTES): If you need to find 2008 tax return form 1120, and the instructions, you can go to this website: (http://www.irs.gov/app/picklist/list/priorFormPublication.html?value=1120&criteria=formNumber). Keep in mind, this website you can also find any other tax forms, and instructions, and schedules, and instructions. Just be sure you go to the (Find) box.

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