Advanced Income Taxation – AC820 (Summer 2020) Research Project and Paper Your research paper is due on, August 7, 2020 just before midnight (11:59 pm central time for CANVAS). The paper must be...

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Advanced Income Taxation – AC820 (Summer 2020)



Research Project and Paper





Your research paper is due on,
August 7, 2020 just before midnight
(11:59 pm central time for CANVAS). The paper must be submitted into CANVAS by this time.


Directions:


1. Select a research topic based on material covered in the class or in the current tax news postings. Include an introduction, discussion, and summary of the relevant issues, include at least three internet, journal or magazine article references for this topic, and finally give your own views on your topic and state why you feel the issue is important to tax accountants, corporations, and individuals. One of your references must be a relevant Internal Revenue Code Section.



2. Summarize (in your own words) your topic using full sentences.
DO NOT copy or cut and paste from any existing sources.
Write your report to inform an audience with limited tax knowledge. Do not use tax-technical terminology.


3. The body of your report should be longer than two pages, but no longer than three pages, excluding the title and bibliography pages. Use good grammar, punctuation and spelling. Points may be deducted for grammar errors, so please proofread your work. Be complete and thorough in your paper; yet also be concise.



4. This paper is worth 100 points and the grading will be based on the following:



a. Writing style:



1. Does the paper contain a concise summary of the topic?



2. Is the submission grammatically correct and is it well organized?



b. Analysis of topic:



1. Did the student identify pertinent details?



2. Did the student include an introduction, discussion, and summary?



3. Did the student include at least three relevant references?



4. Did the student provide evidence of performing a reasonable search?



5. Did the student accurately portray the sources utilized?



6. Did the student correctly discuss the tax importance?



5. Type with double-spaced, size 12, Times New Roman Font. Include References for any sources you use. Your paper should be approximately three typed content pages, and should also include a title and bibliography page (total of five pages). You should use APA writing style. A great resource to review writing style requirements is Purdue OWL at
https://owl.purdue.edu/owl/purdue_owl.html


6. Your paper must be in your own words.
DO NOT copy or cut and paste from any existing source. As your file is submitted into Canvas, it will be checked for plagiarism. Make sure to document your sources.

Answered Same DayAug 04, 2021

Answer To: Advanced Income Taxation – AC820 (Summer 2020) Research Project and Paper Your research paper is...

Sumit answered on Aug 05 2021
164 Votes
Title: Consolidated Tax Returns
Abstract: This topic of this paper is Consolidated Tax Returns of Corporates. This paper
includes an introduction, discussion, and summary of the relevant issues relating to Cons
olidated
Tax Returns of Corporates. The references used in this paper are from journal articles or from the
official website of Internal Revenue Services (IRS).
Introduction:
A consolidated tax return is the return filed by the parent company for the companies affiliated
with it. The parent company is authorized by all the subsidiary companies to act as their agent
while dealing with Internal Revenue Service (IRS). The parent company undertakes the
responsibility to complete all the formalities regarding filing of tax returns, paying of tax and
receiving refund of tax etc. It is recommended to have an agreement regarding obligation of the
subsidiary for payment of their share of taxes to the principle and obligation of parent company
to refund the excess tax paid by subsidiary to the subsidiary. Treasury Regulations section
1.1502-33(d) provides several methods for allocating the consolidated tax liability among group
members for earnings and profits purposes, and section 1.1502-32(b)(4)(iv)(D) prescribes how to
do so for purposes of computing a parent company’s tax basis in the stock of a subsidiary
member. There is, however, no tax guidance regarding whether and how individual members
actually, settle their share of the group’s tax liability. The government may feel little need to
provide such guidance because the consolidated return regulations hold all members severally
liable for the group’s tax liability [Treasury Regulations section 1.1502-6(a)]. Common items
that are consolidated include capital gains, net losses, and certain deductions, such
as from charitable contributions or net operating losses.
Discussion:
(a). Election to file Consolidated Return: Every subsidiary company of the parent should give
its consent for filing a consolidated return. Consent is given by filing form number 1122. If
afterwards any new company joins the group it...
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