These questions are not related please answer as many as you can: A)In all situa

Question

These questions are not related please answer as many as you can:

A)In all situations, tax considerations are of primary importance. Do you agree or disagree? Why?

B) Jack and Jill plan to go into business together. They plan to incorporate the business. What tax issues should they consider when deciding whether or not to elect S corporation status?

C) Barrel Corporation's book income is $500,000. What tax issues must be addressed in determining taxable income? Discuss the concerns with each issue.

Explanation / Answer

Yes, I agree, tax consideration are of primary importance, as every transaction involves there is need for planning of tax, as there is income or revenue generation, there is need for consideration of the local taxes or federal taxes, as these have an impact on the income due to taxes and duties, every time there is need for considering the taxes and plan accordingly, otherwise, there is more loss due to tax, as there is no plan or course of action against taxes and as it is an ethical practice to pay taxes, so, tax need to be considered.

Tax consideration have a primary importance, as it is an ethical practice to pay taxes and duties, every time there is revenue, there is need for planning of taxes accordingly and need to be smart in planning and paying taxes, as the source changes, tax rates differs, so there is need for consideration of taxes.

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