For Assignment 1, you will conduct research on https://www.irs.gov, consult your textbook, and refer to other similar, reputable resources on taxation. Your goal is to compare the three major forms of corporate organizations: partnerships, s-corporations, and corporations. You will then select a domestic organization, identify its entity type, and describe how the organization’s tax methods are detailed in its financial report.
To complete Assignment 1, write a four to five (4-5) page paper in which you do the following:
- Compare and contrast the tax rules and treatment applicable to those three forms of organization and the major way in which the tax treatment affects the shareholders or partners.
- Explain at least two reasons why a business owner might opt for one form of organization over another. Provide support for your rationale.
- Identify two sources of tax guidance (e.g. IRS code, Revenue Procedure) for each form of organization and how it defines a component of the tax policy for that form of organization.
- Research an organization by identifying its entity type (corporation, s-corporation, or partnership) and describe how that organization’s tax methods are detailed in their financial reports.
- Use at least three quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources.
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