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Imagine you are a CPA. A client engages you to determine how best to
transfer property and perform services to a corporation in exchange for
stock with minimal exposure to taxes and risk of an IRS audit. Assume
that the client is forming this corporation with two other people who
also plan to contribute property and services to the corporation.
Using the Internet or Strayer databases, research the rules regarding
the transfer of property and services to a corporation in exchange for
stock. Include a review of the IRS to determine its level of interest
and audits conducted related to this area.
Write a three to four (3-4) page paper in which you:
Based on your
research, determine the types and methods of transfers that will most
likely trigger a taxable event for your client. Indicate how you are
likely to present this information to your client.
Based on your
research, evaluate which types of transfers are most likely to increase
the risk of an IRS audit and the impact of the advice given to your
client.
Recommend the most advantageous types and methods of property
and service transfers to your client in exchange for stock to minimize
any tax liability and risk of audit. Support your recommendations with
examples.
The specific course learning outcomes associated with this assignment are:
Evaluate tax planning strategies related to liquidating distributions, acquisitions, and reorganizations.
Create an approach to tax research that results in credible and current resources.
Use technology and information resources to research issues in organizational tax research and planning.
Write clearly and concisely about organizational tax research and planning using proper writing mechanics.