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Federal Taxes Assignment | Homework Help Websites

Author:
November 12th, 2018

Answer both of the questions below and prepare a written memo which should be at least 2 pages double-spaced, 12 point font, 1” margins.

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Mandatory Question #1: 

Entities Question:  Visit your state’s official Web site and review the information there related to forming and operating business entities in your state. Write a short report explaining the steps for organizing a business in your state and summarizing any tax-related information you found.

 

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Mandatory Question #2: 

Partnership Question:  Brian, Lenita, Maya, and Asia LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $20 million.  Brian, Lenita, and Maya manage the business, but Asia LLC is a nonmanaging member.  Although Tally Industries has historically been profitable, for the last three years losses have been allocated to the members. Given these facts, the members want to know whether Tally Industries can use the cash method of accounting.  Why or why not?

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