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Consider a business with which you are familiar. This could be a pizza shop you visit frequently, an employer, a family-owned business, etc. In 3 sentences, explain the general business model. Then, e
Consider a business with which you are familiar. This could be a pizza shop you visit frequently, an employer, a family-owned business, etc. In 3 sentences, explain the general business model. Then, expanding on the general business model explanation, explain the business form you believe is most appropriate for this type of business (sole-proprietorship, partnership, C corporation, S corporation, or LLC), why you believe this business form is most appropriate, and the tax implications of this business form.
Apple. (2018). Form 10-K 2017. Retrieved from http://files.shareholder.com/downloads/AAPL/6245718187x0x962680/D18FAEFF-460A-4168-993D-A60CBA8ED209/_10-K_2017_As-Filed_.pdf
Charitable, etc., contributions and gifts, 26 U.S. Code & IRC Section 170 (n.d.). Retrieved from Thompson Reuters Checkpoint database.
Gregory v. Helvering. 13 aftr 806 69 F.2d 809 (2d Cir. 1934) Retrieved from Thompson Reuters Checkpoint database.
Internal Revenue Service. (9 February 2017a). Publication 538: Accounting periods and methods. Retrieved from https://www.irs.gov/pub/irs-pdf/p538.pdf
Internal Revenue Service. (2017b). Instructions for Form 2553, election by a small business corporation. Retrieved from https://www.irs.gov/pub/irs-pdf/i2553.pdf
Internal Revenue Service. (2018). Instructions for schedule M-3. Retrieved from https://www.irs.gov/pub/irs-pdf/i1120sm3.pdf
Internal Revenue Service. (2018a). LLC filing as a corporation or partnership. Retrieved from: https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership
Internal Revenue Service. (2018b). Limited liability company-possible repercussions. Retrieved from: https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-possible-repercussions
Tax Cuts and Jobs Act of 2017, Pub. L. 115-97. (2017) Retrieved from https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf
