Identify one of the six steps and describe the step-in detail

A). Calculating Current and Deferred Income”

• Your client, Dave, is wrapping up his first year of business and needs your help in preparing his taxes. You explain to Dave that a company uses a six-step process to calculate its income tax provision. Identify one of the six steps and describe the step-in detail, including an explanation of the issues that should be considered in that step and how it is computed.

•

B). Distributions/Redemption’s”

• There are many types of distributions a company can make: dividends, non-cash property, and stock. Select a type of distribution and explain why a company would use this distribution and the implications it will have on the corporation, shareholders, and Earnings and Profit. Then examine and discuss the tax consequences when there is a redemption of stock.

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