ACCT 553 DeVry Week 6 You Decide Activity
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<strong>ACCT</strong> <strong>553</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>You</strong> <strong>Decide</strong> <strong>Activity</strong><br />
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<strong>ACCT</strong> <strong>553</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>You</strong> <strong>Decide</strong> <strong>Activity</strong><br />
<strong>ACCT</strong><strong>553</strong><br />
Penelope, Mark, and John Entity Selection<br />
After 20+ years of working for other firms, Penelope (Enrolled Agent, age 41), Mark (CPA, age 43) and John (CVA, age<br />
65) want to leave the firms they are currently employed by and become their own bosses. Penelope specializes in<br />
Taxes, Mark is the Auditor and John is a Business Valuation expert.<br />
There are so many options available to how they can structure the new business(s). The appropriate business entity<br />
for any individual(s) will depend on their particular facts and circumstances.<br />
<strong>You</strong> are a valued colleague and friend of this three-some and they have come to you seeking advice as to how to<br />
structure their new business. They have the knowledge to figure it out themselves, but are looking for the advice of an<br />
unbiased 3rd party. Please consider the following tax and non-tax considerations as you recommend an entity choice<br />
to Penelope, Mark and John.<br />
Tax Memo #2-Executive Compensation<br />
Issue One and Applicable Case Law, Code & Regulations<br />
Issue Two and Applicable Case Law, Code & Regulations<br />
Issue Three and Applicable Case Law, Code & Regulations
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