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ERIC Number: ED674698
Record Type: Non-Journal
Publication Date: 2024
Pages: N/A
Abstractor: As Provided
ISBN: N/A
ISSN: N/A
EISSN: N/A
Available Date: 0000-00-00
Albert's Family Pet Store: A Case Exploring Guaranteed Payments, Book to Tax Differences, and Form 1065
Jodi Olson; Brian Huels
Advances in Accounting Education: Teaching and Curriculum Innovations
Partnership and limited liability company (LLC) entity types are commonplace in the business world. Unfortunately, in many tax classrooms, individual and corporate taxation topics tend to dominate the syllabus. In alignment with the CPA Evolution Model Curriculum, referencing the importance of teaching partnership returns in accounting education, this case helps fill this gap by offering an engaging, hands-on activity that allows students to prepare a partnership tax return based on a flow of information that would be commonplace in practice. Students are presented with book financial statements, a partnership agreement, and other real-world information to bridge the gap from textbook to practice. Specifically, students go from start to finish in the preparation of Albert's Family Pet Store partnership tax return for the most recent tax year. Data gathered from pre- and post-surveys support the usage of this activity. Results show that this activity is viewed as a valuable learning experience that provides a unique platform for students to build confidence in their ability to prepare and understand Form 1065, Form K-1, and Form 4562 while simulating the use of trial balance software to make the book and federal tax journal entries. [For the complete volume, "Advances in Accounting Education: Teaching and Curriculum Innovations. Volume 28," see ED674684.]
Emerald Publishing Limited. Howard House, Wagon Lane, Bingley, West Yorkshire, BD16 1WA, UK. Tel: +44-1274-777700; Fax: +44-1274-785201; e-mail: emerald@emeraldinsight.com; Web site: https://books-emeraldinsight-com.bibliotheek.ehb.be/
Publication Type: Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A
Author Affiliations: N/A