ACC 630 Milestone Two Guidelines and Ruic This is the second of three milestone assignments that...

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ACC 630 Milestone Two Guidelines and Ruic   This is the second of three milestone assignments that will lead to the completion of your course’s final project. In this assignment, you will complete Section III of the final project. For this part of the assessment, prepare a Word document that addresses the critical elements below in relation to your chosen company. Answer each question in a substantive way, and defend each of your responses with at least one scholarly source other than your textbook. Pay close attention to the grading ruic to make sure you meet the “Proficient” level in each requirement.  Specifically, the following critical elements must be addressed:   III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response.  C. Describe your company’s succession plan and whether it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why?  Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title and reference pages). Use double spacing, 12-point Times New Roman font, and one-inch margins. For references, use at least one outside source other than the textbook. Sources should be cited using the latest APA style guidelines.  Ruic  Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Estate Planning: Minimizing Tax Liability Explains how estate planning differs from a partnership to a corporation in terms of minimizing tax liability Explains how estate planning differs from a partnership to a corporation, but not in terms of minimizing tax liability Does not explain how estate planning differs from a partnership to a corporation 22.5 Estate Planning: Advantages Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes and defends response Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes, ut does not defend response or defense is weak or cursory Does not determine the advantages of setting up a business as a corporation versus a partnership 22.5 Estate Planning: Succession Plan Describes the company’s succession plan and whether it aligns with the company’s vision Describes the company’s succession plan, ut does not describe if it aligns with the company’s vision, or description is cursory or inaccurate Does not describe the company’s succession plan 22.5 Estate Planning: Strategy Determines which strategy would be most effective and defends response Determines which strategy would be most effective, but does not defend response or defense is weak or cursory Does not determine which strategy would e most effective 22.5Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Articulation of Response Submission has no major eors related to citations, grammar, spelling, syntax, or organization Submission has major eors related to citations, grammar, spelling, syntax, or organization that negatively impact eadability and articulation of main ideas Submission has critical eors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10  Total 100%  ACC 630 Milestone Two Guidelines and Ruic   This is the second of three milestone assignments that will lead to the completion of your course’s final project. In this assignment, you will complete Section III of the final project. For this part of the assessment, prepare a Word document that addresses the critical elements below in relation to your chosen company. Answer each question in a substantive way, and defend each of your responses with at least one scholarly source other than your textbook. Pay close attention to the grading ruic to make sure you meet the “Proficient” level in each requirement.  Specifically, the following critical elements must be addressed:   III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response.  C. Describe your company’s succession plan and whether it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why?  Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title and reference pages). Use double spacing, 12-point Times New Roman font, and one-inch margins. For references, use at least one outside source other than the textbook. Sources should be cited using the latest APA style guidelines.  Ruic  Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Estate Planning: Minimizing Tax Liability Explains how estate planning differs from a partnership to a corporation in terms of minimizing tax liability Explains how estate planning differs from a partnership to a corporation, but not in terms of minimizing tax liability Does not explain how estate planning differs from a partnership to a corporation 22.5 Estate Planning: Advantages Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes and defends response Determines the advantages of setting up a usiness as a corporation versus a partnership for estate planning purposes, ut does not defend response or defense is weak or cursory Does not determine the advantages of setting up a business as a corporation versus a partnership 22.5 Estate Planning: Succession Plan Describes the company’s succession plan and whether it aligns with the company’s vision Describes the company’s succession plan, ut does not describe if it aligns with the company’s vision, or description is cursory or inaccurate Does not describe the company’s succession plan 22.5 Estate Planning: Strategy Determines which strategy would be most effective and defends response Determines which strategy would be most effective, but does not defend response or defense is weak or cursory Does not determine which strategy would e most effective 22.5Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Articulation of Response Submission has no major eors related to citations, grammar, spelling, syntax, or organization Submission has major eors related to citations, grammar, spelling, syntax, or organization that negatively impact eadability and articulation of main ideas Submission has critical eors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10  Total 100%

Sarabjeet · Accepted Answer

Running Head: Tax liability
Tax liability
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Contents
In terms of minimizing tax liability, how would estate planning differ from partnership to corporation?	3
For estate planning purposes, what are the benefits of setting your business up as a corporation versus a partnership? Defend your reaction.	3
Describe your business succession plan and whether or not it aligns with your business vision.	4
Based on your reaction, what estate planning strategy would be effective in minimizing tax liability? Why?	5
Reference	6
In terms of minimizing tax liability, how would estate planning differ from partnership to corporation?
	Partnership pays taxes on their profits, as companies pay state and federal taxes. Partnerships and companies have diverse authorized structures that can affect their tax obligations in estate planning. In companies and restricted partnerships, it’s much simpler to provide a lifetime gift of commercial significance. This enables the parent to transfer part of their asset from their property to their children. This will help them to decrease their tax liability as their children will be at a lower tax level, so they will pay less tax, and parents will also pay less tax because they will be at a lower tax rate (Thibodeaux, 2016). It must be distinguished that the recipients of the benefit of the lifetime gift business become shareholder who has little control over company management. Whereas the recipients of general partnership rights have equal rights to handle the partnership furthermore can be official to act as agents of the partnership. The partnership may also terminate the partnerships upon the transfer of 60% and more of the equity. Under a restricted liability partnership, the interest on a transfer can be inexpensive to reflect its price in the market, thereby reducing the tax burden.

ACC 630 Milestone Two Guidelines and Rubric This is the second of three milestone assignments that will lead to the completion of your course’s final project. In this assignment, you will complete...

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