taxes

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Name: TAX 655 Milestone One Rubric

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	Proficient	Needs Improvement	Not Evident
Memo: Business Entity	Points: 13.75 (25%) Explains why the recommended entity is the most appropriate choice using logical reasoning Feedback:	Points: 10.31 (18.75%) Explains why the recommended entity is the most appropriate choice but details either lack relevance or are cursory Feedback: Good job and thanks for your explanation of choice of business entity. There were quite a few factors described in this case that bear on the choice of business entity (Mandy's ownership, history of profitability, age of owner, availability of retirement plans, etc.). Going into a little more detail by including those items in your final submission as well as discussing the other alternative forms of business organization in greater depth (doing a compare/contrast) would be a great idea. Please see the accompanying sample responses for some ideas of how to approach this aspect of the assignment. :-)	Points: 0 (0%) Does not explain why the recommended entity is the most appropriate choice Feedback:
Memo: Accounting Method	Points: 13.75 (25%) Defends the decision to choose the recommended entity by describing the accounting method Feedback:	Points: 10.31 (18.75%) Defends the decision to choose the recommended entity but details are inaccurate or cursory Feedback: Thanks for recommending an accounting method. Unfortunately, the cash basis method of accounting cannot be used when 'inventory is a material income producing factor' and total revenue is over a threshold amount. You may want to try googling the expression that I enclosed in quotation marks for more information on why the cash basis method of accounting cannot be used in this case. In addition, selection of a method of valuing inventory needs to be made.	Points: 0 (0%) Does not defend the decision to choose the recommended entity Feedback:
Memo: Tax Law	Points: 13.75 (25%) Interprets tax law pertaining to the selected business entity using tax law, code, and regulations as justification Feedback:	Points: 10.31 (18.75%) Interprets and justifies tax law pertaining to the selected business entity but details are either inaccurate or irrelevant Feedback: Thanks for the generic discussion of tax law. A little more depth of discussion would help (for example, to what extent would you transfer assets to the newly incorporated business and what would the tax impact be) plus, and this is really important, a well-written tax memo will cite Code sections and other tax law (Regs., Rev. Procs., Rev. Rulings, court cases, etc.). When you create a memo, you are creating a document that you can use to defend a position in the event of an IRS challenge. The sources that you cited were useful to gain an understanding but do not qualify as ¿law¿. :-)	Points: 0 (0%) Does not interpret and justify tax law pertaining to the selected business entity Feedback:
Articulation of Response	Points: 13.75 (25%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization Feedback:	Points: 10.31 (18.75%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Feedback:	Points: 0 (0%) Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Feedback:

Show Descriptions Show Feedback

Memo: Business Entity10.31 (18.75%)

Levels of Achievement:

Proficient 13.75 (25%) points

Explains why the recommended entity is the most appropriate choice using logical reasoning

Needs Improvement 10.31 (18.75%) points

Explains why the recommended entity is the most appropriate choice but details either lack relevance or are cursory

Not Evident 0 (0%) points

Does not explain why the recommended entity is the most appropriate choice

Feedback:

Good job and thanks for your explanation of choice of business entity. There were quite a few factors described in this case that bear on the choice of business entity (Mandy's ownership, history of profitability, age of owner, availability of retirement plans, etc.). Going into a little more detail by including those items in your final submission as well as discussing the other alternative forms of business organization in greater depth (doing a compare/contrast) would be a great idea. Please see the accompanying sample responses for some ideas of how to approach this aspect of the assignment. :-)

Memo: Accounting Method10.31 (18.75%)

Levels of Achievement:

Proficient 13.75 (25%) points

Defends the decision to choose the recommended entity by describing the accounting method

Needs Improvement 10.31 (18.75%) points

Defends the decision to choose the recommended entity but details are inaccurate or cursory

Not Evident 0 (0%) points

Does not defend the decision to choose the recommended entity

Feedback:

Thanks for recommending an accounting method. Unfortunately, the cash basis method of accounting cannot be used when 'inventory is a material income producing factor' and total revenue is over a threshold amount. You may want to try googling the expression that I enclosed in quotation marks for more information on why the cash basis method of accounting cannot be used in this case. In addition, selection of a method of valuing inventory needs to be made.

Memo: Tax Law10.31 (18.75%)

Levels of Achievement:

Proficient 13.75 (25%) points

Interprets tax law pertaining to the selected business entity using tax law, code, and regulations as justification

Needs Improvement 10.31 (18.75%) points

Interprets and justifies tax law pertaining to the selected business entity but details are either inaccurate or irrelevant

Not Evident 0 (0%) points

Does not interpret and justify tax law pertaining to the selected business entity

Feedback:

Thanks for the generic discussion of tax law. A little more depth of discussion would help (for example, to what extent would you transfer assets to the newly incorporated business and what would the tax impact be) plus, and this is really important, a well-written tax memo will cite Code sections and other tax law (Regs., Rev. Procs., Rev. Rulings, court cases, etc.). When you create a memo, you are creating a document that you can use to defend a position in the event of an IRS challenge. The sources that you cited were useful to gain an understanding but do not qualify as ¿law¿. :-)

Articulation of Response13.75 (25%)

Levels of Achievement:

Proficient 13.75 (25%) points

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Needs Improvement 10.31 (18.75%) points

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Not Evident 0 (0%) points

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

Feedback:

The rubric total value of 44.69 has been overridden with a value of 46.69 out of 55.0.

Feedback to Learner

Thanks Robert, good job! Please see the detailed feedback included with each grading element and please see the attached sample solutions for some other approaches to this assignment. I added 2 points to the grade b/c I thought the system-calculated grade did not give you the full credit you deserved for your work. :-)

Name:TAX 655 Milestone One Rubric

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0.1875000

0.0000000

0.1875000

0.0000000

0.1875000

13.75 <span class

0.1875000

10.31 <span class

0 <span class='ra

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