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Albert's Family Pet Store: A Case Exploring Guaranteed Payments, Book to Tax Differences, and Form 1065

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Title: Albert's Family Pet Store: A Case Exploring Guaranteed Payments, Book to Tax Differences, and Form 1065
Language: English
Authors: Jodi Olson, Brian Huels
Source: Advances in Accounting Education: Teaching and Curriculum Innovations. 2024.
Availability: 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/
Peer Reviewed: Y
Publication Date: 2024
Document Type: Reports - Research
Descriptors: Accounting, Business Education, Taxes, Small Businesses, Student Attitudes, Computer Software, Experiential Learning, Learning Activities
DOI: 10.1108/S1085-462220240000028004
Abstract: 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.]
Abstractor: As Provided
Entry Date: 2025
Accession Number: ED674698
Database: ERIC
FullText Text:
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  Data: Albert's Family Pet Store: A Case Exploring Guaranteed Payments, Book to Tax Differences, and Form 1065
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  Data: 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/
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  Data: 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.]
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