Corporate Taxation (2 Hrs)

Course Description

Corporate Taxation

This course examines and explains the basics of corporate taxation. The focus is on regular or C corporations, their formation, and operation under tax law. The advantages and disadvantage of corporations are examined; incorporation and capitalization issues are discussed; and, basic tax rates and specialty taxes are reviewed. The tax treatment of operational expenses and deductions are outlined; and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.

Course Information

Price: $33
Course No. M120
Format: Online pdf (57 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 2 Hrs.
Field of Study: Taxes
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2017

Objectives

Upon completion of this course you should:

1. Recognize regular corporation elements, specify their advantages and disadvantages noting tax treatment, and determine how to distinguish them from PSC corporations.

2. Identify §351 requirements for tax free incorporation, recognize the impact of the transfer of money, property or both by prospective shareholders, and determine the availability of §1244 for stock losses and §195 for amortization of start-up expenditures.

3. Identify the corporate alternative minimum tax noting the small corporation exemption, specify the corporate tax consequences of capital gains and losses, and recognize ways to avert the accumulated earnings trap noting the potential use of the accumulated earnings credit.

4. Determine accounting periods and methods available to corporations and specify the tax consequences of liquidating property distributions.

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