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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 30 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 242 |
| Description : | 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 disadvantages 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 is outlined, and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted. |
| Usage Rank : | 16000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Corporate Tax
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 20-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 242 |
| Keywords : | Taxes, Corporate, Taxation, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* PSC corporations * Incorporation * Small business stock exclusion * Start-up & organizational expenses * Alternative minimum tax * Capital gains & losses * Accumulated earnings * Accounting periods & methods * Inventories
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. Recognize the repeal of the corporate alternative minimum, specify the corporate tax consequences of capital gains and losses, and recognize ways to avert the accumulated earnings trap identifying 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. |
| Course Contents : | Chapter 1 - Corporate Taxation Corporation Defined - §7701 Corporate Characteristics Check-the-Box Regulations C Corporations Advantages Disadvantages PSC Corporations - §441, §448, §469 Testing Period Personal Services Principal Activity & Substantial Performance Employee-Owner Independent Contractor Passive Loss Limitations - §469(a)(2) Qualified Personal Service Corporation - §448 Incorporation - §351 Basic Requirements Corporate Nonrecognition Property Stock Solely For Services Impact on Recipient Impact on Other Shareholders Stock for Debt Control Property Basis Stock Basis Liabilities Section 1244 Stock Maximum Ordinary Loss Original Issuance Distributed Stock General Requirements Start-Up Expenses - §195 Covered Expenses Amortization Organizational Expenses - §248 Definition Stock Issuance & Syndication Expenses Amortization Start of Business Corporate Income Tax Rates Tax Tables Current Rate - 21% Tax Return & Filing Corporate Estimated Tax Corporate Alternative Minimum Tax Reinstatement of AMT for Larger Corporations - §55(b)(2) Capital Gains & Losses - §1212 Net Capital Loss Carryovers S Corporation Status Asset Types Five-Step Characterization Process Netting Capital Gains (Losses) Netting Section 1231 Gains (Losses) Character of Section 1231 Gains (Losses) 5 Year Averaging NOL Carryback & Carryover - §172 Loss Computation Deduction Computation Dividends Received Deduction - §243 Dividends from Domestic Corporations - §243 Dividends from Foreign Corporations - §245A Charitable Contributions - §170 Timing of Deduction Limitation Carryover of Excess Contribution Personal Holding Companies - §541 Penalty Tax Professional Corporations Named Professionals Avoidance of PHC Status Accumulated Earnings Tax Trap - §531 Imposition of Penalty Tax Computation Accumulated Earnings Credit - §535 Application of Credit to Controlled Groups Reasonable Accumulations Working Capital Service Corporations Minority Stock Redemptions Majority Stock Redemptions Stockholder Harmony Tax Exempt Income Accounting Periods & Methods Accounting Periods Calendar Year Fiscal Year Required Year Section 444 Election Business Purpose Tax Year 25% Test Length of Accounting Period Short Tax Year Not in Existence Entire Year Change in Accounting Period Election of Accounting Period Changing Accounting Periods Changes without IRS Consent Accounting Methods Methods Available Cash Method Limitation Accrual Method Economic Performance Rule Special Methods Combination (Hybrid) Method Accounting for Long-term Contracts Changing the Accounting Method Inventories Identification Methods Specific Identification Method FIFO Method LIFO Method Valuation Methods Cost Method Uniform Capitalization (UNICAP) Rules - §263A Lower of Cost or Market Method Multiple Corporations Controlled Group Rules Definition Parent-Subsidiary Groups Brother-Sister Groups Consolidated Returns Definition Corporate Liquidations & Distributions The Old General Utilities Doctrine Loss Limitations Repurchase of Corporate Stock - §4501 Glossary |
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