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Course Details

Corporate Taxation - Mini Course (Course Id 242)

Updated / QAS / Registry / EA
  Add to Cart 
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 :
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.

    At the start of the materials, participants should identify the following topics for study:
      * Corporation defined
      * PSC corporations
      * Incorporation
      * Small business stock exclusion
      * Start-up & organizational expenses
      * Alternative minimum tax
      * Capital gains & losses
      * Accumulated earnings
      * Accounting periods & methods
      * Inventories
Learning Objectives:
    After reading the materials, participants will be able to:
      1. Recognize regular corporation elements, specify their advantages and disadvantages specifying 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. 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



PSC Corporations - 441, 448, 469

Testing Period

Personal Services

Principal Activity & Substantial Performance


Independent Contractor

Passive Loss Limitations - 469(a)(2)

Qualified Personal Service Corporation - 448

Incorporation - 351

Basic Requirements

Corporate Nonrecognition


Stock Solely For Services

Impact on Recipient

Impact on Other Shareholders

Stock for Debt


Property Basis

Stock Basis


Section 1244 Stock

Maximum Ordinary Loss

Original Issuance

Distributed Stock

General Requirements

Start-Up Expenses - 195

Covered Expenses


Organizational Expenses - 248


Stock Issuance & Syndication Expenses


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


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


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


Accrual Method

Economic Performance Rule

Special Methods

Combination (Hybrid) Method

Accounting for Long-term Contracts

Changing the Accounting Method


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


Parent-Subsidiary Groups

Brother-Sister Groups

Consolidated Returns


Corporate Liquidations & Distributions

The Old General Utilities Doctrine

Loss Limitations

Repurchase of Corporate Stock - 4501



Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
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