This course is a basic introduction to federal corporate taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.
Tax Law Basics, Business Structures, and Formation of a Corporation
Describe the sources of tax law and the role of the IRS and courts in interpreting and shaping tax law.
Compare advantages and disadvantages of alternate forms of business.
Explain the process of applying check-the-box regulations in determining the business entity election.
Determine the tax consequences of forming a corporation.
Corporate Tax Elections and Operations
Analyze the basic tax elections available to the corporation.
Apply deductions unique to corporations to compute corporate taxable income.
Identify tax preference items and adjustments in the context of the alternative minimum tax.
Calculate earnings and profits.
Distinguish between current and accumulated earnings and profits.
Determine the tax consequences of nonliquidating property distributions and stock dividends.
Determine the tax consequence of the redemption of stock.
Basics of Flow-Through Entities (S Corporations and Partnerships)
Compare the tax law requirements for the formations of an S corporation and partnership.
Determine which items are separately stated and items included in ordinary income of an S corporation and partnership.
Calculate the owners' distributive share and owners' basis.
Distributions and Termination of Interests in S Corporations and Partnerships
Distinguish between liquidating and nonliquidating distributions.
Explain the process of terminating an S election and the tax consequences of the termination.
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