Corporate Taxation –

acc455

(3 credits)

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.

This undergraduate-level course is 5 weeks. To enroll, speak with an Enrollment Advisor.

Topics and Objectives

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.
Corporate Distributions
- 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.

The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.

Corporate Taxation –

acc455

Tax Law Basics, Business Structures, and Formation of a Corporation

Corporate Tax Elections and Operations

Corporate Distributions

Basics of Flow-Through Entities (S Corporations and Partnerships)

Distributions and Termination of Interests in S Corporations and Partnerships

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