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.
Basics of Flow-Through Entities (S Corporations and Partnerships)
- Calculate the owners' distributive share and owners' basis.
- 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.
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.
- Distinguish between current and accumulated earnings and profits.
- Calculate earnings and profits.
- Determine the tax consequences of nonliquidating property distributions and stock dividends.
- Determine the tax consequence of the redemption of stock.
Tax Law Basics, Business Structures, and Formation of a Corporation
- 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.
- Describe the sources of tax law and the role of the IRS and courts in interpreting and shaping tax law.
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.
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