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. This course is available to take individually or as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

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.

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