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Entity Overview and Taxation of C Corporations
- Compare tax and non tax consequences of business entities.
- Apply Section 351 requirements in determining the tax consequences of corporate formation.
- Perform earnings and profits calculations and corporate taxable income calculation and reconciliation to financial income.
- Determine the tax consequences of a cash dividend distribution, stock dividends, and stock redemption.
S Corporations and Partnerships
- Compare S corporations and partnerships.
- Calculate the basis in stock for an S corporation shareholder.
- Calculate a partner’s basis in a partnership interest.
- Prepare schedules K and K-1.
Overview of the Tax System and Sources of Tax Law
- Determine the components of taxable income.
- Prepare in proper form a personal balance sheet, cash flow statement, and budget.
- Evaluate the relative weights of tax law sources.
Estate and Gift Taxes
- Compare income tax to gift and estate unified tax.
- Determine the unified credit for estate taxes, annual exclusion for gift taxes, and lifetime exclusion for gift taxes.
Basics of Individual Taxation
- Determine gross income and adjusted gross income.
- Calculate itemized deductions, business deductions, and tax credits.
Calculating Basis, Depreciation, Gain, and Losses
- Calculate gains, losses, basis adjustments, depreciation, and depreciation recapture.
- Compare active, portfolio, and passive income.
- Apply the tax basis, at-risk, and passive activity loss limitations from passive investments.
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