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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.
Explain the process of terminating an S election and the tax consequences of the termination.
Distinguish between liquidating and nonliquidating distributions.
Calculate the owners’ distributive share and owners’ basis.
Determine which items are separately stated and items included in ordinary income of an S corporation and partnership.
Compare the tax law requirements for the formations of an S corporation and partnership.
Determine the tax consequence of the redemption of stock.
Determine the tax consequences of nonliquidating property distributions and stock dividends.
Distinguish between current and accumulated earnings and profits.
Calculate earnings and profits.
Identify tax preference items and adjustments in the context of the alternative minimum tax.
Apply deductions unique to corporations to compute corporate taxable income.
Analyze the basic tax elections available to the corporation.
Determine the tax consequences of forming a corporation.
Explain the process of applying check-the-box regulations in determining the business entity election.
Compare advantages and disadvantages of alternate forms of business.
Describe the sources of tax law and the role of the IRS and courts in interpreting and shaping tax law.