IRS Tax Compliance and Individual Taxation

• Identify the filing requirements for income tax returns.
• Outline the IRS audit process.
• Describe tax professional responsibilities in providing tax advice.
• Use the formula for calculating an individual taxpayer’s taxes payable.
• Determine a taxpayer’s personal and dependency exemptions.

Corporate Operations and Accounting for Income Taxes

• Use the corporate income tax formula to calculate the tax liabilities.
• Calculate the current and deferred income taxes.
• Describe the process of valuation allowance.
• Explain how a company accounts for its uncertain income tax positions under FASB ASC Topic 740.
• Determine how a company computes and discloses the components of its “effective tax rate".

Corporate Taxation and Formation

• Compute a corporation’s earnings and profits and a shareholder’s dividend income.
• Use the framework that applies to the taxation of property distributions.
• Compute the tax consequences to the parties to a tax-deferred corporate formation.
• Identify the different forms of taxable and tax-deferred acquisitions.
• Calculate the tax consequences that apply to the parties to a complete liquidation of a corporation.

Partnerships: Forming and Dispositions

• Distinguish the entity approach from the aggregate approach for taxing partnerships.
• Resolve tax issues applicable to partnerships.
• Apply the basis, at-risk, and passive activity loss limits to losses from partnerships.
• Determine the tax consequences to the buyer and seller of the disposition of a partnership.
• Calculate the special basis adjustment for dispositions and distributions.

S Corporations and the U.S. Taxation of Multinational Transactions

• Describe operating issues relating to S corporation accounting periods and methods.
• Use fringe benefit rules that apply to S corporation shareholders.
• Apply the tax rules for S corporation operating distributions and liquidating distributions.
• Apply the U.S. source rules for common items of gross income and deductions.
• Distinguish between the different forms of doing business outside the United States.
• Describe the basic U.S. anti-deferral tax regime and identify common sources of subpart F income.