ACC/455
Corporate Taxation
Online
Format
$1194
Estimated Tuition
3 credits
Total credits
5 weeks
Course length
Start when you're ready
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Course level: Undergraduate
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.
Prerequisites
ACC/290 or ACC/290T - Principles of Accounting I or equivalent
What you'll learn
Course skills and outcomes
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.
