This course examines and explains the basics of corporate taxation. The focus is on regular or C corporations, their formation, and operation under tax law. The advantages and disadvantages of corporations are examined; incorporation and capitalization issues are discussed; and, basic tax rates and specialty taxes are reviewed. The tax treatment of operational expenses and deductions is outlined, and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.
Course Publication Date:
April 26, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Danny Santucci |
| Course No: | TAX-CORP-5134-M |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of federal corporate taxation |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Recognize regular corporation elements, specify their advantages and disadvantages noting tax treatment, and determine how to distinguish them from PSC corporations.
- Identify §351 requirements for tax-free incorporation, recognize the impact of the transfer of money, property, or both by prospective shareholders and determine the availability of §1244 for stock losses and §195 for amortization of start-up expenditures.
- Identify the corporate alternative minimum tax noting the small corporation exemption, specify the corporate tax consequences of capital gains and losses, and recognize ways to avert the accumulated earnings trap noting the potential use of the accumulated earnings credit.
- Determine accounting periods and methods available to corporations and specify the tax consequences of liquidating property distributions.