Corporate Taxation 2023 - 2 CPE

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 mul-tiple corporations and corporate distributions are highlighted.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Corporation defined
* PSC corporations
* Incorporation
* Small business stock exclusion
2
* Start-up & organizational expenses
* Alternative minimum tax
* Capital gains & losses
* Accumulated earnings
* Accounting periods & methods
* Inventories
Learning Objectives
After reading the materials, participants will be able to:
1. Recognize regular corporation elements, specify their advantages and disadvantages specifying tax treatment, and determine how to distinguish them from PSC corporations.
2. 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.
3. Recognize the repeal of the corporate alternative minimum, specify the corporate tax consequences of capital gains and losses, and recog-nize ways to avert the accumulated earnings trap identifying the po-tential use of the accumulated earnings credit.
4. Determine accounting periods and methods available to corpora-tions and specify the tax consequences of liquidating property distri-butions.
After studying the materials, answer exam questions 1 to 10.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.