Corporate Taxation

Course Description:

This course examines and explains the basics of corporate taxation. The focus is on regular or C Corporation, 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 are outlined, and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Recognize the Code elements defining corporate status, specify
  their tax treatment, including their ability to split income, and deter-
  mine how to distinguish 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.
•    Recognize the virtual repeal of the corporate alternative minimum
  and recognize ways to avert the accumulated earnings trap, identifying
  the potential use of the accumulated earnings credit.
•   Determine accounting periods and methods available to corpora-
  tions and specify the tax consequences of liquidating property distributions.