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EAC 4422 Corporate Federal Income Taxes


Course Description

Includes corporate taxation and the transfer of assets from one form of entity into a corporation. Covers allowable corporate expenses and deductions applicable to corporations. Also includes trust and estate tax, forming and running subchapter S corporations, and computer-generated partnership tax returns. (Requirement: Must be enrolled in University Alliance.)

Course Objectives

After completing this course, students will be able to:

  • Provide an understanding of corporate taxation and the transfer of assets from one form of entity into a corporation
  • Explain gross income inclusions
  • Determine allowable deductions to corporations
  • Discuss the tax issues of incorporation
  • Determine the alternative minimum tax, accumulated earnings tax, and personal holding company taxes
  • Determine partnership allowable expenses and deductions
  • Determine tax considerations of a partnership’s distributions
  • Determine the tax considerations for forming and running subchapter S corporations
  • Determine taxes of trusts and estates
  • Prepare a regular corporation, a subchapter S, and Partnership tax returns using computer software
  • Prepare a tax research memorandum

Week 1


Lecture: Introduction and Course Welcome

Outcomes

After completing this lecture, students will be able to:

  • Set the tone for the course
  • Describe learning objectives
  • Provide practical tips on how to survive and thrive in the course
Lecture: Research and Planning: Working With Federal Tax Law – Part 1
Lecture: Research and Planning: Working With Federal Tax Law – Part 2

Outcomes

 After completing this lecture, students will be able to:

  • Explain the why of income and other taxes
  • Identify and locate tax law sources
  • Carry out and document basic tax research
  • Apply tax research to tax planning situations
Lecture: Corporations: Introduction and Operating Rules

Outcomes

After completing this lecture, students will be able to:

  • Compare the taxation of individuals and corporations
  • Calculate corporate income tax and describe the reporting process
  • Assess the financial statement impact of tax positions

Week 2


Lecture: Corporations: DPAD, AMT, and Other Special Situations – Part 1
Lecture: Corporations: DPAD, AMT, and Other Special Situations – Part 2

Outcomes

After completing this lecture, students will be able to:

  • Calculate the Domestic Production Activities Deduction (DPAD)
  • Know when to apply
  • Corporate Alternative Minimum Tax (AMT)
    • Explain accumulated earnings tax
    • Explain personal holding company tax
Lecture: Corporations: Capitalization Issues

Outcomes

After completing this lecture, students will be able to:

  • Explain the consequences of organizing as a corporation
  • Identify corporate and stockholder basis issues
  • Determine the tax treatment of shareholder debt and stock losses
  • Utilize tax planning opportunities unique to corporations

 


Week 3


Lecture: E&P and Distributions

Outcomes

After completing this lecture, students will be able to:

  • Explain the impact of Earnings and Profits (E & P) on corporate distributions
  • Calculate E and P
  • Determine the tax treatment of dividends
  • Structure dividends to minimize tax impact
Lecture: Corporate Stock Redemptions and Liquidations

Outcomes

After completing this lecture, students will be able to:

  • Explain the tax consequences of stock redemptions and corporate liquidations
    • On the distributing corporation
    • On the stockholder
    • Structure redemptions and liquidations to minimize the tax impact

Week 4


Lecture: Corporate Reorganizations

Outcomes

After completing this lecture, students will be able to:

  • Understand the general requirements corporate reorganizations
  • Determine the tax consequences of corporate reorganizations
  • Explain the statutory requirements for taxable and nontaxable reorganizations
  • Structure corporate reorganizations to achieve the desired tax consequences
Lecture: Consolidations

Outcomes

After completing this lecture, students will be able to:

  • Recognize the advantages and disadvantages of filing a consolidated tax return
  • Account for consolidated group intercompany transactions
  • Identify consolidated group tax planning opportunities

Week 5


Lecture: Partnerships: The Basis – Part 1
Lecture: Partnerships: The Basis – Part 2

Outcomes

After completing this lecture, students will be able to:

  • Explain the tax effects of forming a partnership
  • Identify the accounting, tax period, and other elections available to a partnership
  • Calculate partnership income and partner basis
  • Determine when it is tax-advantageous to choose the partnership form of business organization
Lecture: Partnerships: Distributions, Transfers, and Terminations

Outcomes

 After completing this lecture, students will be able to:

  • Determine the tax treatment of partnership distributions including
  • Proportionate/disproportionate distributions
  • Liquidating/nonliquidating distributions
  • Determine the character and amount of a selling partner's gain or loss on sale/exchange of a partnership interest
  • Calculate Section 754 basis adjustments

Week 6


Lecture: Subchapter S Elections

Outcomes

After completing this lecture, students will be able to:

  • Describe which corporations can elect S status and the effect of the election on the shareholders
  • Compute separately stated and non-separately stated income
  • Make appropriate income, deduction, and credit allocations to shareholders
  • Determine instances when distributions are taxable to shareholders
  • Calculate shareholder basis
  • Use S elections for tax planning purposes
Lecture: View video lecture Comparative Forms of Doing Business

Outcomes

After completing this lecture, students will be able to:

  • Tax and nontax factors to consider in choosing form of business organization
  • Differentiate between single and double taxation
  • Integrate the following into the choice of organization decision
    • Conduit vs. entity
    • Entity operations and distributions
    • Passive activity loss and at-risk rules
    • Calculate tax effect of business dispositions

Week 7


Lecture: Tax Practice

Outcomes

After completing this lecture, students will be able to:

  • Describe the structure of the IRS
  • Use IRS administrative pronouncements in tax practice
  • Explain the IRS audit and appeal process
  • Determine interest and some of the penalties on tax deficiencies
  • Comply with legal and ethical guidelines governing those in tax practice
Lecture: Gift and Estate Taxes

Outcomes

After completing this lecture, students will be able to:

  • Explain the nature of federal gift and estate taxes
  • Calculate federal gift and estate taxes
  • Determine the components of gross and taxable estate

Week 8


Lecture: Trust and Estate Income Taxation

Outcomes

After completing this lecture, students will be able to:

  • Define key trust and estate terms
  • Calculate the accounting and taxable income of trusts, estates and their beneficiaries
  • Describe distributable net income
  • Apply Subchapter J to minimize income tax and maximize the grantor's/decedent's desired outcome

The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. November 2013