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Corporate Taxation

Course - Inflation Reduction Act Summary

Major Topics

Learning Objectives

  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 recognize ways to avert the accumulated earnings trap identifying the potential use of the accumulated earnings credit.
  4. Determine accounting periods and methods available to corporations and specify the tax consequences of liquidating property distributions.

Course Description

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 are outlined, and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

2 Credits

Published Date

April 21, 2023

Revision Date

February 15, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

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Overview

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 are outlined, and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.

Course Details

  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 recognize ways to avert the accumulated earnings trap identifying the potential use of the accumulated earnings credit.
  4. Determine accounting periods and methods available to corporations and specify the tax consequences of liquidating property distributions.

Intended Audience

Advanced Preparation — None

Field of Study — Taxes

Credits — 2 Credits

IRS Program Number

Published Date – April 21, 2023

Revision Date – February 15, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

About Instructor Read Less