This course extends the taxation of business transactions beyond those of individuals into the realms of corporations, partnerships, and S-Corporations.
Students will Learn:
- To differentiate between different types of entities recognized under the US income tax system.
- To extend tax concepts from individual taxation to the taxation of other recognized entities.
- To calculate the taxable income of a corporation.
- To determine the tax consequences of corporate distributions to shareholders.
- To understand the taxation of conduit entities, such as partnership and Subchapter S corporations.
Module 1 – Corporate Operations and Taxable Income
- Learning Objective: Analyze the structure and operation of a corporation and compute its taxable income.
Module 2 – Corporate Formation and Earnings
- Learning Objective: Compute shareholder and corporation basis in shares and assets and calculate the earnings and profits of a corporation.
Module 3 – Corporate Distributions
- Learning Objective: Determine the taxability of distributions to shareholders and their consequences for shareholder basis..
Module 4 – Taxation of Partnership Income
- Learning Objective: Analyze the levy of income taxes on the income of a partnership through the taxation of its partners.
Module 5 – Taxation of S-Corporation Income
- Learning Objective: Extend the understanding of corporate and conduit taxation to the Subchapter S-corporation.
- Students with a background in accounting, finance, personal finance, or bookkeeping desiring to develop an understanding of the taxation of business and property transactions in the United States.
- Students with prior experience with other tax regimes wishing to expand their knowledge to the U.S. Federal Income Tax System.
- Employees newly entering the finance and accounting areas.
- Those preparing for and/or needing Continued Education Units for their certifications.
- Anyone striving for a better understanding of US income tax for their own business or personal tax reasons.