Federal Income Tax II
Federal taxation of business entities and their owners: sole proprietorships, partnerships, LLCs, C corporations and S corporations, computing C corporation taxable income, corporate rates, penalty taxes and the corporate AMT, earnings and profits, distributions and redemptions, choosing an entity with self-employment tax, payroll tax, the QBI deduction and reasonable compensation, section 351, liquidations and reorganizations, Subchapter K, S corporation basis and distributions, state nexus, apportionment and pass-through entity taxes, international business including NCTI and the global minimum tax, anti-abuse doctrines and practitioner ethics, and compliance, following one invented drone business throughout.
ACCT-352 Year 3 3 credits 12 lessons · 4 h 44 min
Offered by HSM University · Accounting
This is the American version of this course. See the Canadian version.
What you'll learn
- Compare the federal tax treatment of sole proprietorships, partnerships, LLCs, C corporations and S corporations, including the check-the-box rules and the double tax.
- Reconcile book income to taxable income on Schedule M-1, applying depreciation, the dividends received deduction, capital loss, charitable and NOL rules.
- Compute federal and state corporate income tax and explain the accumulated earnings tax, personal holding company tax, corporate AMT and corporate estimated tax.
- Compute earnings and profits and classify distributions, property distributions, constructive dividends and redemptions under sections 301, 302 and 311.
- Compare total tax under sole proprietorship, S corporation and C corporation structures, applying self-employment tax, payroll tax, the QBI deduction and reasonable compensation.
- Apply section 351, the liquidation rules and the reorganization provisions, and analyze stock and asset sales including section 1202 and section 338(h)(10).
- Apply Subchapter K to contributions, allocations, guaranteed payments, liabilities, outside basis, distributions and sales of partnership interests.
- Apply the S corporation rules for eligibility, pass-through, stock and debt basis, distributions, corporate-level taxes and termination.
- Determine state tax obligations, including nexus, sales tax after Wayfair, apportionment, taxation of pass-through owners and pass-through entity taxes.
- Explain the taxation of foreign persons and foreign income, treaties, the foreign tax credit, CFC rules including NCTI, and the global minimum tax.
- Analyze planning, avoidance and evasion, including judicial doctrines, the economic substance doctrine, disclosure rules, transfer tax planning and practitioner standards.
- Prepare a compliance calendar and an integrated computation of an S corporation's and a partnership's results on the owners' federal return.
Course content
12 lessons · 4 h 44 min total · final exam
- 1 Business entities and how they are taxed 27 min · quiz
- 2 Computing C corporation taxable income 23 min · quiz
- 3 Corporate tax rates, minimum taxes and penalty taxes 23 min · quiz
- 4 Corporate distributions: dividends, earnings and profits, and redemptions 23 min · quiz
- 5 Choosing an entity: sole proprietorship, S corporation or C corporation 23 min · quiz
- 6 Forming, reorganizing and liquidating corporations 23 min · quiz
- 7 Partnerships and LLCs 23 min · quiz
- 8 S corporations 24 min · quiz
- 9 State and local taxation of businesses 24 min · quiz
- 10 International business: cross-border income and the global minimum tax 24 min · quiz
- 11 Tax planning, anti-abuse doctrines and ethics 24 min · quiz
- 12 Business tax compliance and a capstone 23 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
Federal taxation of business entities and their owners: sole proprietorships, partnerships, LLCs, C corporations and S corporations, computing C corporation taxable income, corporate rates, penalty taxes and the corporate AMT, earnings and profits, distributions and redemptions, choosing an entity with self-employment tax, payroll tax, the QBI deduction and reasonable compensation, section 351, liquidations and reorganizations, Subchapter K, S corporation basis and distributions, state nexus, apportionment and pass-through entity taxes, international business including NCTI and the global minimum tax, anti-abuse doctrines and practitioner ethics, and compliance, following one invented drone business throughout.
Part of the Business stream, typically taken in year 3.