Taxation of Corporations - Tax Staff Essentials

Objectives:

Learning Outcomes

• Apply the economic performance rules for tax deductibility.
• Recognize deduction recognition issues related to amortization.
• Calculate the corporate net operating loss (NOL) deduction
• Recognize which items of income and expense are used to make the adjusted current earnings (ACE) adjustment.
• Identify items of income and deduction that may affect the AMT calculation (for tax years beginning before December 31, 2017).
• Calculate the small employer health insurance credit and explain its applicability.
• Identify various business tax credits available to corporations.
• Recognize the advantages and disadvantages of a parent-subsidiary or brother-sister group of corporations.
• Identify issues related to intragroup transactions.

Major Topics:

Key Topics

• Formation of corporations
• Section 1244 stock
• Accounting methods
• Income: dividends, interest, rentals, capital gains
• Bad debts, rent, taxes, interest, charitable contributions, and casualty losses
• Prohibited payments, lobbying, travel, and entertainment
• Net operating losses
• Schedule M-3: Reporting Tax Differences
• Minimum tax credit, AMT, ACE, and tax credits
• Multiple corporations - controlled groups

Designed For:

Who Will Benefit

• Tax professionals in public accounting: seniors, supervisors, and managers

Prerequisite:

None