Business Taxation and Strategies

Catalog description

This course will evaluate the effect of federal income tax rules on business, the federal income tax structure for C corporations and flow-through entities, and the concept of taxable income as it relates to business. Routine and recurring business transactions are examined including, but not limited to: property transactions, calculating owners' basis, book to tax differences, and ordinary vs. separately stated items. Nonroutine entity transactions including net operating losses, liquidating or reorganizing a business, and transactions between a business and its owners, are also reviewed. In addition, the professional responsibilities of tax return preparers and federal tax procedures are examined.