CORPORATE FORMATION Alternative business forms Check-box-the- requlations Legal requirements for forming a corporation 351 deferrals Choice of capital structure Worthless stock or debt obligations
Learning Objectives Calculate the Alternative Minimum Tax Describe what constitutes self- employment income and compute the self- employment tax Describe the various business and personal tax credits Understand the mechanics of the federal withholding tax system and the requirements for making estimated payments
Learning Objectives Define a corporation Calculate the corporate income tax liability and explain specific tax rules Apply the non-recognition- of gain or loss rules for corporate formations
Learning Objectives Identify Sec. 1231 property Understand the tax treatment for Sec. 1231 transactions Apply the recapture provisions of Se.1245 Apply the recapture provisions of SeC.1250 Describe other recapture applications
Learning Objectives Explain the rules for adopting and changing an accounting period Explain the differences among cash, accrual, and hybrid accounting Determine whether specific costs must be included in inventory
Learning Objectives Determine the proper classification and deductibility of travel and transportation expenses Determine the proper deductible amount for entertainment expenses under the 50% disallowance rule Identify deductible moving expenses and determine the amount and year of deductibility
Learning Objectives Identify qualified medical expenses and compute the medical expense deduction Determine the timing of a medical expense deduction and the effect of a reimbursement Identify taxes that are deductible as itemized deductions
Learning Objectives Determine the realized gain or loss from the sale or other disposition of property Determine the amount realized from the sale or other disposition of property Determine the basis
Learning Objectives Explain the difference between economic, accounting, and tax concepts of income Explain the principles used to determine who is taxed on a particular item of income
