Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Corporation Taxation: Subchapter C for C Corporation or S Corporation (CTSC)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program (Great industry course)

WHY ATTEND THIS COURSE?

Mergers, acquisitions, and reorganizations made simple. Understand the law governing corporate formations, distributions of property, redemptions, liquidations, reorganizations, carryover of net operating losses, and other corporate tax attributes. Understand the real balance of earnings and profits and why that number might be important. Low tax rates on the first $75,000 of income and the possibility of increased rates of income tax on individuals make the C corporation a reasonable alternative to S corporation status.

DESIGNED FOR...

CPAs who deal with planning and compliance for a regular corporation’s complex tax issues. May also be suitable for public practice.

OBJECTIVE

Participants will be able to:

  • Advise clients on income tax issues when organizing a C corporation
  • Determine situations where revisions made by the Tax Cuts and Jobs Act may indicate a change of entity type is advisable
  • Take advantage of C corporation rules and rates to reduce the income tax burden on successful business owners
  • Deal with complicated forms of corporate organization, reorganization, and liquidation
  • Recognize income tax issues related to distributions to shareholders
  • Structure family buyouts that qualify for long-term capital gain treatment
  • Calculate earnings and profits
  • Structure a corporate reorganization to comply with IRC Sec. 368
  • Apply the qualified business income deductions rules to an S corporation
  • Minimize the tax burden in a corporate liquidation
  • Take advantage of special basis allocation rules when one corporation acquires another
  • Account for corporate net operating loss and other attribute limitations

MAJOR SUBJECTS

  • Unique C corporation tax rules
  • Corporate organization—Secs. 351 and 357
  • Distributions by corporations—Sec. 301
  • Stock redemptions—Sec. 302
  • Corporate liquidations—Sec. 331
  • Corporate reorganizations—Sec. 368
  • Split ups—Sec. 355
  • Carryovers, NOLs, and other tax attributes—Sec. 382
  • Debt vs. equity—Sec. 385
  • Qualified business income deduction under IRC Section 199A

COURSE ACRONYM: CTSC

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Advanced

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes, Corporate Income, Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.