2016 C Corporation Update (Currently Unavailable)

Author: Robert Barnett

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Updates for CTEC
2 hours Federal Tax Law Updates for EAs and OTRPs

C corporations play an important role in today’s business environment. C corporations pay tax on their income and therefore focus on allowable deductions and losses become paramount. This lecture will discuss recent cases of interest.

Publication Date: September 2016

Designed For
All practitioners involved in corporate return preparation and transactions.

Topics Covered

  • Reasonable Compensation
  • Management Fees
  • Personal Goodwill
  • Unreimbursed Business Expenses
  • Net Operating Losses
  • Trust Fund Penalties
  • Constructive Dividends
  • Transferee Liability
  • Select Buy-Sell Considerations

Learning Objectives

  • Identify allowable deductions and losses
  • Describe recent cases of C corporations interest
  • Recognize new opportunities and risks in corporate taxation
  • Identify planning opportunities for your client
  • Calculate the taxed distributed dividends to shareholders
  • Recognize excessive income and taxable dividends
  • Identify which 5th Circuit Court rulings apply to company cases
  • Differentiate owner liability for payroll taxes and fraud
  • Recognize the PATH Act
  • Identify the tax rate paid as a C corporation
  • Describe penalties with regard to management fee deductions taken by a company
  • Recognize cases where a corporate purchaser makes an IRC §338 election
  • Identify key tests in deciding whether to allow the §163 interest deduction
  • Recognize when §382 NOL limitation applies
  • Differentiate company case studies and how they apply to specific allocations and limitations
  • Identify the proper form to use when making certain allocations

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic experience with C corporations.

Advance Preparation
None

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