Overview:
The objective of this course is to explain how tax laws apply to corporations and partnerships.
Summary of Contents:
-
Business Taxed as a Corporation
-
Exchange of Property for Stock
-
Capital Contributions
-
Paying and Filing Income Taxes
-
Income and Deductions
-
Figuring Taxable Income
-
Accumulated Earnings
-
Tax Distributions to Shareholders
-
Forming a Partnership
-
Terminating a Partnership
-
Exclusion from Partnership Rules
-
Tax Year Penalties
-
Partnership Income or Loss
-
Partnership Distributions
-
Transactions between Partnership and Partners
-
Basis of Partner's Interest
-
Disposition of Partner's Interest
-
Adjusting the Basis of Partnership Property
Sample Exam Questions:
10. If Sour Apple Corporation makes an overpayment of its estimated tax that is more than $500 and more than 10% of its expected tax liability, Sour Apple can apply for a quick refund of the overpayment by:
a. Submitting Form 1138
b. Requesting a refund in writing, when filing the next Form 8109 deposit
c. Submitting Form 4466
d. Submitting Form 4626
11. The tax year for Golden Corporation ends July 31. Golden must file its income tax return (if no extension is filed) by:
a. July 31
b. September 15
c. October 15
d. December 31
|
