About This Chapter
Tax Considerations for Corporations - Chapter Summary
Use this chapter to learn more about tax credits, tax structure, penalties and more when it comes to taxation for corporations. You will review various tax practices and procedures that are required by corporations as well as study the tax implications of liquidations and stock redemptions and see the implications of inactively traded securities. Lessons address key term definitions and provide detailed examples so each topic is clarified. Once you have finished your review, you should be able to do the following:
- Understand how a corporation is created
- Describe services, property and money transfers relating to corporate stock
- Discuss taxation and liability of corporations
- Explain shareholder dividends and distributions
- Identify special deductions and tax credits for corporations
- Determine estimated tax payments for corporations
- Define controlled groups, personal service corporations and S corporation
- Name the components of S corporations
Consisting of video and text lessons that take just minutes to review, this chapter contains all of the information you would need to know about taxation and corporations. Lessons are conveniently accessible at all times, from any device, so study is made easy for any schedule. Self-assessment quizzes measure what you have retained from each lesson as you move through this chapter.
1. How to Create a Corporation
A corporation is a complex business structure that allows for the separate existence of the business from the individuals that run the business. This lesson explains corporations and how to create a corporation.
2. Tax Structure and Liability of Corporations
A corporation is a complex business structure with unique characteristics pertaining to taxation and liability. The advantages of a corporation are subject to certain rules. This lesson explains double taxation, limited liability and piercing the corporate veil.
3. Closely Held Companies & Inactively Traded Securities
In this lesson, we will define and discuss closely held companies. We'll explain why they often lead to inactively traded securities, and then conclude by discussing the implications of having shares infrequently traded.
4. Personal Service Corporations: Definition & Tax Implications
A personal service corporation is a unique entity type. In this lesson, we discuss its definition, provide a comparison to other entities, describe its formation and explain the associated tax considerations.
5. What Is an S Corporation? - Definition, Requirements, Advantages & Examples
This lesson explains what an S corporation is and discusses the advantages of an S corporation. You'll also learn about the requirements of an S corporation and see some examples.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards