Corporations and Partnerships

Lesson and Objectives

Reading
Assignment

Section 1--Corporate Taxation

1. Business taxed as a corporation

Chapter 1

The learning objectives for this lesson are to gain an understanding of:

• What types of businesses are taxed as corporations

2. Property exchanged for stock

Chapter 2

The learning objectives for this lesson are to gain an understanding of:

• Tax implications for property transferred to a corporation in exchange for stock

3. Capital contributions

Chapter 3

The learning objectives for this lesson are to gain an understanding of:

• Tax treatment of contributions from shareholders and nonshareholders

4. Filing and paying income taxes

Chapter 4

The learning objectives for this lesson are to gain an understanding of:

• Estimated tax
• Income tax return
• U.S. real property interest

5. Accounting methods

Chapter 5

The learning objectives for this lesson are to gain an understanding of:

• Acceptable accounting methods
• Recordkeeping requirements

6. Income and deductions

Chapter 6

The learning objectives for this lesson are to gain an understanding of:

• Below-market loans
• Capital losses
• Charitable contributions
• Corporate preference items
• Dividends-received deduction
• Extraordinary dividends
• Going into business
• Related persons

7. Figuring taxable income

Chapter 7

The learning objectives for this lesson are to gain an understanding of:

• Net operating losses
• At-risk limits
• Passive activity limits

8. Figuring tax

Chapter 8

The learning objectives for this lesson are to gain an understanding of:

• Tax rate schedule
• Credits
• Recapture taxes
• Alternative minimum tax (AMT)

9. Accumulated earnings tax

Chapter 9

The learning objectives for this lesson are to gain an understanding of:

• Accumulated earnings tax

10. Distributions to shareholders

Chapter 10

The learning objectives for this lesson are to gain an understanding of:

• Money or property distributions
• Distributions of stock or stock rights
• Constructive distributions
• Reporting dividends and other distributions

  Section 2--Corporate Taxation for an S Corporation

1. Overview

Chapter 1

The learning objectives for this lesson are to gain an understanding of:

• Unresolved tax issues
• Direct deposit of refund
• How to get forms and publications
• IRS E-Services

2. General instruction

Chapter 2

The learning objectives for this lesson are to gain an understanding of:

• Who must file
• Termination of election
• Electronic filing
• When to file
• Where to file
• Who must sign
• Paid preparer authorization
• Assembling the return
• Depository methods of tax payment
• Estimated tax payments
• Interest and penalties
• Accounting methods
• Accounting period
• Recordkeeping
• Amended return
• Passive activity limitations
• Extraterritorial income exclusion

3. Specific instructions

Chapter 3

The learning objectives for this lesson are to gain an understanding of:

• Period covered
• Business code
• Employer identification number (EIN)
• Total assets, initial return, final return, name change, address change or amended return
• Income
• Deductions
• Tax and payments
• Detailed schedule instructions
• Schedule A
• Schedule B
• Schedules K and K-1
• Schedule L
• Schedule M-1
• Schedule M-2

Section 3 - Partnership Taxation

1. Forming a partnership

Chapter 1

The learning objectives for this lesson are to gain an understanding of:

• Organizations classified as partnerships
• Family partnerships
• Partnership agreement

2. Terminating a partnership

Chapter 2

The learning objective for this lesson is to gain an understanding of:

• When and how a partnership is terminated

3. Exclusion from partnership rules

Chapter 3

The learning objective for this lesson is to gain an understanding of:

• How certain partnerships can be excluded from being treated as a partnership for tax purposes

4. Tax year

Chapter 4

The learning objectives for this lesson are to gain an understanding of:

• Required tax year
• Exceptions to required tax year

5. Partnership return (Form 1065)

Chapter 5

The learning objectives for this lesson are to gain an understanding of:

• Who must file
• Due dates

6.Penalties

Chapter 6

The learning objective for this lesson is to gain an understanding of:

• Types and amounts of penalties for failing to file partnership returns correctly and on time

7.Partnership income or loss

Chapter 7

The learning objective for this lesson is to gain an understanding of:

• How a partnership computes its income and which deductions are not allowed to a partnership

8. Partner's income or loss

Chapter 8

The learning objective for this lesson is to gain an understanding of:

• How a partner's income or loss is calculated and which taxes may apply to that income or loss

9 Partnership distributions

Chapter 9

The learning objectives for this lesson are to gain an understanding of:

• What is considered a partnership distribution
• Partner's gain or loss recognized in a distribution
• Partner's basis for distributed property

10. Transactions between partnership and partners

Chapter 10

The learning objectives for this lesson are to gain an understanding of:

• How transactions between a partner and his partnership are treated
• Guaranteed payments
• Sale or exchange of property
• Contribution of property
• Contribution of services

11. Basis of partner's interest

Chapter 11

The learning objectives for this lesson are to gain an understanding of:

• Which items affect the basis on an interest in a partnership
• Adjusted basis
• Effect of partnership liabilities on basis

12. Disposition of partner's interest

Chapter 12

The learning objective for this lesson is to gain an understanding of:

• The treatment of gain or loss from their disposition of an interest in a partnership

13. Adjusting the basis of partnership property

Chapter 13

The learning objectives for this lesson are to gain an understanding of:

• When and under what circumstances a partnership can adjust the basis of its property due to a distribution