ACC/455 - Corporate Taxation

Course Description

This course is a basic introduction to federal corporate taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.

This undergraduate course is 5 weeks.

PLEASE NOTE:
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.

Course Objectives

IRS Tax Compliance and Individual Taxation

• Identify the filing requirements for income tax returns.
• Outline the IRS audit process.
• Describe tax professional responsibilities in providing tax advice.
• Use the formula for calculating an individual taxpayer’s taxes payable.
• Determine a taxpayer’s personal and dependency exemptions.

Corporate Operations and Accounting for Income Taxes

• Use the corporate income tax formula to calculate the tax liabilities.
• Calculate the current and deferred income taxes.
• Describe the process of valuation allowance.
• Explain how a company accounts for its uncertain income tax positions under FASB ASC Topic 740.
• Determine how a company computes and discloses the components of its “effective tax rate".

Corporate Taxation and Formation

• Compute a corporation’s earnings and profits and a shareholder’s dividend income.
• Use the framework that applies to the taxation of property distributions.
• Compute the tax consequences to the parties to a tax-deferred corporate formation.
• Identify the different forms of taxable and tax-deferred acquisitions.
• Calculate the tax consequences that apply to the parties to a complete liquidation of a corporation.

Partnerships: Forming and Dispositions

• Distinguish the entity approach from the aggregate approach for taxing partnerships.
• Resolve tax issues applicable to partnerships.
• Apply the basis, at-risk, and passive activity loss limits to losses from partnerships.
• Determine the tax consequences to the buyer and seller of the disposition of a partnership.
• Calculate the special basis adjustment for dispositions and distributions.

S Corporations and the U.S. Taxation of Multinational Transactions

• Describe operating issues relating to S corporation accounting periods and methods.
• Use fringe benefit rules that apply to S corporation shareholders.
• Apply the tax rules for S corporation operating distributions and liquidating distributions.
• Apply the U.S. source rules for common items of gross income and deductions.
• Distinguish between the different forms of doing business outside the United States.
• Describe the basic U.S. anti-deferral tax regime and identify common sources of subpart F income.

Notes

A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.

This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.

During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution, be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course, please contact an enrollment representative.

Disclaimers

The University of Phoenix reserves the right to modify courses.

While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.

Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.