Discuss;
• Common non-deductible expenses in operating a business
• Deferred revenue: explain the tax rules
• S corporations: explain eligibility to make the election and when the entity will be ineligible for the election
• S corporations: when do S corporations pay income tax?
• Partnerships: difference between basis and at-risk
• Estimated tax payments for businesses
• S corporation vs partnership: taxation to owner(s)
• Are C corporations a better way to run a business?
• Earnings and Profits: explain how to calculate E&P
• 351: explain the rules
• 721: explain the rules
• Tax return due date(s) and statute of limitation rules
• Horizontal equity vs vertical equity for evaluating tax systems
• Self-employment tax: is it better to be an active partner in a partnership or an employee-shareholder of an S corporation?
• IRS audits: should a business be scared and types of audits
• Foreign tax credits: explain how they work
• Territorial tax system: does the USA now have a territorial tax system?
• Ordering rules for distributions from a corporation: explain the rules
• Passive Activity Loss rules: explain how these work
• Liquidation of a C corporation: explain the rules
Sample Solution
