Operating a business


• 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