Corporate Tax: Formation and Operation (Completed)

Date: Tuesday, December 17, 2019
Instructor: Jennifer Kowal
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

After the reduction in the corporate tax rate under the Tax Cuts and Jobs Act, operating a business in corporate form has become more attractive and many taxpayers may opt to form corporations. This course covers the tax consequences of forming a corporation and operating in corporate form, including contribution of property to a corporation, the effects of the corporation assuming shareholder liabilities on contributed property, contribution of services in exchange for stock, and the tax effect of distributions to shareholders.

Who Should Attend
Tax practitioners at all levels who advise on the taxation of forming and operating corporations.

Topics Covered

  • Consequences of contributing property to corporations
  • Assumption of liabilities by corporation and liabilities in excess of basis
  • Requirement for control of corporation immediately after exchange
  • Receipt of stock in exchange for services
  • Tax consequences of distributions to shareholders

Learning Objectives

  • Describe the tax consequences of contributing property to corporation, from shareholder and corporate perspective, including tax basis consequences
  • Recognize the effect of liabilities on contributed property
  • Describe requirement that shareholders have control immediately after exchange and consequence of contributing services in exchange for stock
  • Recognize and explain the consequences of distributions to shareholders, including difference between dividends and other distributions

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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