6 Week 6 Outline NOTES.docx

6 Week 6 Outline NOTES.docx - Outline Notes Week 6 Outline...

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Outline Notes Week 6 Outline Notes Grades to Date Blackboard IRS certification exam (Please see the Folder on Blackboard) o ADVANCED Exam required if you choose to forgo the Final Exam Weeks 6, 7, 8 o Corporate Taxation utilizing textbook/forms Week 9 o CPA Review Questions covering Corporate Taxation, utilizing questions from WileyCPA Excel Homework – MyAccountingLab o calculations o conceptual Chapter 3 Corporate – The Corporate Income Tax Corporate Forms of Business (Covered in Chapter 2 – Corporate section) Sole Proprietorship Partnership Corporation Limited Liability Company Limited Liability Partnership Organizational Expenditures and StartUp Expenditures o Organizational Expenditures Outlays made in forming a corporation , such as Fees paid to the State of incorporation for the corporate charter and fees paid to an attorney to draft the documents needed to form the corporation. o StartUp Expenditures Outlays that otherwise would be deductible as Ordinary and Necessary business expenses but that are capitalized because they were incurred PRIOR to the start of the corporation’s business activities. A corporation may elect to deduct: o the first $5,000 of organizational expenditures and o the first $5,000 of StartUp expenditures. Corporation can AMORTIZE remainder of each set of expenditures over 180 months. Page 1
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Outline Notes Corporations and Filing Tax Returns Corporation must file a tax return EACH YEAR, regardless if they have taxable income.
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