Taxable entities - those entities that are subject tot taxation and those that are merely conduitsa.Tax formulas - mathematical relationship use to compute tax for entitiesb.Property transactions -tax treatment of sales, exchange, and other dispo of propertyc.Business organizations - Copy chart from outline - problem 3-32 & 3-361.Citizens & residents of USi.Foreign taxpayers - not us citizens and who no dot qualify as residents may be subject to us tax - nonresident aliens, taxed on certain types of income received from US sources.ii.Age - not a facto in determining taxpayer entity iii.Sole proprietorship - bus activities treated as distinct from other activities for records - for tax not separate entity subject tot taxiv.Individual taxpayersa.Corporate taxpayersb.Trust - legal entity created when title prop transferred by person ( grantor) to fiduciary (trustee)i.Estate - legal entity established by law when person diesii.
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Corporation, Limited Liability Company, i. ii. iii.