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Text Notes Ch 3 - Taxable Entities, Tax Formula, Introduction To Property Transaction

Text Notes Ch 3 - Taxable Entities, Tax Formula, Introduction To Property Transaction

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Taxable entities - those entities that are subject tot taxation and those that are merely conduits a. Tax formulas - mathematical relationship use to compute tax for entities b. Property transactions - tax treatment of sales, exchange, and other dispo of property c. Business organizations - Copy chart from outline - problem 3-32 & 3-36 1. Citizens & residents of US i. 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 tax iv. Individual taxpayers a. Corporate taxpayers b. Trust - legal entity created when title prop transferred by person ( grantor) to fiduciary (trustee) i. Estate - legal entity established by law when person dies ii.
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