Week 6 notes - Corp(1120 vs Individual(1040/c Differences...

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Unformatted text preview: Corp (1120) vs Individual (1040/c) Differences Same Capital gain Dividends received Itemized deductions AGI Personal Tax Credits Meals and Entertainment Travel Tax Rates Accounting Period Net Operating Losses Exemptions Charitable Contributions Distribution, Redemption, Liquidation & Reorganization Corp property given to shareholders is treated as dividends unless goes above basis is capital gains. Redemption is cashing in shares, buying back stock; capital gain or loss. Depends on shareholder status. Liquidation gets rid of all shareholders and ownership. Reorganization is exchange stock for stock. Executive Compensation Must be reasonable; max after compensation; stock options; ...
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