Chat1 - Corporate and Partnership Taxation Taxation of...

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1 Corporate and Partnership Taxation Taxation of Corporations – Basic Concepts
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2 Taxation of Corporations – Basic Concepts Traditional Business Entity Choices Sole Proprietorships Partnerships Corporations Variations
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3 Taxation of Corporations – Basic Concepts Sole proprietorships Single owner Employees are allowable Taxation of the individual owner Unlimited liability Insurance reduces liability Capital sources Borrowing only Easy of organization/management
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4 Taxation of Corporations – Basic Concepts Partnerships Multiple owners (partners) Agreement (oral or written) Employees (distinguished from partners) Taxation (pass through) Unlimited liability Different that in a sole proprietorship Capital sources Borrowing and new partners Organization/management – default provisions
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5 Taxation of Corporations – Basic Concepts Corporations Multiple owners (stockholders) Stock rights of stockholders Employees distinguished from stockholders Taxation – double taxation of dividends Limited liability In capacity as stockholder, only Capital sources Debt vs. equity Organization/management
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6 Taxation of Corporations – Basic Concepts Variations in business organizations Limited partnerships Subchapter S corporations Not-for-profit corporations Limited liability companies Limited liability partnerships
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Taxation of Corporations – Basic Concepts Limited partnerships At least one general partner with unlimited liability, the other partners can be limited partners Any number of limited partners whose liability is limited to their investments Limited partners cannot participate in the
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This note was uploaded on 11/24/2010 for the course TXX 5762 taught by Professor Allen during the Spring '10 term at Nova Southeastern University.

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Chat1 - Corporate and Partnership Taxation Taxation of...

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