Chapter 3 - citizens and individuals who are not U.S....

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Income Tax Accounting Chapter 3 - individuals, most corporations and estates/trusts are taxable entities, C- corporations - Sole proprietorships, partnerships and S-corporations are not required to pay tax on any taxable income, the taxable income is passed through or allocated to owners flow through entities or conduits - Primary target for income tax is the individual taxpayer, individuals include U.S.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: citizens and individuals who are not U.S. citizens but are considered residents (resident aliens) -Individuals who are not U.S. citizens and who do not qualify as residents may be subject to U.S. tax non-resident aliens are taxed on certain types f income that are received from U.S. sources-Age is not a factor in determining if he or she is a taxpaying entity -...
View Full Document

Ask a homework question - tutors are online