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

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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.
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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 -...
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