CHAPTER 9 Notes - CHAPTER 9 NOTES TAX 4001 2011/2012 Major...

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CHAPTER 9 NOTES TAX 4001 2011/2012
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Major Concepts Choice of Entity Taxation of C Corporations Corporate Tax Formula Organizational Expenditures Dividends Received Deduction Reconciliation of Book and Tax Income (Sch M-1 & M-3)
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Choice of Entity Entity Theory (Taxed as a separate Entity) C Corporations Aggregate Theory (Taxed as an “activity” of the entity’s owner(s)) Individuals Partnerships Including Limited Liability Partnerships (LLP’s) Elections by Flow-thru Entities S Corporations Limited Liability Companies (LLC’s)
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Choice of Entity Continued Major Differences C – Corporations – Double Taxation Flow-thru entities – taxed as if owners “earned” the income Ordinary Income May be subject to Self Employment Tax Separately Stated Items Sec. 1231 gains, Capital Gains, Charitable Contributions
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C Corporation Taxation Rules of Subchapter C apply Taxed at 15% - 39% Flat 35% for Personal Service Corporations (PSC’s)
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This note was uploaded on 09/16/2011 for the course TAX 4001 taught by Professor Hampton,m during the Fall '08 term at University of Central Florida.

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CHAPTER 9 Notes - CHAPTER 9 NOTES TAX 4001 2011/2012 Major...

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