C12-Chp-02-1C-Chapter-1-Code-Outline-with problems

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Page 1 2be4a4efd992f8ab4a08ee1b996c0942698e8a84.xlsx Page 1 of 2 Citation No. Topic Rules Pg. 1.00 Compare Entities C-Corporation, S-Corp-Partnership, Proprietorship. Sec. 1, 11, 61, 301, 701, 1363 PPt1#5 HW#1--4 2.02 1 1.01 Tax on proprietorship Income of unincorporated business with one owner: taxed at individual tax rates. 11 1.02 Tax on C-Corporation A tax is imposed on "taxable income" of corporations. PPt1#18 701 1.03 Tax on Partnership Partnerships do not pay federal income tax. Sec. 702-tax paid by partners. 1363 1.04 Tax on S-Corporation S Corporations generally not subject to federal income tax. 3 exceptions. 3101 2.01 Payroll tax? C-Corporations, S-Corporations-Employee owners: FICA Tax on compensation to employee. 2.06 1401 2.02 Payroll tax? Partnership, Proprietorship. Self-Employent tax on net earnings. Definition in Sec. 1402 PPt-1#15 2.06 301 3.01 C-Corp. Distributions PPt-1#5, 19 HW#2 2.04 731 3.02 Partnership Distribution Distributions to partners are income only to extent the cash distribution exceeds basis. PPt-1#5 HW#2 1368 3.03 S-Corp. distributions PPt-1#5 HW#2 7701 a 2 4.01 Limited Liability Co. Partnership includes various types of unincorporated businesses, including an LLC. 2.07 301 . 7701 - 1 4.02 Limited Liability Co. Single owner LLC can choose to be a corporation, or a disregarded entity. 2.08 7701 a 1 4.03 Person In the tax law, a person includes a (an) individual, trust, estate, partnership, company, corporation. 5.01 Individuals-vs-Corp Corporate tax law (compare with individuals). PPt-1#14 63 5.02 Individuals-vs-Corp Individuals and Corporations are subject to tax on "taxable income." 1221 5.03 Individuals-vs-Corp Similar: gain or loss computation (1001), classification of gain or loss as capital gain, etc. 2.09 103 5.04 Exclude-Mun. Interest Exclusion of interest income received on state and local bonds. 2.09 101 a 5.05 Exclude-Life Ins. Proc. Exclusion of life insurance proceeds received by reason of death of the insured. 2.09
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C12-Chp-02-1C-Chapter-1-Code-Outline-with problems - Page 1...

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