- NY Credits : 5.0
- TX Credits : 5.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 5.0
Benefit from a full review of the basics of gross income inclusions and exclusions as well as special areas of income and deductions applicable to C corporations in determining taxable income. Topics covered in this course include selection of an accounting method for income and expense recognition; treatment of corporate capital gains and losses; deductions for charitable contributions of cash, ordinary income, and capital gain property; excessive compensation resulting from excess parachute payments; publicly traded C corporation limitation on excess compensation deduction; bad debt expense; and other corporate-related expenses. This basic level course is most beneficial to professionals new to federal income taxation who may be at the staff or entry level in an organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
summarize determining taxable income for C corporations,
elect accounting method and tax year,
calculate capital gains and losses,
name deductions for special expenses, and
assess charitable contribution deductions.