- 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.