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C Corporations - Overview of Corporate Income Tax  

CATEGORY: Taxation
  Online & Mobile
5 CPE Credits

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 course has been updated for tax laws passed through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (signed by the President on March 27, 2020 and December 27, 2020, respectively) as they apply to C corporations. Of particular emphasis is the ability for a corporation to elect to deduct qualified cash contributions in excess of the general taxable income limitation for qualified contributions made during 2020 and 2021, as well as the impact for this change on the utilization of charitable contribution carryovers. Additionally, the course is updated to address the tax treatment for advance payments for services and/or property as included in the final regulations.

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