- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
Generally, tax law provides for recognition of gain or loss on exchanges of property. Under the general rule, transfers of property to a corporation result in recognition of gain or loss by the transferor. However, IRC Sec. 351 provides an exception. When a taxpayer transfers property to a corporation of which it maintains control immediately after the transfer, both the corporation and the taxpayer generally avoid immediate recognition of gain or loss. Chapter 1 leads the tax preparer through Section 351 transfers to controlled corporations. Chapter 2 covers start-up and organizational expenses. Chapter 3 discusses the treatment of cash and property dividends and the effect on earnings and profits as well as extraordinary dividends. This course is most appropriate for the professional with detailed knowledge of taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify the Section 351 requirements;
recognize start-up and organizational expenses and their tax treatment; and
determine the tax treatment of cash and property dividends.