Emphasis on research and planning based on the Internal Revenue Code, Treasury Regulations, and administrative and judicial sources of tax law. Tax accounting methods including the cash and accrual methods, inventory accounting, installment sales, accounting changes, and various book-tax difference. Tax accounting periods also studied. Professional responsibilities and ethics, tax research, tax penalties, practice before the IRS, tax policy, and other issues. Concepts and principles that relate to federal income taxation of corporations and their shareholders.
Emphasis is on research of fact situations.
Coverage includes the organization and capitalization of a corporation, nonliquidated and liquidated distributions, penalty taxes, collapsible corporations, and determinants of the income tax base of corporations. Introduces taxable and tax-deferred methods of combining, dividing, and recapitalizing existing corporations. Studies consolidated tax return regulations and filing requirements for affiliated corporations. Major aspects of taxation affecting partners and partnerships. Emphasis on tax planning and detailed study of the Internal Revenue Code, Treasury Regulations, and case law governing these areas.