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This course builds on knowledge gained in Income Tax I (Individual/Personal Income Tax) course. The main goal of this course is to establish the appropriate professional skills needed to accumulate data, analyze the information available, understand tax regulation and laws and their implications on various decisions from a business perspective and enhance the research skills needed to deal with various guidelines, laws, regulations, rulings, and courts’ decisions for different tax scenarios. It aims at developing basic professional Federal income tax preparations skills apply to businesses enterprises in form of: corporations, partnerships, estates, and trusts. It deals with business tax implication of various transactions relevant to formation, equity distribution, liquidations, reorganization, and consolidations of a business Among topics covered are: identifying tax sources, statutory, administrative and judicial tax rules unique to corporations' ownership, legal status, and operations; tax consequences of the distribution of the corporation and its shareholders, redemption, liquidation and accumulated earnings tax; tax effect of business reorganization and consolidation; the tax consequences of the partnership’s financial transactions on its partners upon the formation of the partnership and through its operations and liquidation/dissolving; the tax consequences of financial transactions of an S Corporation and its implications on the shareholders through formation, operation, distribution and termination; the tax effect of conducting a business under other form distinguished from corporations and partnership; the applicable rules for gift taxes, trusts and estate taxes from family perspectives to minimize taxes; the tax audit, penalty, assessment and appeal process, as well as compliance procedures with regulations; and preparing simple Federal income tax returns for Corporations, S Corporations, Partnerships, and Estates/gift and/or Trusts.
Prerequisites: Income Tax 1, Accounting 2 or equivalent.
Note: students need EXCEL spreadsheet software. This course includes special online lessons that may include audio or video. Your computer must meet the minimum computer/technical requirements set by Moodle. If you have questions or concerns about these technical requirements, please contact the help desk online at http://techinfo.esc.edu or call 800 847-3000 ext. 2420.
This online course is offered through Online Learning. You can take this as an individual course or as part of an online degree program, with term starts in March, May, September, November and January. View current term offerings and all online courses. Click here to register for online courses.
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Term(s) Offered (Subject to Change) : Spring 1. Summer. Fall 1.
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