ACCT 371 Taxation-Business

The study of tax law and regulation relative to the formation of various business entities including the sole proprietorship, C-corporations, partnerships, and S-corporations is examined in this course. We continue the study of the tax code, tax regulations, and court cases, in this course related to the formation of a sole-proprietorship, corporation, or partnerships and distributions to its owners. Emphasis is placed on calculating taxable income and the resultant tax liability. Tax problems involve the completion of Form 1120 for C-corporations, Form 1120S for S-Corporations, and Form 1065 for partnerships. The nature of distributions to owners, shareholders or partnerships, is extensively discussed. Comparing and contrasting various business entities regarding formation, and tax consequences in each case is studied in depth in order to develop an understanding of what issues (both tax and non-tax) to consider when forming a business entity.




ACCT 370