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Regulation > Corporate Taxation > Flashcards

Corporate Taxation Flashcards

1
Q

What is the limit on the deduction for charitable contributions for corporations?

A

The deduction for charitable contributions is limited to 10% of taxable income BEFORE the

  1. Contributions deduction
  2. Dividends Received Deduction
  3. An NOL carryback (but after carryover)
  4. A capital loss carryback ( but after carryover)
  5. Domestic Production Activities Deduction (DPAD)
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2
Q

Define a Personal Holding Company (PHC)

A

A Personal Holding Company is and corporation (excluding certain banks and financial institutions)

  1. During anytime in the last half of the tax year, FIVE OR FEWER individuals owned more than 50% of the outstanding stock AND
  2. The corporation receives at least 60% of its ordinary gross income as PHC income.
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3
Q

List the items that are added back when reconciling Book Income to Taxable Income

A

Add back

  1. Federal Income Taxes
  2. Excess of Capital Losses over Capital Gains
  3. Items in the tax return not included in book income
  4. Charitable contributions in excess of 10% limitation
  5. Expenses deducted on books but not on tax return.
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4
Q

List the items that are subtracted out when reconciling Book Income to Taxable Income

A

Subtracted out

  1. Income reported on the books but not on the tax return
  2. Expenses deducted on the tax return, but not on the books.
  3. Dividends received deduction
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5
Q

What is the limitation formula when calculating the Foreign Tax Credit?

A

Foreign Tax Limitation

((Taxable Income from all foreign countries)/(Taxable Income+ Exemptions worldwide)) X US Tax

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6
Q

What Corporate Stock Redemptions are considered exchanges resulting in Capital Gain / Loss to shareholder?

A
  1. Redemption is not equal to a dividend
  2. Redemption is substantially Disproportionate
  3. Redemption completely terminates a shareholder’s interest.
  4. Redemption of non- corp shareholder in a partial liquidation.
  5. Redemption to pay death taxes.
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7
Q

List the S-Corp separately stated items

A 
S-Corp separately stated items
1.  Net LTCG/ LTCL
2. Net STCG/ STCL
3.  Net G/L Sect 1231 theft/ casualty 
4.  Net G/L Sec 1231 transaction
5.  Tax- exempt interest
6.  Charitable contributions
7.  Foreign Income Taxes
8.  Depletion
9 Investment Interest Expense
10.  Dividend/ Interest/ Royalty Income
11 Net Income/ Loss from real estate
12.  Net income/ loss from rental activity
13.  Section 179 deduction
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8
Q

What is the AMT small corporation exemption rules?

A

AMT small corporation exemption rules
1st year- Exempt regardless of income levels

2nd year- Exempt if its 1st year gross receipts is equal or less than $5,000,000

3rd year- Exempt if AVERAGE GROSS RECEIPTS for the first two years is equal or less than $7,500,000

4th (and subsequent) years- Exempt if AVERAGE GROSS RECEIPTS for all prior three year periods is equal or less than $7,500,000

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9
Q

How should a corporation handle non-liquidating distributions of property made to shareholders?

A

If a corporation makes a non-liquidating distribution of appreciated property to a SHAREHOLDER, the corporation must recognize gain just as if the property were SOLD at FMV.

A LIABILITY increases the recognized gain only when the amount of the liability exceeds FMV

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10
Q

What does IRS Section 351 state?

A

Section 351 rule
No gain or loss is recognized if property transferred to a corporation SOLELY IN EXCHANGE FOR STOCK if the transferor is in control of the corporation (80%) immediately after the exchange.

If consideration OTHER THAN STOCK is received, a realized gain must be recognized to the extent of BOOT received.

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11
Q

What are the Dividend Received Deduction (DRD) rules?

A

Dividends Received Deduction (DRD)

  1. A 100% DRD may be elected from affiliated corporations if a consolidated tax return is not filed.
  2. An 80% DRD is allowed for qualified dividends from taxable domestic unaffiliated corporations that are at least 20% owned.
  3. An 70% DRD is allowed for qualified dividends from taxable domestic unaffiliated corporations that are at less than 20% owned.
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12
Q

How is the liquidation of a subsidiary treated for tax purposes?

A
  1. No Gain/ Loss is recognized to a parent corporation under section 332 on the receipt of property in complete liquidation of an 80% or more owned subsidiary.
  2. No Gain/Loss is recognized to a subsidiary corporation on the distribution of property to its parent if Section 332 applies to the parent corporation.
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13
Q

What are the rules for Corporate Net Operating Losses (NOL)?

A

Corporate NOL rules

  1. DRD is allowed without limitation
  2. No deduction is allowed for a NOL carryback or carryover from other years.
  3. An NOL is generally carried back two years and carried forward 20 years to offset taxable income in those years.
  4. A corporation may elect to forego carryback only carryforward 20 years.
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14
Q

Describe Type A reorganization (generally results in non-recognition treatment)

A

Type A- Statutory mergers or consolidations

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15
Q

Describe Type B reorganization (generally results in non-recognition treatment)

A

Type B- The use of solely voting stock of the acquiring corporation (or its parent) to acquire at least 80% of the voting power and 80% of each class of non voting stock of the target corporation.

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16
Q

Describe Type C reorganization (generally results in non-recognition treatment)

A

Type C- The use of solely voting stock of the acquiring corporation (or its parent) to acquire substantially all of the target’s properties

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17
Q

Describe Type D reorganization (generally results in non-recognition treatment)

A

Type D- A transfer by a corporation of part or all of its assets to another if immediately after the transfer the transferor corporation, or its shareholders, control the transferee corporation (at least 80%)

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18
Q

Describe Type E reorganization (generally results in non-recognition treatment)

A

Type E- A recapitalization to change the capital structure of a single corporation (exchange of old bonds with new)

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19
Q

Describe Type F reorganization (generally results in non-recognition treatment)

A

Type F- A mere change of identity, form, or place of organization.

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20
Q

Describe Type G reorganization (generally results in non-recognition treatment)

A

Type G- A transfer of assets by an insolvent corporation or pursuant to bankruptcy proceedings (former creditors become owners)

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21
Q

True or False- A shareholder’s allocation of the aggregate losses and deductions of an S corporation can be deducted by the shareholder to the extent of the shareholder’s basis for stock plus basis of any debt owed to the shareholder by the corporation

A

True
A shareholder’s allocation of the aggregate losses and deductions of an S corporation can be deducted by the shareholder to the extent of the shareholder’s basis for stock plus basis of any debt owed to the shareholder by the corporation

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22
Q

What is the 3- step treatment for Ordinary Corporate Distributions?

A

3- step treatment for Ordinary Corporate Distributions

 1. Dividend- to be included in gross income (TO THE EXTENT OF CURRENT AND ACCUMULATED EARNINGS)
 2. Return of stock basis
 3. Gain- To extent distribution exceeds stock basis
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23
Q

What is the formula for the shareholder distribution amount for ordinary corporate distributions?

A

Cash
+FMV property received
-liabilities assumed
=Shareholder distribution amount

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24
Q

What is the shareholder’s tax basis for distributed property from a corporation?

A

Shareholders tax basis for distributed property from a corporation is the property’s FMV at the date of distribution.

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25
Q

True or False- Losses are allowed in ordinary corporate distributions.

A

False

Losses are NOT ALLOWED in ordinary corporate distributions.

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26
Q

What is the rule for the AMT exemption allowed for corporate taxpayers?

A

AMT exemption
A corporation is allowed an exemption of $40,000 in computing its AMTI. However, the $40,000 exemption is reduced by 25% of the corporation’s AMTI in excess of $150,000.

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27
Q

What is the qualification for stock to be qualified as Section 1244 small business corporation stock?

A

To qualify as Section 1244 small business corporation stock, the stock must be issued by a domestic corporation to an individual or partnership in exchange for money or property (other than stock or securities)

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28
Q

What are the Sec. 1244 rule for stocks that are deemed worthless?

A

Section 1244 permits a shareholder to deduct an ORDINARY LOSS of up to $50,000 per year ($100,000 if married filing jointly) if qualifying stock is sold, exchanged, or becomes worthless. Any remaining loss is deducted as a CAPITAL LOSS.

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29
Q

When can a penalty for the underpayment of estimated taxes be avoided?

A

A penalty for the underpayment of estimated taxes can be avoided if a corporation’s quarterly estimated payments are at least equal to the least of

  1. 100% of the tax shown on the current year’s tax return
  2. 100% of the tax that would be due by placing the current year’s income for specified monthly periods on an annual basis.
  3. 100% of the tax shown on the corporation’s return for the preceding year.
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30
Q

Describe the ACE (Adjusted Current Earnings) adjustment

A

The ACE Adjustment is equal to 75% of the difference between ACE and pre-ACE alternative taxable income (AMTI)
The ACE adjustment can be positive or negative, but a negative ACE adjustment is limited in amount to prior years’ net positive ACE adjustments.

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31
Q

True or False- A corporation will recognize gain or loss on the receipt of money or other property in exchange for its stock, including treasury stock.

A

False
A corporation will NEVER recognize gain or loss on the receipt of money or other property in exchange for ITS stock, including treasury stock.

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32
Q

What are the rules concerning the deductibility of organizational fees for corporations?

A

A corporation may deduct up $5,000 of organizational expenditures for the tax year in which the corporation begins business.

The $5,000 amount must be reduced by the amount by which organizational expenditures exceed $50,000.

Remaining expenditures are deducted ratably over the 180- month period beginning with the month in which the corporation begins business.

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33
Q

True or False- In calculating the charitable contributions deductions, the deduction is computed before the NOL carryforwards and the capital loss carryforwards are deducted.

A

False
In calculating the charitable contributions deductions, the NOL carryforwards and the capital loss carryforwards are deducted in arriving at the contribution base amount.

34
Q

True or False- In a Dividends Received Deduction, if the corporation’s taxable income before the DRD is less than the amount of dividend, the DRD will be limited to 70% of taxable income, unless the full DRD creates or increases a NOL.

A

True
In a Dividends Received Deduction, if the corporation’s taxable income before the DRD is less than the amount of dividend, the DRD will be limited to 70% of taxable income, unless the full DRD creates or increases a NOL.

35
Q

What is the requirement in order for an investor to qualify for a Dividends Received Deduction?

A

To qualify for a DRD, the investor corporation must own the investee’s stock for more than 45 days (90 days for preferred stock if the dividends received are in arrears for more than one year)

36
Q

True or False- The “$100 floor” and “10%” of AGI limitations apply to business casualty losses.

A

False
The “$100 floor” and “10%” of AGI limitations apply only to personal casualty losses.

If business property is completely destroyed, the amount of casualty loss deduction is the property’s adjusted basis immediately before the casualty.

37
Q

In the first year, what are the options for a corporate taxpayer to deduct Research and Development expense?

A

A taxpayer can elect deduct qualifying research and experimental expenditures as a current expense if the taxpayer so elects for the first taxable year in which the expenditures are incurred. Otherwise, the taxpayer must capitalize the expenditures.

38
Q

Define the “tax benefit” rule

A

Tax benefit rule- An item of deduction that reduces a taxpayer’s income tax for a prior year must be included in gross income if later recovered.

39
Q

True or False- Schedule M-1 includes the Dividends Received Deduction.

A

False

Schedule M-1 DOES NOT INCLUDE the Dividends Received Deduction.

40
Q

True or False- If a consolidated return is filed, dividends received from affiliated group members are eliminated in the consolidated process, and are not reported on the consolidated tax return

A

True
If a consolidated return is filed, dividends received from affiliated group members are ELIMINATED in the consolidated process, and are not reported on the consolidated tax return

41
Q

What is the percentage of stock ownership requisite for consolidated returns?

A

80%

42
Q

How are a corporation’s distributions to shareholders on their stock treated?

A

A corporation’s distributions to shareholders on their stock are treated as a dividend to the extent of a corporation’s current earnings and profits.

43
Q

True or False- In a corporate distribution of property, if there is a liability on the property that is assumed by the shareholder and the amount of the liability exceeds the property’s FMV, then the amount of liability is used to measure the gain.

A

True
In a corporate distribution of property, if there is a liability on the property that is assumed by the shareholder and the amount of the liability EXCEEDS the property’s FMV, then the amount of liability is used to measure the gain

44
Q

True or False- In a corporate non-liquidating distribution to shareholders, both gain and losses can be recognized.

A

False

In a corporate non-liquidating distribution to shareholders, GAIN, BUT NOT LOSS can be recognized.

45
Q

True or False- No deduction is allowed for any amount paid or incurred by a corporation in connection with the redemption of its stock, except for interest expense on loans to repurchase stock.

A

True
No deduction is allowed for any amount paid or incurred by a corporation in connection with the redemption of its stock, except for interest expense on loans to repurchase stock.

46
Q

True or False- Advertising costs are deductible even though the advertising program is expected to result in benefits extending over a period of years.

A

True
Advertising costs are deductible as an ordinary and necessary business expense if they are reasonable in amount and bear a reasonable relation to the business. Deductible expenses may be for the purpose of gaining immediate sales or developing goodwill.

47
Q

Define the Accumulated Earnings Tax (AET)

A

The AET is a penalty tax that can be imposed (in addition to regular income tax) on a corporation if it accumulates earnings in excess of reasonable business needs.

48
Q

How does a corporation avoid the AET?

A

To avoid the AET

  1. Demonstrate that the reasonable needs of its business require the retention of all or part of the 2014 accumulated taxable income.
  2. Reduce its accumulated taxable income by paying a dividend to its shareholders. For this purpose, and dividends paid within the first 2 1/2 months of the tax year are treated as if paid on the last day of the preceding tax year.
49
Q

What are the constructive ownership rules under Section 544?

A

Under Section 544, an individual is considered as owning the stock owned by his family including only brothers and sisters, spouse, ancestors, and lineal descendants.

50
Q

For 2014, what is the minimum accumulated earnings credits a company is entitled to?

A

For 2014, the minimum accumulated earnings credits a company is entitled to is $250,000 for NON-SERVICE corporations and $150,000 for SERVICE corporations.

51
Q

What is the Personal Holding Company (PHC) tax?

A

The Personal Holding Company (PHC) tax is a penalty tax imposed at a 20% rate on a corporation’s undistributed personal holding company income.

52
Q

When is an amount received from a personal service contract classified as PHC income?

A

An amount received from a personal service contract is classified as PHC income if

  1. Some person other than the corporation has the right to designate, by name or by description, the individual who is to perform the services, and
  2. the person so designated is (directly or constructively) a 25% or more shareholder.
53
Q

How is the PHC tax collected?

A

The PHC tax should be self-assessed by filing a separate 1120-PH along with the regular tax return Form 1120.

54
Q

True or False- The AET applies to personal holding companies.

A

False

The AET DOES NOT APPLY to corporations that are personal holding companies.

55
Q

How can the Personal Holding Company (PHC) tax be imposed?

A

The Personal Holding Company (PHC) tax may be imposed if at least 60% of the corporation’s adjusted ordinary gross income for the taxable year is PHC income, and the stock ownership test is satisfied.

56
Q

True or False- the Accumulated Earnings Tax (AET) is self- assessing.

A

False
the Accumulated Earnings Tax (AET) is NOT self- assessing.
The AET is assessed by the IRS after finding a tax avoidance intent on the part of the taxpayer.

57
Q

What are some of the items that would be added to taxable income to arrive at accumulated taxable income for calculating the AET?

A

Items that would be added by to taxable income to arrive at accumulated taxable income (in order to calculate the AET) include

  1. Capital loss carryover from a prior year
  2. Dividends received deduction
  3. NOL deduction
58
Q

How is the allowable accumulated earnings credit calculated?

A

The allowable accumulated earnings credit is the greater of

  1. the earnings and profits of the tax year retained for reasonable business needs or
  2. $250,000 ($150,000 if a personal service corporation) less the accumulated earnings and profits ant the end of the preceding year.
59
Q

For a shareholder of an S- Corp, how is the shareholder’s basis calculated?

A

Shareholders basis for S Corp

Add
1. Pass-through of all income items (INCLUDING TAX- EXEMPT INCOME)

Subtract

  1. Distributions that are excluded from the shareholder’s gross income.
  2. Pass-through of all loss and deduction items (INCLUDING NON-DEDUCTIBLE ITEMS)
60
Q

True or False- In a S Corp distribution, distributions must be accounted for in a stockholder’s basis BEFORE capital losses

A

True

In a S Corp distribution, distributions must be accounted for in a stockholder’s basis BEFORE capital losses

61
Q

True or False- Compensation paid by an S Corporation includes fringe benefit expenditures made on behalf of officers and employees owning more than 2% of the S Corporation’s stock.

A

True
Compensation paid by an S Corporation includes fringe benefit expenditures made on behalf of officers and employees owning more than 2% of the S Corporation’s stock.

62
Q

When is a revocation of an S-election effective?

A

Revocation of an S-election effective if it is signed by shareholders owning more than 50% of the S corporation’s outstanding stock. Both voting and nonvoting shares are counted.

63
Q

True or False- A positive balance in an S corporation’s Accumulated Adjustment Account (AAA) is generally nontaxable when distributed because it represents amounts that have already been taxed to shareholders during S years.

A

True
A positive balance in an S corporation’s Accumulated Adjustment Account (AAA) is generally nontaxable when distributed because it represents amounts that have already been taxed to shareholders during S years.

64
Q

True or False- An S corporation’s Accumulated Earnings and Profits (AEP) represents earnings accumulated during C years that have never been taxed to shareholders, and must be reported as dividend income when received.

A

True
An S corporation’s Accumulated Earnings and Profits (AEP) represents earnings accumulated during C years that have never been taxed to shareholders, and must be reported as dividend income when received.

65
Q

Describe the Subchapter S election rules.

A

Subchapter S election rules

  1. A subchapter S election that is filed on or before the 15th day of the third month of a corporation’s taxable year is generally effective as of the beginning of the taxable year in which filed.
  2. If the S election is filed after the 15th day of the third month, the election is generally effective as of the first day of the corporation’s next taxable year.
66
Q

True or False- An S corporation’s tax items are allocated to shareholders on a per share, per day basis.

A

True

An S corporation’s tax items are allocated to shareholders on a per share, per day basis.

67
Q

True or False- S Corporations never have Accumulated Earnings and Profits (AEP)

A

False
S Corporations do not generate any earnings and profits, but may have accumulated earnings and profits from prior years as a C corporation.

68
Q

True or False- If an S corporation has no accumulated earnings and profits, distributions are generally nontaxable and reduce a shareholder’s basis for stock

A

True
If an S corporation has no accumulated earnings and profits, distributions are generally nontaxable and reduce a shareholder’s basis for stock

69
Q

A calendar -year corporation whose status as an S corporation was terminated during 2014 must wait how many years before making a new S election, in the absence of IRS consent to an earlier election?

A

Generally, following the revocation or termination of an S election, a corporation must wait FIVE years before reelecting subchapter S status unless the IRS consents to an earlier election.

70
Q

True or False- In an S corporation, foreign income taxes must be separately passed through to shareholders so that the shareholders can individually elect to treat the payment of foreign income taxes as a deduction or as a credit.

A

True
In an S corporation, foreign income taxes must be separately passed through to shareholders so that the shareholders can individually elect to treat the payment of foreign income taxes as a deduction or as a credit.

71
Q

True or False- An S Corporation that has accumulate earnings and profits must maintain an Accumulated Adjustments Account (AAA)

A

True

An S Corporation that has accumulate earnings and profits must maintain an Accumulated Adjustments Account (AAA)

72
Q

What does the Accumulated Adjustments Account (AAA) in an S Corporation represent?

A

The Accumulated Adjustments Account (AAA) in an S Corporation represents the cumulative balance of all items of the undistributed net income and deductions for S corporation years beginning after 1982.

73
Q

True or False- In an S Corporation, the AAA is generally increased by all income items and is decreased by distributions and all loss and deduction items.

A

False
In an S Corporation, the AAA is generally increased by all income items and is decreased by distributions and all loss and deduction items, EXCEPT no adjustment is made for TAX- EXEMPT income and related expenses, and no adjustment is made for FEDERAL INCOME TAXES attributable to a taxable year in which the corporation was a C corporation.

74
Q

How is an S corporation loss passed through to the shareholders?

A

An S Corporation loss is passed through to the shareholders and is deductible to the extent of a shareholder’s BASIS FOR STOCK plus the BASIS FOR ANY DEBT owed the shareholder by the corporation.

75
Q

Describe the Section 381 limitation

A

Section 381 limitation=
Section 382 limitation x (Days after acquisition date)/(Total days in the tax table year)

Section 382 limitation=
FMV NOL company x Federal Long term tax-exempt rate.

76
Q

Describe the Section 382 limitation

A

Section 382 limitation=

FMV NOL company x Federal Long term tax-exempt rate.

77
Q

True or False- A shareholder’s loss in an S Corporation is limited to the basis.

A

True
A shareholder’s loss in an S Corporation is limited to the basis.
Recall the limited liability of an S Corporation.

78
Q

True or False- In a non-liquidating distribution in a C Corporation, a liability increases the recognized gain only when the amount of liability exceeds fair market value.

A

True
In a non-liquidating distribution in a C Corporation, a liability increases the recognized gain only when the amount of liability exceeds fair market value.

79
Q

Describe the adjustments to go from pre- ACE AMTI to ACE.

A

AMTI before ACE adjustment and NOL deduction

Add:

  1. Tax-exempt income on municipal bonds (less expenses)
  2. Tax-exempt life insurance death benefits (less expenses)
  3. 70% dividends-received deduction

Deduct:

  1. Depletion using cost depletion method
  2. Depreciation using ADS straight-line for all property (this adjustment eliminated for property placed in service after 1993)

Other:
1. Capitalize organizational expenditures and circulation expenses
2. Add increase (subtract decrease) in LIFO recapture amount (i.e., excess of
FIFO value over LIFO basis)
3. Installment method cannot be used for non-dealer sales of property
4. Amortize intangible drilling costs over 5 years
= Adjusted current earnings (ACE)

(–) Pre-ACE AMTI
Balance (positive or negative)
×75% ACE adjustment (positive or negative)

80
Q

True or False- A C corporation that makes an S election will be subject to a built-in gains tax on the amount of net unrealized built-in gain as of the first day of S status.

A

True
A C corporation that makes an S election will be subject to a BUILT- IN GAINS (CORPORATE TAX RATE) on the amount of net unrealized built-in gain as of the first day of S status. (compared to just a CAPITAL GAINS RATE)

81
Q

True or False- Expenses incurred for printing and selling stock certificates are deductible as organization expenditures.

A

False
Expenses incurred for printing and selling stock certificates are neither deductible, nor amortizable as organization expenditures. These expenses of issuing stock are treated as a reduction of paid-in capital.

Regulation (14 decks)

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