ACCT 432 - Federal Taxation for Corporations

Units: 3
Taxation of domestic corporations. Topics include tax rules for determining a corporation’s taxable income and tax liability, reconciling GAAP financial statement net income to corporate taxable income, tax consequences and planning strategies for corporate distributions including dividends, redemptions, and liquidations.

Prerequisites: ACCT 312 and ACCT 331, both with grade C or better.
Equivalent Quarter Course: ACCT 4220.
Possible Instructional Methods: Entirely On-ground, or Entirely Online.
Grading: A-F grading only.
Course Typically Offered: Variable Intermittently

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Identify the characteristics of a C Corporation;
Identify the accounting periods and methods of C Corporations;
Identify the tax consequences relating to the formation of a corporation;
Calculate a corporation’s taxable income and tax liability;
Reconcile GAAP financial statement net income (loss) to corporate taxable income;
Identify the tax consequences and planning strategies associated with corporate distributions-including dividends, redemptions, and liquidations;
Identify the tax consequences and planning strategies associated with electing S Corporation status.