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2007 Corporate Tax Returns Videocourse

Author/Moderator: Sidney Kess, CPA, J.D., LL.M., and Carolyn R. Turnbull, CPA, MST (Author, Text), Bill Harden, CPA, ChFC, Ph.D.(Text)
Publisher: AICPA
Availability: In Stock
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Description

This video-based course, featuring Sidney Kess and an expert panel, reviews major developments affecting 1120 and 1120S return preparation for 2007 and useful tax-planning strategies.

Objectives:

  • Apply the latest changes when preparing corporate income tax returns
  • Advise clients or employers on new developments and tax-saving ideas in corporate income taxation

Prerequisite: Knowledge of corporate income taxation and Forms 1120 and 1120S preparation.

Please Note: The Text contains advance preparation readings and exercises. The Manual contains outlines and review items on the video’s content.

Table of Contents

  • Chapter 1 - Summary of Major Corporate Tax Developments
    • Learning Objectives
    • 2007's Key Inflation-Indexed Figures
      • Standard Mileage Rate per Business Mile
      • High Low Per Diem Rates for Business Travel
      • Depreciation Dollar Caps for Business Vehicles (§280F)
      • §179 First Year Depreciation
      • Qualified Plans
    • Summary of Major Developments
      • Chapter 2 - S Corporations
      • Chapter 3 - Section 1244 Stock, Formation of a Corporation, Personal Service Corporations, and
      • Limited Liability Companies
      • Chapter 4 - Form 1120
      • Chapter 4 - Inventories
      • Chapter 4 - Accounting Methods
      • Chapter 4 - Installment and Deferred Payment Sales
      • Chapter 4 - Like-Kind Exchanges
      • Chapter 5 - Salaries and Wages
      • Chapter 5 - Expenses vs. Capital Expenditures
      • Chapter 5 - Charitable Contributions
      • Chapter 5 - Casualty and Theft Losses
      • Chapter 5 - Cost Recovery and Depreciation
      • Chapter 5 - Modified Accelerated Cost Recovery System (MACRS)
      • Chapter 5 - Election to Expense Depreciable Business Assets
      • Chapter 5 - Deduction for Domestic Production Activities
      • Chapter 6 - Retirement Plans
      • Chapter 6 - Other Deductions - Economic Performance
      • Chapter 6 - Travel and Entertainment
      • Chapter 6 - Employee Benefit Programs
      • Chapter 6 - Net Operating Loss (NOL) Deduction
      • Chapter 7 - Corporate Tax Credits
      • Chapter 7 - Foreign Tax Credit
      • Chapter 7 - Compliance Matters
  • Chapter 2 - S Corporations
    • Learning Objectives
    • Advantages and Disadvantages of S Corporations
      • Advantages of S Corporation Election
      • Disadvantages of S Corporation Election
    • Eligibility and S Elections
      • Qualifying as an S Corporation
      • Corporations Ineligible for S Corporation Status
      • Subsidiaries of S Corporations
      • Electing S Status
      • Relief for Late S Elections
    • Corporate-Level Taxes Imposed on S Corporations
      • Overview
      • Excess Passive Investment Income
      • Built-In Gains Tax
      • LIFO Recapture Tax
      • Estimated Tax
    • S Corporation Pass-Through Treatment
      • Shareholder Deductibility of S Losses
      • Shareholder Stock Basis
      • Treatment of Distributions
      • Allocations upon Changes in Stock Ownership
    • Tax Years and Other Compliance Issues
      • Tax Year of S Corporation
      • Termination of S Status
      • Compensation and Fringe Benefits
      • Compliance Matters
  • Chapter 3 - Section 1244 Stock, Formation of a Corporation, Personal Service Corporations, and Limited Liability Companies
    • Learning Objectives
    • Section 1244 Stock
      • Overview
      • Eligibility
      • Stock Issuance Rules
      • Tax Planning
      • Exceeding the $1,000,000 Capital Limit
      • Claiming the §1244 Loss
      • NOL Deduction from §1244 Stock§
    • Formation of a Corporation
      • Overview
      • Transfer of Assets into a Corporation
      • Transfer of Liabilities into a Corporation
    • Personal Service Corporations
      • Overview
      • Personal Service Corporation Tax Benefits
      • Personal Service Corporation Tax Pitfalls
      • Summary of PSC Tax Restrictions
      • Special PSC Rules
    • Limited Liability Companies
      • Overview
      • Issues with LLCs
      • Simplification of Entity Classification Rules ("Check-the-Box" Regs.)
  • Chapter 4 - C Corporations and Items of Income
    • Learning Objectives
    • Form 1120
      • Book-Tax Reconciliation for Large Corporations (Schedule M-3)
    • Inventories
      • FIFO and LIFO Inventories
      • Estimated Shrinkage
      • Capitalizing Inventory Costs
      • Inventory Writedowns
    • Accounting Methods and Change of Accounting Method
      • Determination of Proper Accounting Method
      • Cash vs. Accrual Issues
      • Accrual to Cash Conversions: Under $1 Million Gross
      • Accrual to Cash Conversions: Under $10 Million Gross
      • General Change in Accounting Method
      • Change in Accounting Period
    • Long-Term Contracts
      • Permissible Accounting Methods
      • Exceptions to the Percentage-of-Completion Method
      • Look-Back Method
    • Installment and Deferred Payment Sales
      • Installment Sale Applications
      • Sales to Related Taxpayers
      • Liquidating Distributions of Installment Obligations
      • Electing Out of the Installment Method
      • Property Sold Subject to a Mortgage
      • Unstated Interest
      • Sale of an Installment Obligation
      • Reporting of Installment Sales
    • Capitalizing Construction and Development Costs
      • General Rules
      • Capitalization of Interest
      • Capitalization Rules for Farmers
    • Dividend Income
      • Dividends-Received Deduction
      • Distributions of Appreciated Property
      • Extraordinary Dividends
      • Stock Dividends and Stock Rights
      • Impact of Earnings and Profits on Dividend Taxability
    • Interest Income
      • Tax-Exempt Bonds
      • Original Issue Discount (OID)
      • Inflation-Indexed Bonds
      • Amortization of Bond Premium
    • Rental Income
      • Lease Payments
      • Lease Cancellation Payments
      • Passive Activity Status
    • Tax Treatment of Discharge of Debt
      • Discharge of Indebtedness
      • Qualified Real Property Business Indebtedness (QRPBI)
    • Accrual of State Tax Refund
    • Capital Gains and Losses
      • Ordinary vs. Capital Transactions
      • Deducting Capital Losses
      • Rollover of Gain from Sale of Publicly Traded Securities
    • Sales of Business Property
      • §1231 Assets
      • Depreciation Recapture
      • Summary of Depreciation Recapture Rules for Corporations
      • Depreciation Recapture and Installment Sales
      • Sales Between Related Taxpayers
    • Involuntary Conversions and Like-Kind Exchanges
      • Involuntary Conversions
      • Like-Kind Exchanges
  • Chapter 5 - C Corporation Items of Deduction
    • Learning Objectives
    • Salaries and Wages
      • Overview
      • Severance Payments
      • Reasonable Compensation
      • Limit on Deduction for Executive Pay Over $1 Million
      • Golden Parachute Payments
      • Interest-Free or Below Market Interest Rate Loans as Compensation
      • Housing Assistance
      • Incentive Stock Options (ISO)
      • Nonqualified Stock Options (NQSO)
      • Nonqualified Deferred Compensation Plans
    • Expenses vs. Capital Expenditures
      • Repairs
      • Intangible Capitalization
      • Treatment of Environmental Expenditures
      • Other Capitalization Issues
      • Proposed Regulations on Capitalization of Repairs and Tangible Property Expenditures
    • Bad Debts
      • Alternative Charge-off Methods
    • Rent Expense
      • Overview
      • Increasing or Decreasing Rents
      • Leased Computer Software
    • Tax Expense
      • Overview
      • Sales Tax as Part of Property Cost
      • Real Estate Taxes
      • State Income Taxes and Refunds
    • Interest Expense
      • Interest When Carrying Tax Exempt Securities
      • Prepaid Interest
      • Capitalizing Interest
      • Allocation of Interest Expense among S Corp. Expenditures
      • Related Taxpayers
    • Charitable Contributions
      • Overview
      • Property Contributions
      • Special 2½ Month Rule for Accrual Corporations
      • Donee Acknowledgment and Required Substantiation
    • Casualty and Theft Losses
      • Overview
      • Measuring Casualty Losses
      • Theft Losses
      • Claim for Reimbursement of Loss
      • Disaster Losses
      • New York Liberty Zone Tax Incentives
      • Gulf Opportunity Zone Tax Incentives
    • Amortization
      • Overview
      • Research and Experimental Expenditures
      • Corporate Organizational Expenditures
      • Amortizable Bond Premium
      • Lease Acquisition Costs
      • Business Start-Up Costs
      • Franchises, Trademarks, and Trade Names
      • Goodwill and Intangible Property
    • Cost Recovery and Depreciation
      • Depreciation Systems
      • Leasehold Improvements
      • Income-Forecast Method of Depreciation
      • Capitalization of Minor Cost Assets
      • Tax-Exempt Entity Leasing
      • Demolition Expenses
    • Modified Accelerated Cost Recovery System (MACRS)
      • Overview
      • MACRS Recovery Periods
      • Residential and Nonresidential Real Property
      • Percentage Tables Used for MACRS Calculations
      • Correction of Depreciable Class Life
      • Applicable Depreciation Conventions
      • Alternative Depreciation System
      • 30% and 50% First Year Bonus Depreciation
      • Recovery Periods for Short Tax Years
      • General Asset Accounts
      • Luxury Autos
      • Leased Automobiles
    • Election to Expense Depreciable Business Assets
      • Overview
      • Qualifying Property
      • Making the Election
      • Calculating the Deduction
      • Deduction Limits
      • $25,000 Vehicle Limit
      • Recapture of ~§~179 Expensed Amounts
      • Effect of Expensing on Corporate Earnings and Profits
      • Energy Efficient Commercial Building Expensing
    • Deduction for Domestic Production Activities
      • Overview
      • Eligible Production Income
      • The Wage Limitation
      • Eligibility Issues
      • Puerto Rico Part of U.S. for the PAD
      • Other PAD Changes Now Effective
      • Regulations for §199 - Online Software and Cooperatives
      • Calculating QPAI at Entity Level
      • Use of Statistical Sampling with §199
      • Other Proposed §199 Rules
  • Chapter 6 - C Corporations Other Items of Deduction and Passive Activity Loss
    • Limitations
    • Learning Objectives
    • Retirement Plans
      • SIMPLE Retirement Plans
      • Qualified Plans
      • Nondiscrimination and Other Rules for Qualified Plans
      • Additional Requirements for a Qualified Pension, Profit-Sharing, or Stock Bonus Plan
      • "Cash or Deferred" Profit-Sharing Plans - §401(k) (CODAs)
    • Other Deduction Items
      • Timing - Economic Performance
      • "At-Risk" Limitation on Deducting Losses
      • Bribes, Kickbacks, Fines, Etc.
      • Lobbying Expenses
      • Advertising Expenses
    • Travel and Entertainment
      • Limits on Deductions for Meals, Travel, and Entertainment
      • Certain Travel Expense Limitations
      • Foreign Conventions
      • Entertainment Facilities
      • Substantiation Requirements for Away-from-Home Travel and Entertainment Expenses
      • Reimbursements of Employee Business Expenses
    • Employee Benefit Programs
      • Fringe Benefits
      • Medical Savings Accounts (MSAs)
      • Health Savings Accounts (HSAs)
      • Tax Relief and Health Care Act HSA Modifications
      • Accident and Health Plans
      • Health FSA and HRA Rollovers to HSA
      • Cafeteria Plans
      • Employee Achievement Awards
      • Dependent Care Assistance to Employees
      • Educational Assistance Program
      • Group-Term Life Insurance
      • Split-Dollar Life Insurance
    • Net Operating Loss (NOL) Deduction
      • Overview
      • Computing an NOL
      • NOL Carryover Periods
      • Foregoing NOL Carryback
      • Amount of NOL Deduction
      • Intervening Year Adjustments
      • AMT NOL Computation
      • Capital Losses
      • Specified Liability Losses
      • Form 1139 Carryback Form
      • Loss Limitation Due to Change in Ownership
    • Limitation On Passive Activity Losses
      • Overview
      • Closely Held C Corporations
      • Passive Activity Rules Affecting Corporations
      • Disposition of a Passive Activity
      • Passive Activity Credits
      • Significant Participation
      • Material Participation
      • Treating Self-Charged Items of Income and Expense
      • Pass-Through Entities
      • Relief from PAL Rules for Real Estate Professionals
  • Chapter 7 - C Corporations Tax Credits, Multiple Corporations, Corporate Taxes and
    • Compliance Matters, and Alternative Minimum Tax
    • Learning Objectives
    • Corporate Tax Credits
      • Organization of Tax Credits
      • Jobs Tax Credits
      • Tax Credit for Increasing Research Activities
      • Employer-Provided Child Care Credit
      • New Retirement Plans Credit
      • Low-Income Housing Credit
      • Disabled Access Credit
      • Empowerment Zone Employment Credit
      • Employer Social Security Credit on Tips
      • Home Contractor Energy Credit
      • Alternative Motor Vehicle Credit
    • Multiple Corporations
      • Limitation on Multiple Tax Benefits
      • Other Related-Corporation Rules
    • Foreign Tax Credit
      • Overview
      • Limitations on Foreign Tax Credit
      • Foreign Taxes Eligible for Credit
      • Period to Elect Deduction or Credit of Foreign Taxes
    • Corporate Penalty Taxes
      • Personal Holding Company Tax
      • Accumulated Earnings Tax
      • Corporate Distributions at a 15% Dividend Rate
      • Eliminating S Corporation AE&P
    • Corporate Taxes and Compliance Matters
      • Income Tax Return Preparer Changed to Tax Return Preparer
      • Payments and Penalties
      • Interest on Underpayments and Overpayments
      • Estimated Tax
      • Corporate Tax Rates
    • Alternative Minimum Tax (AMT)
      • Calculating Corporate AMT
      • Minimum Tax Credit (MTC)
      • 90% Limit on AMT Foreign Tax Credit Repeal
  • Chapter 8 - Ethics Focus: Taxation
    • Ethics Overview
    • Recent Developments
    • Spotlight on Independence in Tax Services
    • Key Ethical Dilemmas and Judgment Calls
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 9 - Latest Developments


112625

Excerpts

Videocourse Details

View the video clip

In the video, Sidney Kess, CPA, J.D., LL.M., interviews Andrew J. Fair, Esq.; Vern B. Hoven, CPA, MT; Sharon Kreider, CPA, EA; Sydney S. Traum, CPA, J.D., LL.M.; Carolyn R. Turnbull, CPA, MST; Joseph W. Walloch, CPA; and Julie A. Welch, CPA, CFP

* The DVD disk contains the video presentation and a viewable copy of the Text and the Manual.

** The Additional Text and Manual are for group study training only. Unlike other formats, they have no exam answer sheet and cannot be used to earn self-study credit.

NASBA Field of Study: Taxes
Level: Update
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