CONSOLIDATIONS (1of2) Affiliated groups Advantages disadvantages of consolidating Consolidated taxable income Consolidated regular tax liability Consolidated AMT liability

CORP ACQUISITIONS REORGANIZATIONS (1 of 2) Taxable acquisition transactions Taxable vs.tax -free- acquisitions Tax consequences of reorganizations Acquisitive reorganizations Devisive reorganizations

LIQUIDATING DISTRIBUTIONS Complete liquidation vs. dissolution Effects of liquidation on shareholders Effects of liquidation on liquidating corporation Liquidation of a controlled subsidiary Special shareholder issues Debt retirement

OTHER CORPORATE TAX LEVIES Alternative minimum tax(AMT) Personal holding company(PHC)tax Accumulated Earnings Tax(AET)

NON-LIQUIDATING DISTRIBUTIONS (1 of 2) Nn- liquidating distributions in general Computing current&p Current vs. accumulated&p Non- liquidating property distributions Constructive dividends

THE CORPORATE Tax years Accounting methods Taxable income tax liability Controlled groups Compensation planning Filing requirements

CORPORATE FORMATION Alternative business forms Check-box-the- requlations Legal requirements for forming a corporation 351 deferrals Choice of capital structure Worthless stock or debt obligations

TAX RESEARCH (1of2) Types of tax research Tax research process How facts affect tax consequences Sources of tax law and value Tax services

Learning Objectives Calculate the Alternative Minimum Tax Describe what constitutes self- employment income and compute the self- employment tax Describe the various business and personal tax credits Understand the mechanics of the federal withholding tax system and the requirements for making estimated payments

Learning Objectives Determine the tax implications of partnership formation Apply the operating rules for partnerships Understand the tax implications (to the partnership and its partners) of distributions to partners Understand the requirements for electing and maintaining S Corporation status Apply the operating rules for S Corporations Determine tax treatment of an S Corporation's shareholders