Life Cycle of a Corporation

Author: Spidell Publishing, LLC

Electronic version only

This product is available as a complete book (federal and CA) without CPE credit. Customers may purchase 7 hours of federal credit or 1 hour of CA credit by also adding the CPE option(s) to their shopping cart before checkout. See descriptions below for more information.

Includes a 132-page PDF manual

Volume I: NOLs, capitalizing an entity, IRC §351 transfers, IRC §7519 payments, liability protection, compensation issues, and inadvertent terminations.

With this seven-hour federal section, you will be able to:

• Choose between forming a C or an S corporation based on their advantages and disadvantages
• Identify the tax consequences when an S corporation pays back cash that has been contributed
• Determine the basis of appreciated property transferred to a corporation under IRC §351
• Determine a taxpayer’s taxable wage compensation when receiving stock in exchange for services
• Recall how S corporations meet the natural business year test
• Identify circumstances under which the limited liability veil may be pierced
• Recall how the use of consent dividends allows a corporation to get relief from the accumulated earnings tax
• Recall how the IRS treats dividend payments from a C corporation in light of the issue of reasonable compensation
• Determine when the sting tax applies
• Determine how expenses are allocated if an owner did not elect to have the entity pay the passthrough entity tax on their behalf

Volume II: California-specific issues

With this one-hour California section, you will be able to:

• Recall the conditions under which an entity qualifies for the first-year minimum franchise tax exemption
• Determine when a foreign corporation is considered to be transacting business in California
• Recall which entities are eligible to make the passthrough entity tax election
• Determine when an entity can legally start using its name

Course level: Basic
No advance preparation is required.

Want to order by phone? Call us at: (800) 277-2257

This course is designed to meet the requirements for the specified number of hours of continuing education. The federal portion of this course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E). The federal and California sections of this course have been designed to meet the requirements of the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Spidell Publishing, LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or phone at 877-850-2832, or on the internet at www.CTEC.org.

Spidell Publishing, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for up to 8 hours of continuing education for the California Board of Accountancy. Level: Basic. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. There are no prerequisites or advanced preparation required.