This course provides an introduction to the U.S. federal income taxation of corporations and their shareholders. The course focuses on the relevant provisions of Subchapter C of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing corporate formation, operations, distributions, and liquidation. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.
This course is part of the U.S. Federal Taxation Specialization
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U.S. Federal Taxation SpecializationUniversity of Illinois at Urbana-ChampaignAbout this Course
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Course 3 of 5 in the
Intermediate Level
Approx. 33 hours to complete
English
Subtitles: French, Portuguese (European), Russian, English, Spanish
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 3 of 5 in the
Intermediate Level
Approx. 33 hours to complete
English
Subtitles: French, Portuguese (European), Russian, English, Spanish
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Start working towards your Master's degree
This course is part of the 100% online Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign.
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Syllabus - What you will learn from this course
2 hours to complete
Course Orientation
In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
2 hours to complete
3 videos (Total 7 min), 5 readings, 1 quiz
2 hours to complete
Module 1: Overview of Business Taxation
In this module, you will review the basics of tax law, which includes the origins of taxation, the three sources of tax law, the hierarchy of tax law, and judicial doctrines. Next, you will cover the fundamental features of the different organizational forms: sole proprietorship, partnership, corporation, and limited liability corporation. There will also be a discussion on strategic form choice. Finally, you will be introduced to entity classification for tax purposes.
2 hours to complete
11 videos (Total 46 min), 1 reading, 4 quizzes
4 hours to complete
Module 2: Corporate Income Taxation
In this module, you will compare the tax formula for C corporations with the tax formula for individuals. Next, you will examine special tax deductions available only to corporations, such as the dividends received deduction, and the organizational expenditures deduction. You will learn how to calculate corporate income tax liability and compute the corporate Alternative Minimum Tax (AMT). This module will also discuss book-tax differences, and finally, it will discuss compliance procedures.
4 hours to complete
14 videos (Total 59 min), 1 reading, 6 quizzes
4 hours to complete
Module 3: Corporate Formation I
In this module, you will review the taxation of property transactions. You will be introduced to the Sunchaser Shakery which is a firm that you will apply concepts to. Then, you will examine the nonrecognition provisions in property-for-stock transactions and consider possible exceptions and conditions.
4 hours to complete
17 videos (Total 118 min), 1 reading, 4 quizzes
4 hours to complete
Module 4: Corporate Formation II
In this module, you will continue to explore property-for-stock transactions. Assumption of liabilities and transfer of services along with property will be introduced. Next, you will examine the effects of capital contributions on corporations, shareholders, and non-shareholders. You will also analyze the rules for debt and equity regarding capital structure. Finally, investor losses due to worthlessness of debt/equity investments and bad debts will be discussed.
4 hours to complete
14 videos (Total 62 min), 1 reading, 7 quizzes
Reviews
- 5 stars77.95%
- 4 stars15.59%
- 3 stars3.76%
- 2 stars1.61%
- 1 star1.07%
TOP REVIEWS FROM TAXATION OF BUSINESS ENTITIES I: CORPORATIONS
by LAMay 27, 2022
Very professional! Clear and understandable information and instructor!
by CONov 4, 2019
Michael was a pretty active and animated instructor
by RKAug 25, 2020
It is beneficial for everyone who are interested in these course
by NMOct 5, 2018
Excellent Course Structure. But need more Comprehensive Form 1120 Tax Return Series Problems for more practice & retention for a US Tax Career.
About the U.S. Federal Taxation Specialization
This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations.
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