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The C corporation return

SEE 2 Chapter 7 · IRS outline 1C1, 1C4, 1C6, 1C7, 1C8

Copperline Tools, Inc. is a real C corporation with real shareholders, and Walt Brandt runs it the way he runs his workshop. He keeps a lot of cash on hand, owns some stock in a supplier, and gives generously to the local trade school. When Theo opens the file, each of these habits turns out to have its own line on Form 1120, and one might cost 20%. Nadia takes him through the return line by line.

In this chapter

1. Form 1120: filing, due dates and penalties
2. The corporate tax base: rate, gains and losses
3. The dividends received deduction
4. Charitable contributions by corporations
5. Corporate estimated tax
6. Accumulated earnings tax
7. The corporate alternative minimum tax and the minimum tax credit

This chapter has 7 lessons and 54 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Form 1120, due dates and penalties
• capital losses
• dividends received deduction
• charitable limit
• estimated tax
• accumulated earnings tax
• CAMT and the minimum tax credit

Chapter 6: Forming a corporation · Chapter 8: Earnings, dividends, redemptions and liquidations