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Description:

Learn the basics of business entity taxation. Review a variety of topics such as entity structure; how to properly record and report the business activity in the books and records and on the tax return; differentiate between assets that are expensed and those that need to be capitalized and depreciated; determine what is included in income; and which expenses are deductible. Additionally, this textbook will walk you through line-by-line procedures for a basic tax return for partnerships, S corporations and C corporations.

Table of Contents.

Basics of Business Entity Taxation covers:

• Comparison and contrast of the various entity structures
• Summarizing basic bookkeeping procedures
• Differentiating between capital assets and expendable repairs
• Summarizing the difference between MACRS, §179 and bonus depreciation
• Distinguishing between taxable and nontaxable income, and deductible and nondeductible expenses
• Summarizing the tax effects of forming a partnership, S corporation and C corporation
• Preparing a basic partnership, S corporation and C corporation tax return

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Print - 460 Pages

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Corresponding CPE Courses:

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Basics of Business Entity Taxation Self-Study Course