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Course No: 9271623

Choice of Entity (Mini-Course)

$35

  • Credits: 3.5
  • Program level: Overview
  • Prerequisites: General understanding of federal income taxation.

Field of Study: Taxes

Course Description

This mini-course describes and compares sole proprietorships, partnerships, limited liability companies, “C” corporations and “S” corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs.

Learning objectives

  • Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  • Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
  • Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
  • Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  • Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
  • Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.
  • Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  • Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
  • Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
  • Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  • Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
  • Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.
  • Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  • Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
  • Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
  • Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  • Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
  • Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.
  • Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  • Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
  • Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
  • Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  • Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
  • Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.

Advance preparation: none

Course Material: Online Material

Type of delivery method: QAS Self-study

Final examination expiration date:

The program participant will have one year from the date of purchase to complete the course and final examination.

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Web CPE is registered with the IRS to provide Continuing Education (CE) programs to the Enrolled Agents and other tax return practitioners.

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