CPA Exam Prep — TCP: Tax Compliance and Planning

About this course

What you'll learn

• Apply individual gross income, AGI, AMT, passive activity, at-risk and estimated tax rules.
• Apply gift tax compliance and personal financial planning concepts.
• Analyze C corporation, S corporation and partnership basis, distributions and owner transactions.
• Apply consolidated return, international, trust and tax-exempt organization rules.
• Evaluate tax consequences of entity formation, operation and liquidation choices.
• Determine the amount and character of gains and losses on property dispositions.

Course details

Level

advanced

What's included

• 12 lessons
• Progress tracking
• Certificate of completion

Requirements

• Working knowledge of individual and entity taxation (REG-level).
• Plan roughly 16 hours of study for the lessons, before practice questions.

Curriculum

1. 01

   Lesson 1: Gross Income, AGI, Taxable Income and Estimated Taxes

   Equity compensation in taxable income, alternative minimum taxable income items, imputed interest and foreign-earned compensation, the kiddie tax, timing elections for shifting rates and legislation, FSA/HSA planning, the itemized-versus-standard deduction decision, estimated tax safe harbors, charitable gifts of noncash property, and year-end planning review.

   95m
2. 02

   Lesson 2: Passive Activity and At-Risk Loss Limitations and Gift Taxation

   At-risk loss limitation computations including real estate with active participation, passive activity loss limitations and netting, utilization of suspended losses on disposition, reviewing basis schedules to confirm loss allocation, gift tax deductions and exclusions, the unified transfer tax system, computing taxable gifts, and gifting appreciated property to reduce a future estate.

   100m
3. 03

   Lesson 3: Personal Financial Planning for Individuals

   Advantages and disadvantages of qualified retirement plans and annuities, risk characteristics of equity, corporate bond and municipal bond investments, education-funding vehicles, insurance used to mitigate personal risk, legal ownership and beneficiary designation effects on an estate, preparing a retirement-plan selection schedule, and calculating after-tax return on investment.

   90m
4. 04

   Lesson 4: C Corporation NOL/Capital Loss Utilization and Shareholder Transactions

   Net operating loss carryforward limitations following an ownership change, calculating a C corporation's NOL and capital loss carryforward/carryback, shareholder contributions and distributions of property, liquidating distributions, distributions in excess of earnings and profits, and shareholder-corporation loans including imputed interest.

   95m
5. 05

   Lesson 5: Consolidated Returns and International Tax Issues

   Requirements for filing a consolidated Form 1120, computing consolidated taxable income including elimination of intercompany transactions, sourcing income for U.S. corporations with foreign operations and foreign corporations with U.S. operations, controlled foreign corporations, permanent establishment, foreign branches versus subsidiaries, and calculating U.S.- and foreign-source income.

   95m
6. 06

   Lesson 6: S Corporations: Shareholder Basis and Shareholder Transactions

   Shareholder stock basis effects of contributions, distributions and debt assumption; shareholder debt basis from direct loans; reviewing basis schedules for accuracy; shareholder gain/loss and S corporation basis on contributions and distributions of noncash property; and allocating income or loss following a sale of a shareholder's interest.

   95m
7. 07

   Lesson 7: Partner Basis and Partnership Elections

   Outside basis effects of noncash contributions and liabilities assumed, the impact of nonliquidating property distributions, the effect of recourse and nonrecourse debt (including partner loans) on basis, reviewing a partner's basis schedule for accuracy, and the elections available to a partnership and its partners.

   95m
8. 08

   Lesson 8: Partner–Partnership Transactions and Ownership Changes

   Tax treatment of services performed by a partner, gain or loss on contributions and distributions of noncash property (nonliquidating and liquidating), and the effects of ownership changes on income allocation and the basis of partnership assets.

   95m
9. 09

   Lesson 9: Trusts and Tax-Exempt Organizations

   The characteristics of simple, complex, grantor and revocable trusts, the trust as a pass-through entity and the roles of grantor, trustee and beneficiaries, allocating items between income and corpus, computing a trust's accounting income, distributable net income, taxable income and income distribution deduction, and the rules governing tax-exempt status, its loss, and unrelated business income.

   100m
10. 10

    Lesson 10: Entity Formation, Liquidation and C Corporation Planning

    Choosing and comparing entity forms for a noncash contribution and liquidation, and C corporation planning: NOL/capital loss carryover utilization, multistate apportionment opportunities, timing of income and expense around rate changes, estimated tax planning, and shareholder transactions after formation.

    95m
11. 11

    Lesson 11: S Corporation and Partnership Planning

    Built-in gains tax minimization, voluntary and involuntary S election termination planning, post-formation S corporation shareholder transactions including loans, AEP-versus-AAA distribution elections, and partnership planning for noncash contributions, guaranteed payments, nonliquidating distributions, and sales of partnership interests.

    95m
12. 12

    Lesson 12: Property Transactions

    Nontaxable dispositions (like-kind exchanges and involuntary conversions), the character and amount of gain or loss on disposition of business assets including Section 1231, depreciation recapture, unrecaptured Section 1250 gain, Section 1244 stock losses, installment sales, and related-party transactions including imputed interest.

    100m