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Lecture Taxation of individuals and business entities 2015 (6/e) - Chapter 16: Corporate operations. In this chapter, the learning objectives are: Describe the corporate income tax formula, compare and contrast the corporate to the individual tax formula, and discuss tax considerations relating to corporations’ accounting periods and accounting methods; identify common book-tax differences, distinguish between permanent and temporary differences, and compute a corporation’s taxable income and regular tax liability. | Chapter 16 Corporate Operations Learning Objectives Describe the corporate income tax formula, compare and contrast the corporate to the individual tax formula, and discuss tax considerations relating to corporations’ accounting periods and accounting methods Identify common book-tax differences, distinguish between permanent and temporary differences, and compute a corporation’s taxable income and regular tax liability Describe a corporation’s tax return reporting and estimated tax payment obligations Explain how to calculate a corporation’s alternative minimum tax liability 2 Book-Tax Adjustments Financial income typically is the starting point for computing taxable income Reconcile to taxable income Book-tax adjustments for differences between financial accounting rules Companies preparing financial statements with tax accounting methods won’t have book-tax differences Book-Tax Adjustments Unfavorable Adjustments: Add back to book income to compute taxable income Favorable . | Chapter 16 Corporate Operations Learning Objectives Describe the corporate income tax formula, compare and contrast the corporate to the individual tax formula, and discuss tax considerations relating to corporations’ accounting periods and accounting methods Identify common book-tax differences, distinguish between permanent and temporary differences, and compute a corporation’s taxable income and regular tax liability Describe a corporation’s tax return reporting and estimated tax payment obligations Explain how to calculate a corporation’s alternative minimum tax liability 2 Book-Tax Adjustments Financial income typically is the starting point for computing taxable income Reconcile to taxable income Book-tax adjustments for differences between financial accounting rules Companies preparing financial statements with tax accounting methods won’t have book-tax differences Book-Tax Adjustments Unfavorable Adjustments: Add back to book income to compute taxable income Favorable Adjustments: Subtract from book income to compute taxable income Permanent differences Temporary differences Common Permanent Book-Tax Differences Interest income from municipal bonds (Fav) Death benefit from life insurance on key employees (Fav) Life insurance premiums (UnFav) Half of meals and entertainment expense (UnFav) Fines and penalties and political contributions (UnFav) Excess compensation to executives (UnFav) Federal income taxes (UnFav) Dividends received deduction (Fav) Domestic manufacturing deduction (Fav) Common Temporary Book-Tax Differences Dividends Depreciation Gain/loss on sale of depreciable asset Bad debt expense §263A uniform inventory capitalization costs Organizational or start-up costs Unearned rent revenue Deferred compensation Stock options Net capital loss Carry back three years and forward five years Net operating loss carryover Goodwill acquired in an asset acquisition Book-Tax Differences from Dividends Dividends Included in gross income for tax purposes .
