About this Course
4.9
18 ratings
3 reviews
Specialization
100% online

100% online

Start instantly and learn at your own schedule.
Flexible deadlines

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Hours to complete

Approx. 30 hours to complete

Suggested: 8 weeks of study, 6-8 hours/week...
Available languages

English

Subtitles: English
Specialization
100% online

100% online

Start instantly and learn at your own schedule.
Flexible deadlines

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Hours to complete

Approx. 30 hours to complete

Suggested: 8 weeks of study, 6-8 hours/week...
Available languages

English

Subtitles: English

Syllabus - What you will learn from this course

Week
1
Hours to complete
1 hour to complete

Course Orientation

In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course....
Reading
2 videos (Total 6 min), 4 readings, 1 quiz
Video2 videos
About Prof Donohoe2m
Reading4 readings
Syllabus10m
About the Discussion Forums10m
Update Your Profile10m
Build a Learning Community with Social Media10m
Quiz1 practice exercise
Orientation Quiz8m
Hours to complete
2 hours to complete

Module 1: Overview of Business Taxation

In this module, you will review the basics of tax law, which includes the origins of taxation, the three sources of tax law, the hierarchy of tax law, and judicial doctrines. Next, you will cover the fundamental features of the different organizational forms: sole proprietorship, partnership, corporation, and limited liability corporation. There will also be a discussion on strategic form choice. Finally, you will be introduced to entity classification for tax purposes....
Reading
11 videos (Total 45 min), 1 reading, 4 quizzes
Video11 videos
Lesson 1.1.1 Origins of Taxation3m
Lesson 1.1.2 Sources of Tax Law: Statutory4m
Lesson 1.1.3 Sources of Tax Law: Administrative6m
Lesson 1.1.4 Sources of Tax Law: Judicial3m
Lesson 1.1.5 Hierarchy of Tax Law Sources1m
Lesson 1.1.6 Judicial Doctrines4m
Lesson 1.2.1 Fundamental Features6m
Lesson 1.2.2 Strategic Form Choice7m
Tax Entity Classification3m
Module 1 Wrap-Up1m
Reading1 reading
Module 1 Overview and Resources10m
Quiz4 practice exercises
Lesson 1.1 Knowledge Check10m
Lesson 1.2 Knowledge Check10m
Lesson 1.3 Knowledge Check8m
Module 1 Quiz20m
Week
2
Hours to complete
2 hours to complete

Module 2: Corporate Income Taxation

In this module, you will compare the tax formula for C corporations with the tax formula for individuals. Next, you will examine special tax deductions available only to corporations, such as the dividends received deduction, and the organizational expenditures deduction. You will learn how to calculate corporate income tax liability and compute the corporate Alternative Minimum Tax (AMT). This module will also discuss book-tax differences, and finally, it will discuss compliance procedures....
Reading
15 videos (Total 64 min), 1 reading, 6 quizzes
Video15 videos
Income Tax Formulas6m
Lesson 2.2.1 Dividends Received Deduction: Concepts2m
Lesson 2.2.2 Dividends Received Deduction: Applications8m
Lesson 2.2.3 Organizational Expenditures Deduction: Concepts2m
Lesson 2.2.4 Organizational Expenditures Deduction: Applications8m
Lesson 2.3.1 Regular Corporate Income Tax Liability: Concepts3m
Lesson 2.3.2 Regular Corporate Income Tax Liability: Applications3m
Lesson 2.4.1 Corporate Alternative Minimum Tax: Concepts4m
Lesson 2.4.2 Corporate Alternative Minimum Tax: Applications5m
Lesson 2.5.1 Penalty Taxes on Corporate Accumulations4m
Lesson 2.5.2 Related Corporations3m
Book-Tax Differences5m
Compliance Procedures2m
Module 2 Wrap-Up1m
Reading1 reading
Module 2 Overview and Resources10m
Quiz6 practice exercises
Lesson 2.1 Knowledge Check10m
Lesson 2.2 Knowledge Check4m
Lesson 2.3 Knowledge Check2m
Lesson 2.4 Knowledge Check2m
Lesson 2.5 Knowledge Check2m
Module 2 Quiz20m
Week
3
Hours to complete
3 hours to complete

Module 3: Corporate Formation I

In this module, you will review the taxation of property transactions. You will be introduced to the Sunchaser Shakery which is a firm that you will apply concepts to. Then, you will examine the nonrecognition provisions in property-for-stock transactions and consider possible exceptions and conditions....
Reading
17 videos (Total 118 min), 1 reading, 4 quizzes
Video17 videos
Lesson 3.1.1. Acquisition and Disposition4m
Lesson 3.1.2 Recognition2m
Lesson 3.1.3 Character3m
Lesson 3.1.4 Recapture6m
Lesson 3.1.5 Recapping Recapture2m
Sunchaser Shakery2m
Introduction to Non-Recognition Provisions3m
Lesson 3.3.1 Non-Recognition Provisions: Concepts5m
Lesson 3.3.2 Non-Recognition Provisions: Applications13m
Lesson 3.4.1 Basis Determination & Holding Period: Concepts4m
Lesson 3.4.2 Basis Determination & Holding Period: Applications15m
Lesson 3.5.1 Built-In Loss Property: Concepts4m
Lesson 3.5.2 Built-In Loss Property: Applications15m
Lesson 3.6.1 Treatment of “Boot”: Concepts3m
Lesson 3.6.2 Treatment of “Boot”: Applications27m
Module 3 Wrap-Up1m
Reading1 reading
Module 3 Overview and Resources10m
Quiz4 practice exercises
Lesson 3.1 Knowledge Check10m
Lesson 3.3 Knowledge Check10m
Lesson 3.4 Knowledge Check8m
Module 3 Quiz20m
Week
4
Hours to complete
2 hours to complete

Module 4: Corporate Formation II

In this module, you will continue to explore property-for-stock transactions. Assumption of liabilities and transfer of services along with property will be introduced. Next, you will examine the effects of capital contributions on corporations, shareholders, and non-shareholders. You will also analyze the rules for debt and equity regarding capital structure. Finally, investor losses due to worthlessness of debt/equity investments and bad debts will be discussed....
Reading
14 videos (Total 63 min), 1 reading, 7 quizzes
Video14 videos
Lesson 4.1.1 Assumption of Liabilities: Concepts3m
Lesson 4.1.2 Assumption of Liabilities: Applications15m
Lesson 4.2.1 Property and Services: Concepts2m
Lesson 4.2.2 Property and Services: Applications6m
Lesson 4.3.1 Capital Contributions: Concepts3m
Lesson 4.3.2 Capital Contributions: Applications4m
Lesson 4.4.1 Debt versus Equity: Concepts6m
Lesson 4.4.2 Debt versus Equity: Applications2m
Lesson 4.5.1 Investor Losses: Concepts4m
Lesson 4.5.2 Investor Losses: Applications3m
Lesson 4.6.1 Small Business Stock: Concepts4m
Lesson 4.6.2 Small Business Stock: Applications2m
Module 4 Wrap-Up1m
Reading1 reading
Module 4 Overview and Resources10m
Quiz7 practice exercises
Lesson 4.1 Knowledge Check8m
Lesson 4.2 Knowledge Check8m
Lesson 4.3 Knowledge Check8m
Lesson 4.4 Knowledge Check8m
Lesson 4.5 Knowledge Check8m
Lesson 4.6 Knowledge Check8m
Module 4 Quiz20m
4.9
3 ReviewsChevron Right

Top Reviews

By NMOct 5th 2018

Excellent Course Structure. But need more Comprehensive Form 1120 Tax Return Series Problems for more practice & retention for a US Tax Career.

Instructor

Avatar

Michael P Donohoe, PhD, CPA

Associate Professor of Accountancy and PwC Faculty Fellow
Department of Accountancy, Gies College of Business
Graduation Cap

Start working towards your Master's degree

This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

About University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs. ...

About the U.S. Federal Taxation Specialization

This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations....
U.S. Federal Taxation

Frequently Asked Questions

  • Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.

  • When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

More questions? Visit the Learner Help Center.