This course is part of the U.S. Federal Taxation Specialization

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Michael P Donohoe, PhD, CPA

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Part of the Master of Science in Accountancy (iMSA) degree
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U.S. Federal Taxation SpecializationUniversity of Illinois at Urbana-Champaign

About this Course

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This course provides an introduction to the U.S. federal income taxation of corporations and their shareholders. The course focuses on the relevant provisions of Subchapter C of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing corporate formation, operations, distributions, and liquidation. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.

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Course 3 of 5 in the

U.S. Federal Taxation Specialization

Intermediate Level

Approx. 32 hours to complete

English

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Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 3 of 5 in the

U.S. Federal Taxation Specialization

Intermediate Level

Approx. 32 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.62/5 (55 Ratings)

Michael P Donohoe, PhD, CPA

Associate Professor of Accountancy and PwC Faculty Fellow

Department of Accountancy, Gies College of Business

12,272 Learners

2 Courses

Offered by

University of Illinois at Urbana-Champaign

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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.

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Syllabus - What you will learn from this course

Content Rating96%(1,269 ratings)

Week1

Week 1

2 hours to complete

Course Orientation

2 hours to complete

3 videos (Total 7 min), 5 readings, 1 quiz

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.

2 hours to complete

11 videos (Total 46 min), 1 reading, 4 quizzes

11 videos

Module 1 Introduction2mLesson 1.1.1 Origins of Taxation3mLesson 1.1.2 Sources of Tax Law: Statutory3mLesson 1.1.3 Sources of Tax Law: Administrative6mLesson 1.1.4 Sources of Tax Law: Judicial3mLesson 1.1.5 Judicial Doctrines4mLesson 1.1.6 Hierarchy of Tax Law Sources1mLesson 1.2.1 Fundamental Features6mLesson 1.2.2 Strategic Form Choice8mTax Entity Classification3mModule 1 Wrap-Up1m

1 reading

Module 1 Overview and Resources10m

4 practice exercises

Lesson 1.1 Knowledge Check30mLesson 1.2 Knowledge Check10mLesson 1.3 Knowledge Check8mOverview of Business Taxation Quiz30m

Week2

Week 2

4 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.

4 hours to complete

14 videos (Total 59 min), 1 reading, 6 quizzes

14 videos

Module 2 Introduction1mIncome Tax Formulas8mLesson 2.2.1 Dividends Received Deduction: Concepts3mLesson 2.2.2 Dividends Received Deduction: Applications6mLesson 2.2.3 Organizational Expenditures Deduction: Concepts2mLesson 2.2.4 Organizational Expenditures Deduction: Applications5mLesson 2.3.1 Regular Corporate Income Tax Liability: Concepts4mLesson 2.3.2 Regular Corporate Income Tax Liability: Applications1mLesson 2.4 Corporate Alternative Minimum Tax4mLesson 2.5.1 Penalty Taxes on Corporate Accumulations4mLesson 2.5.2 Related Corporations3mBook-Tax Differences6mCompliance Procedures2mModule 2 Wrap-Up1m

1 reading

Module 2 Overview and Resources10m

6 practice exercises

Lesson 2.1 Knowledge Check10mLesson 2.2 Knowledge Check30mLesson 2.3 Knowledge Check30mLesson 2.4 Knowledge Check30mLesson 2.5 Knowledge Check30mCorporate Income Taxation Quiz20m

Week3

Week 3

4 hours to complete

Module 3: Corporate Formation I

4 hours to complete

17 videos (Total 118 min), 1 reading, 4 quizzes

17 videos

Module 3 Introduction2mLesson 3.1.1. Acquisition and Disposition4mLesson 3.1.2 Recognition2mLesson 3.1.3 Character3mLesson 3.1.4 Recapture6mLesson 3.1.5 Recapping Recapture2mSunchaser Shakery2mIntroduction to Non-Recognition Provisions3mLesson 3.3.1 Non-Recognition Provisions: Concepts5mLesson 3.3.2 Non-Recognition Provisions: Applications13mLesson 3.4.1 Basis Determination & Holding Period: Concepts4mLesson 3.4.2 Basis Determination & Holding Period: Applications15mLesson 3.5.1 Built-In Loss Property: Concepts4mLesson 3.5.2 Built-In Loss Property: Applications15mLesson 3.6.1 Treatment of “Boot”: Concepts3mLesson 3.6.2 Treatment of “Boot”: Applications27mModule 3 Wrap-Up1m

1 reading

Module 3 Overview and Resources10m

4 practice exercises

Lesson 3.1 Knowledge Check30mLesson 3.3 Knowledge Check30mLesson 3.4 Knowledge Check30mCorporate Formation I Quiz20m

Week4

Week 4

4 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.

4 hours to complete

14 videos (Total 62 min), 1 reading, 7 quizzes

14 videos

Module 4 Introduction1mLesson 4.1.1 Assumption of Liabilities: Concepts3mLesson 4.1.2 Assumption of Liabilities: Applications15mLesson 4.2.1 Property and Services: Concepts2mLesson 4.2.2 Property and Services: Applications6mLesson 4.3.1 Capital Contributions: Concepts3mLesson 4.3.2 Capital Contributions: Applications2mLesson 4.4.1 Debt versus Equity: Concepts6mLesson 4.4.2 Debt versus Equity: Applications2mLesson 4.5.1 Investor Losses: Concepts4mLesson 4.5.2 Investor Losses: Applications3mLesson 4.6.1 Small Business Stock: Concepts4mLesson 4.6.2 Small Business Stock: Applications2mModule 4 Wrap-Up1m

1 reading

Module 4 Overview and Resources10m

7 practice exercises

Lesson 4.1 Knowledge Check30mLesson 4.2 Knowledge Check30mLesson 4.3 Knowledge Check30mLesson 4.4 Knowledge Check30mLesson 4.5 Knowledge Check8mLesson 4.6 Knowledge Check30mCorporate Formation II Quiz20m

Week5

Week 5

5 hours to complete

Module 5: Corporate Non-Liquidating Distributions

In this module, you will learn about corporate non-liquidating distributions. First, earnings and profits (E&P) will be discussed, and you will learn how to calculate E&P. Next, you will analyze the treatment of cash distributions followed by property distributions. You will then cover the treatment of stock distributions. Finally, treatment of constructive dividends and qualified dividends will be explored.

5 hours to complete

13 videos (Total 72 min), 1 reading, 8 quizzes

13 videos

Module 5 Introduction3mLesson 5.1.1 Earnings & Profits: Concepts5mLesson 5.1.2 Earnings & Profits: Applications7mLesson 5.2.1 Cash Distributions: Concepts4mLesson 5.2.2 Cash Distributions: Applications8mLesson 5.3.1 Property Distributions: Concepts7mLesson 5.3.2 Property Distributions: Applications11mLesson 5.4.1 Stock Distributions: Concepts3mLesson 5.4.2 Stock Distributions: Applications10mLesson 5.5.1 Constructive Distributions: Concepts3mLesson 5.5.2 Constructive Distributions: Applications1mLesson 5.6.1 Qualified Dividends: Concepts3mModule 5 Wrap-Up1m

1 reading

Module 5 Overview and Resources10m

8 practice exercises

Lesson 5.0 Knowledge Check8mLesson 5.1 Knowledge Check30mLesson 5.2 Knowledge Check30mLesson 5.3 Knowledge Check30mLesson 5.4 Knowledge Check30mLesson 5.5 Knowledge Check30mLesson 5.6 Knowledge Check8m Corporate Non-Liquidating Distributions Quiz30m

Week6

Week 6

4 hours to complete

Module 6: Corporate Redemptions and Partial Liquidations

4 hours to complete

11 videos (Total 49 min), 1 reading, 6 quizzes

11 videos

Module 6 Introduction3mBackground & Basics4mLesson 6.2.1 Stock Attribution Rules: Concepts3mLesson 6.2.2 Stock Attribution Rules: Applications7mLesson 6.3.1 Qualifying Stock Redemptions I: Concepts2mLesson 6.3.2 Qualifying Stock Redemptions I: Applications6mLesson 6.4.1 Qualifying Stock Redemptions II: Concepts4mLesson 6.4.2 Qualifying Stock Redemptions II: Applications7mLesson 6.5.1 Corporate Tax Effects: Concepts3mLesson 6.5.2 Corporate Tax Effects: Applications4mModule 6 Wrap-Up1m

1 reading

Module 6 Overview and Resources10m

6 practice exercises

Lesson 6.1 Knowledge Check30mLesson 6.2 Knowledge Check30mLesson 6.3 Knowledge Check30mLesson 6.4 Knowledge Check30mLesson 6.5 Knowledge Check30mCorporate Redemptions and Partial Liquidations Quiz30m

Week7

Week 7

4 hours to complete

Module 7: Corporate Liquidations

4 hours to complete

15 videos (Total 60 min), 1 reading, 6 quizzes

15 videos

Module 7 Introduction2mBackground & Basics4mLesson 7.2.1 Corporate Tax Effects: Concepts2mLesson 7.2.2 Corporate Tax Effects: Applications4mIntroduction to Corporate Anti-Stuffing Rules4mLesson 7.3.1 Corporate Anti-Stuffing Rules: Concepts I1mLesson 7.3.2 Corporate Anti-Stuffing Rules: Applications I6mLesson 7.3.3 Corporate Anti-Stuffing Rules: Concepts II2mLesson 7.3.4 Corporate Anti-Stuffing Rules: Applications II4mLesson 7.4.1 Shareholder Tax Effects: Concepts3mLesson 7.4.2 Shareholder Tax Effects: Applications4mLesson 7.5.1 Parent Tax Effects4mLesson 7.5.2 Subsidiary Tax Effects3mLesson 7.5.3 Applications8mModule 7 Wrap-Up1m

1 reading

Module 7 Overview and Resources10m

6 practice exercises

Lesson 7.1 Knowledge Check30mLesson 7.2 Knowledge Check30mLesson 7.3 Knowledge Check30mLesson 7.4 Knowledge Check8mLesson 7.5 Knowledge Check30mCorporate Liquidations Quiz30m

Week8

Week 8

5 hours to complete

Module 8: Corporate Reorganizations

5 hours to complete

12 videos (Total 40 min), 3 readings, 8 quizzes

12 videos

Module 8 Introduction2mHistorical Background4mLesson 8.2.1 General Requirements5mLesson 8.2.2 Type A Reorganizations6mLesson 8.2.3 Type B and C Reorganizations2mLesson 8.2.4 Type D Reorganizations3mLesson 8.2.5 Type E, F, and G Reorganizations2mLesson 8.3.1 Tax Consequences: Concepts2mLesson 8.3.2 Tax Consequences: Applications5mModule 8 Wrap-Up55sCourse Wrap-Up54sGies Online Programs3m

3 readings

Module 8 Overview and Resources10mCongratulations!10mGet Your Course Certificate10m

8 practice exercises

Lesson 8.1 Knowledge Check8mLesson 8.2.1 Knowledge Check30mLesson 8.2.2 Knowledge Check30mLesson 8.2.3 Knowledge Check30mLesson 8.2.4 Knowledge Check30mLesson 8.2.5 Knowledge Check30mLesson 8.3 Knowledge Check30mCorporate Reorganizations Quiz18m

Reviews

4.7

42 reviews

5 stars
79.42%
4 stars
14.35%
3 stars
3.34%
2 stars
1.91%
1 star
0.95%

TOP REVIEWS FROM TAXATION OF BUSINESS ENTITIES I: CORPORATIONS

by LAMay 26, 2022

Very professional! Clear and understandable information and instructor!

by CONov 3, 2019

Michael was a pretty active and animated instructor

by YDJul 27, 2022

Valuable course. I gained lot of knowledge here thank you so much.

by BFJun 4, 2020

Some of the questions are overly tricky where the focus for me is on understanding the question rather than the substance. The instructor speaks a little too quickly.

View all reviews

About the U.S. Federal Taxation Specialization

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Taxation of Business Entities I: Corporations

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