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Principles of Taxation for Business and Investment Planning, 5/e
Sally M Jones, University of Virginia
The Taxation of Business Income
The Corporate Taxpayer

Chapter 10 Objectives

After studying this chapter, you should be able to:

1. Identify the four primary legal characteristics of the corporate form of business organization.

2. Compute the corporate dividends-received deduction.

3. Prepare a Schedule M-1 reconciliation of a corporation's book and tax income.

4. Compute the regular tax on corporate taxable income.

5. Explain why the value of a tax credit is greater than the value of a deduction of the same amount.

6. Discuss the purpose of the alternative minimum tax.

7. Describe the corporate tax payment and return filing requirements.

8. Explain why corporate profits distributed as dividends to shareholders are double taxed.

9. Identify the circumstances in which the incidence of the corporate tax falls on consumers, suppliers, labor, or capital.





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