 | Learning Objectives
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When you complete this chapter, you should understand the following Learning Objectives (LO):
- Describe corporate formation and filing requirements.
- Calculate corporate and shareholder basis.
- Determine corporate taxable income and tax liability.
- Explain the tax rules for transactions with shareholders.
- Prepare Schedules L, M-1, and M-3.
- Discuss other corporate issues.
- Know the rules for tax treatment of Subchapter S corporations.
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