Module 1: Chapter 3 - "This chapter focuses on corporations. It begins with an introduction to the income taxation of corporations and then discusses calculating the tax liability of a corporation and special rules designed to prevent corporations and their shareholders from avoiding the double tax on dividend distributions. Finally, it covers various procedural matters that face a corporate taxpayer, including tax return filing requirements, estimated tax payments, reconciling book income to taxable income, and special disclosure schedules on the tax return." (Ch. 3 Introduction)
Module 2: Chapter 4 - "Chapter 4 continues this approach and addresses issues involving corporate formations, capital structure, and special investor rules: The tax consequences to shareholders and the corporation when shareholders transfer property to form a new corporation. The tax results when shareholders transfer property to an already-existing corporation. The capital structure of a corporation, including equity and debt financing. The special tax treatment of corporate investor losses. The special treatment given to gain realized from the disposition of qualified small business stock." (Ch. 4 Introduction)
Module 3: Chapter 5 - "The tax treatment of corporate distributions plays a leading role in tax planning. For the shareholders, distributions received from the corporation may be treated as ordinary income, preferentially taxed dividend income, a capital gain, or a nontaxable recovery of capital. For the corporation, distributions made to shareholders are generally not deductible. However, a corporation may recognize losses in liquidating distributions (see Chapter 6), and gains may be recognized at the corporate level on distributions of appreciated property.This chapter discusses the tax rules related to nonliquidating distributions of cash and property. Distributions of stock and stock rights are also addressed." (Ch. 5 Introduction)
Module 4: Chapter 6 - "When a shareholder sells stock to an unrelated third party, the transaction typically is treated as a sale or exchange whereby the amount realized is offset by the shareholder’s stock basis and a capital gain (or loss) results. In such cases, the Code treats the proceeds as a return of the shareholder’s investment. In a stock redemption, where a shareholder sells stock back to the issuing corporation, the transaction can have the effect of a dividend distribution rather than a sale or exchange. The key distinction between a sale of stock to an unrelated third party and some stock redemptions is the effect of the transaction on the shareholder’s ownership interest in the corporation. The Code does allow sale or exchange treatment for certain kinds of stock redemptions. In these transactions, as a general rule, the shareholder’s ownership interest is diminished as a result of the redemption. This chapter examines the tax implications of corporate distributions that are stock redemptions and complete liquidations." (Ch. 6 Introduction)
Module 5: Chapter 8 - "Although some closely-held businesses operate in a multiple-corporation environment, about 35,000 large domestic and offshore corporations account for the vast majority of business assets and sales volume. Almost all of these large corporations are groups of related corporations rather than single entities. These corporate groups are subject to some special tax rules that are the subject of this chapter. At least two motivations underlie these special rules. One motivation is to make the tax results better reflect the way these groups of corporations operate. Another motivation is to prevent groups of corporations from aggressively and inappropriately reducing their joint tax liability by using related corporations." (Ch. 8 Introduction)
Module 6: Chapter 13 - "This chapter covers the basics of income tax accounting that should be relevant for most accounting professionals, including those engaged in financial reporting, auditing, and tax planning, as well as for finance professionals, investors, and policymakers who must interpret the income tax expense reported in financial statements. However, due to the different goals underlying financial reporting and the tax law, the income tax expense reported in a corporation’s financial statements will seldom equal the income tax liability reported on its tax return for the same reporting period. Interpreting the expense reported in the financial statements can be difficult for those not well versed in both financial accounting and tax law. Further, because of the complexities that arise in trying to provide tax-related information that achieves the goals of financial reporting, and the limited number of professionals well versed in both financial accounting and tax law, the income tax expense reported in the financial statements may not always be reliable." (Ch. 13 Introduction)
Module 7: Chapter 15 - "This chapter reviews the basic concepts of state and multistate income taxation, and it discusses the major areas in which tax planning can reduce a corporation’s overall state tax burden. The chapter concludes with a review of other types of taxes used by the U.S. states, with a special focus on sales and use taxes." (Ch. 15 Introduction)
Module 8: Chapter 16 - "Taxation of International Transactions - Explain the framework underlying the U.S. taxation of cross-border transactions. Describe the interaction between Internal Revenue Code provisions and tax treaties. Determine whether income is U.S.- or foreign-sourced. Determine the impact of foreign-source income on a U.S. taxpayer’s U.S. tax liability. Work with the anti-abuse provisions applicable to the outbound activities of U.S. taxpayers. Apply the U.S. tax provisions concerning nonresident individuals and foreign corporations. Apply foreign currency exchange rules as they affect the tax consequences of international transactions." (Ch. 16 Introduction)