Corporate Taxation
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| Minimum tax credit | offset only reg., tax, no CB(only CF)
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| AMT small corp., exemption | first year ALL exempt, gross receipts<5m, 2nd year exempt; years 3&4 exempt if avg previous year gross receipts<7.5m
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| ACE | adj. curr. earngs (ACE-preACE if neg. is lim to PY pos.)= preACE AMTI b4NOL+exempt int., exempt life benef. +70%DRD-cost completion depl.-ADS depr-/+cap'd org& circulation exps., +(FIFO-LIFO), no installment mthd for non-dealers, intangibles amort 5 yrs
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| DRD deduction | if own >80% then all divs excluded from tax, >20% exclude80%, <20% exclude 70% All subject to TI lim., debt financed stock NTE interest deduction, held <46days, no DRD for personal srvcs and holdco's
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| Non-deductible stock issuance costs | printing, underwriters commissions, prof fees for issuance All non-ded., just reduce APIC
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| Corporate charitable contribution | limited to 10% b4 NOLs (CB,except CF is deducted), DRD. Board authorized but made within 2.5 mos of new year is deductible on curr. TR
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| RE recon items | reductions are contingency reserves , dividends, etc., INCREASES are state refunds from years before last.
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| Div distributions when AEP has deficit | #83 div distribution does NOT affect AEP deficit, but reduces positive AEP
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| Gain on Corp distribution of property w/liability to shareholder | treated as sale @ FMV, if liability assumed by shareholder more than FMV, then corp's gain=liab-BV (losses are not recognized)
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| Corp's distribution of appreciated property in excess of AEP | corp has to recognize gain on prop distribution in excess of basis, which increases AEP. Taxable divs., to stockholder is the AEP+CEP(due to the gain), if excess the return of capital.
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| Corp's sale to shareholder prop for less than FMV | is "CONSTRUCTIVE " div., distribution = excess of FMV over cash rec'd
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| Complete liquidation of shareholder interest in a corp | is CAP Gain to shareholder
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| Corp redemption of stock is CAPGAIN to shareholder if(5) | does NOT essentially=divs, 2 substantially disproportionate, 3 terminates shareholder interest, 4 partial liquidation,5 to pay death tax
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| Corp loan to buy back it's stock | only the interest is deductible, other fees NON-deductible , unless complete liquidation, then ORDINARY
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| Corp liquidation of a sub | charit contr and NOLs carryover to parent.
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| Corp complete liquidation | all capital gain at FMV( property and inventory)
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| PHC | if corp earns 60% passive income (excluding tax exempt) & fewer than 5 people own 50% of the corp then in addition to reg tax 15% on undistributed PHC income
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| Accumulated Earnings Tax & Credit | imposed on corps @ 15% on earnings accumulated beyond reasonable business needs. Credit is 250k-PYaccum.earnings, or reasonable business needs stmnt
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| Tax-free Reorganization of corps., A,B,C,D, E, F,G | A-stat., merger or consol;B- voting of P for 80%voting of S; C-voting of P for 80%assets of S;D-asset Xfer to P;E-recapitalization of the same corp (bonds for stck);F-mere change in identity,form,place;G-forced asset Xfer to creditors who become owners.
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| Boot securities | securities exchanged by corps that are NOT parties to reorg.
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| Acquired NOL limitations Sec381&Sec382 | P's TI*days owned/365; Sec382, if acquired >50%, FMVofStck*fedTaxExemptRate*days owned/365
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