• Course Information

    Title: Choosing the Right Entity
    Category: Taxation
    Field of Study: Taxes
    Course Code: T018-0109
    CPE Credits: 22.0
    Price: $115.95


This comprehensive book describes and compares sole proprietorships, partnerships, limited liability companies, "C" corporations and "S" corporations. It examines their advantages and disadvantages, permitting the reader to properly select the right business entity for their tax and liability needs. Major emphasis is given the maximization of tax benefits in each business format. Fringe benefits, retirement plan alternatives, and nonqualified deferred compensation are discussed in detail.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 07/11/2018

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Chapter 1:     Sole Proprietorship
1. Determine the advantages and disadvantages associated with sole proprietorships, and specify the formation requirements.
2. Identify not-for-profit activities particularly as they relate to Schedule C businesses and recall the various requirements permitting such businesses to complete the C-EZ form or request an automatic filing extension.
3. Recognize the taxes imposed on self-employed persons specifying compliance with payment requirements, determine how sole proprietorship assets are characterized on disposition, and identify income splitting and estate planning devices available for such business owners and their impact on entity choice.

Chapter 2:     Partnerships
1. Determine what constitutes a partnership under Section 761(a) including the status of joint ventures, cotenancy, publicly traded partnerships, and the special benefits of family partnerships citing several advantages and disadvantages of each and recognize how partners share tax items.
2. Identify the taxation of partners and partnerships and its effect on the preparation of individual returns and K 1s, and specify the exclusion requirements stating the tax rate and Section 1031 exchange impact.
3. Recognize separately stated items identifying the relationship of deductions to outside basis, partnership versus partner deductions, allocation of deductions, and related filing requirements to improve accurate tax reporting.
4. Determine the closing of a partnership year, the events that terminate a partnership and the events that do not close the year to ensure proper tax allocation.
5. Identify types of transactions between a partner and the partnership that can influence the treatment of the transaction, and specify the character of property contributions under Section 721.
6. Determine inside and outside basis, including complications caused by the contribution of services, specify their interplay with the at-risk & passive rules, their impact on the disposition of partnership interests, and their effect on partnership distributions, and identify how such distributions and liquidations effect gain or loss for partnership and partners.

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QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00085-14-S

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