Corporate tax in the United States is a tax on the taxable income of a C corporation or an entity taxed as a C corporation. The corporate tax is the default tax levied on a business entity unless the entity qualifies to be taxed under different tax rules such as those for non-profit organizations and S corporations. The corporation is taxed under 26 U.S.C. § 11 and Subchapter C (26 U.S.C. § 301 et seq.) of Chapter 1 of the Internal Revenue Code.
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CONCLUSION
This lecture outline provides an overview of some of the tax considerations in connection with entity selection and formation. The formation advisor should have an understanding of general tax principles, Judicial Doctrines, relevant applicable tax laws and tax practice support services. The advisor should be able to ask relevant questions and gather the appropriate facts in order to assist clients in selecting the appropriate entity, which requires an understanding of the complexities in applying the applicable tax laws to the various alternative business forms.
Advising on tax aspects of entity formations is a unique skill dependent on understanding applicable tax law. Often clients depend on their accountants and lawyers to work together to assure that the entity is properly selected, and the appropriate accounting systems are put in place to reflect the formation documents and planned structure. In that regard, this area affords practitioners the opportunity to work with numerous other professionals.
© 2008 Jay Bettinger, Esq. All Rights Reserved.
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