Prepare a summary of the effects of the TCJA on the following entity types: S Corp, C Corp, LLC, and Partnership as it relates to corporate taxation
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- Prepare a summary of the effects of the TCJA on the following entity types: S Corp, C Corp, LLC, and
Partnership as it relates to corporatetaxation
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- Describe the differences between a Subchapter S corporation and a Subchapter C corporation.Distinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.Design a tax planning strategy in response to the TCJA for the entity type S-Corp.
- Establish the required qualifications to become an S versus a C corporation.Explain common forms of business ownership—soleproprietorship, partnership, and corporation—and demonstrate how they differ in terms of their pre-sentation in the statement of financial position.How a corporation is different from a partnership in terms of owner, legal status, liabilities, life, regulation, access to capital, taxation and transfer
- Why must an S corporation report separately stated items to its shareholders? How is the character of a separately stated item determined? How does the S corporation report this information to each shareholder?What is the fiduciary duty (i.e., the primary goal) for mostU.S. corporations?At which entities do Corporate income overlap with Individual income taxation and in which states?