Self-Study
2
Basic
Taxes
There are no prerequisites.

Course Description

This course will review the tax implications of incorporating a new corporation. Instructor Lynne Glennon will explain the tax policy and basic requirements of Section 351 in formation of a new business and transfers of property to previously existing corporations.



Instructor

Lynne Glennon

Lynne is a full-time faculty member for DePaul University’s Master of Science in Taxation program and teaches Transactions in Property, Taxation of Corporations and Shareholders, Partnership Taxation and Accounting for Income Taxes in the traditional classroom setting, as well as online for a national CPA firm. In addition to teaching, Lynne has written a chapter on Accounting for Income Taxes for Wiley’s Accounting Practitioners’ publication, is the faculty advisor for the annual Deloitte FanTaxtic student tax case competition, has participated on panel discussions for the Chicago Tax Club and Tax Executive Institute and has consulted for a Fortune 500 company.

Prior to teaching full time, Lynne worked in both industry and public accounting for 20 years as a Tax Director and Tax Consultant. She was Director of Tax Planning for Global Hyatt Corporation where she was responsible for analyzing and planning for the tax consequences and financial reporting of mergers, acquisitions, entity restructurings, and overseeing IRS audit defense for the company. As a senior manager in Deloitte & Touche’s lead tax services group, her career focus was corporate and partnership taxation where she served as consultant on a number of multi-national clients in the manufacturing, distribution and service industries.



Course Specifics

Taxes
Dec 28, 2017
There are no prerequisites.
SS8162577
None


Compliance Information

103220
IRS Provider #: OMYXB
IRS Course ID: 0MYXB-T-01256-18-S
IRS Federal Tax Law Credits: 2
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1203
CTEC Federal Tax Law Credits: 2
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Section 1

  • Cite the requirements in order to qualify for a tax-free transaction under §351.
  • Determine the amount of any gain or loss which must be recognized on a transfer to a corporation with and without boot.

Section 2

  • Identify the steps in the process of calculating the basis in stock received under IRC §358(a) and determine its holding period for both the shareholder and the corporation.
  • Identify the appropriate application of depreciation for the corporation on assets received in §351 transactions.
  • Cite the rules with respect to the assumption of liabilities as part of the §351 transaction.


Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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