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in red three we're looking at regular US.corporations or as we call them C.corporations now all us C corporations.they need to file form 11 ready with the.IRS.so from 1120 thats the u.s. corporation.income tax return and i got an overview.of this form right here on my board so.it starts with all the income of the C.corporation total income and then we.will allow them a lot of deductions so.we have got ordinary deductions so these.are deductions for the trade or business.expenses during the year let's say the C.corporation has done some charity during.the year they're gonna be allowed.deductions for the charitable.contributions but this one is going to.be subject to a 10% limit and we'll talk.about that when we get there let's say.the C corporation has domestic US.production activities and it's one of.those eligible businesses they could.take a domestic production activities.deduction then let's talk about annual.or net operating loss deduction now if.you remember we talked about net.operating losses also in reg one when.we're talking about individuals and I.told you for net operating losses for a.particular year you can carry it back.two years or carried forward 20 years.same rules for corporations so if a.corporation has a net operating loss it.can either carried back or carried.forward which means a net operating loss.for a particular year could be deducted.on tax returns of other years with a.back or forward so let's say if you're.looking at from 1124 a particular year.this is the net operating loss that's.been carried over from other years to be.deducted on this tax return and then.we'll talk about a special deduction and.this fashion deduction is dividend.received deduction.now all the different income of the C.corporation is included here in total.income now a lot of that dividend may be.eligible for a dividend risk.the deduction the special deduction that.I'm talking about and we'll cover this.in a lot of detail when you get there so.as you can understand you got total.income less all these deductions gets.you to taxable income then we can look.at the corporation tax rates and the C.corporation they would be paying income.taxes to Uncle Sam so the way it works.let me try to put it here so we're.looking at a C Corp which is got total.income of let's say five million dollars.during the year call it five thousand.five thousand and three zeroes and.they've got all these deductions of.let's say four million dollars the.taxable income let's say is a million.dollars and let's say the seed cop.they've got three shareholders so let me.draw us three shareholders so you got.let's say x y and z and all these let's.say are individuals so the C corporation.they file form 1120 with the IRS so this.was form 1120 and on that they would.have paid taxes on this million dollars.the difference so if their total income.was five million dollars the deductions.were four million dollars taxable income.of a million dollars let's say they pay.taxes a 30-person to keep it simple so.let's just 30% corporation tax they've.paid three hundred thousand dollars of.taxes they got seven hundred thousand.dollars of income after taxes and let's.say we got this individual here only 50%.of the corporation why let's say owns.10% of the corporation and zeenat say.owns 40% of the corporation so the C.corporation it had taxable income of a.million dollars paid let's say a 30.percent tax rate after tax seven hundred.thousand dollars of income now let us.say they decide to distribute.all this income after taxes to their.shareholders so all this goes out as.dividend income to all the individual.shareholders so look at how much each of.them gets so X owns 50% of the C.corporation if $700,000 of dividends are.being paid out and X would get 350.thousand dollars 50% of this Y owns 10%.you'll be getting $70,000 of dividend.income for Z 40% so they'll be like two.hundred and eighty thousand dollars of.dividend income so that's the form 1120.so we paint corporation taxes at the.entity level now think about it when.you're looking at all these individuals.we did cover this in reg 1 where we said.the dividend income of the individuals.is going to be taxable so we put that on.Schedule B and then it's get tax on the.individual 1040 so all of them are going.to be filing form 1040 with the IRS and.on the 1040 they gonna be paying taxes.on this dividend income and I also.delete this dividend income is qualified.dividend income they would be eligible.for a lower tax rate but they would.still have to pay taxes let's say you.got mr. X he is paying a 20% tax on this.dividend income so 20% of 750 is seventy.so that's 20% let's see qualified.dividend lower tax rate so let's say.individual why he's paying taxes on this.dividend income at 15% so 15% of 10.would somebody would be ten point five.let's say Z again he's paying taxes.let's say 15% so tax tax and tax these.are taxes paid at individual tax rates.so individual returns 15% of 280 they'll.be 28 plus 14 42 now pays analyzer did.this individuals actually on anything it.was all the million dollars earned by.the corporation well first we had the.corporation paying taxes at the.corporation tax rates.then all the remaining money when.distributed it out as difference to the.individual channels that individuals.again paid taxes so ideally what's.happened here is it's double taxation.for the same money which the corporation.has owned that is why so C corporations.you are your standards double taxation.that is why corporations could elect to.be S corporation now I'll tell you what.happens in case of an S corporation.let's take the same example there so if.I'm looking at let's say S corporation.and let me put the same numbers they say.it's got five million dollars of total.income four million dollars of deduction.a million dollars of income after.deductions now the S corporation and.this is something we could recover in.reg fo and I'll tell you them the S.corporation files form 1120s so this is.11th wedding is gonna be 11 20s now S.corporations do not pay taxes at the.entity level so the S corporation on the.form 1120s they're gonna have their.taxable income but they'll not be in.taxes here all this money would flow in.to the tax returns of the individual.shareholders so the way it happens is.let's have the same individuals so you.got three individuals here it's a 50.percent 10 percent and 40 percent.ownerships.and you have let's say again individual.X Y & Z so all these are individuals now.the S corporation which is on this.million dollars would not pay any taxes.this million dollars would flow through.the individual tax returns so X owns 50%.of this S corp he would be getting $500.of this or $500,000 of this income Y.owns 10% so 10% of this will be $100,000.Z owns 40% 40% will be $400,000 so this.one would go on the 10th for.and most of it would go on to Schedule.II so if you remember scheduled b2 1040.that was interesting of different income.in case of S corporation S corporation.shareholders.this is income from passive activity so.S corporation is a flow-through entity.because all the income of the S.corporation is flowing through to the.individuals tax returns and it's most of.it is going to go to Schedule II now the.individuals they are going to be paying.taxes on this money which was earned by.the S corporation and they're going to.be paying taxes at the individual tax.rates so let us say we have mr. X he is.in the thirty nine point six percent tax.bracket or let me make it forty percent.for easy calculations so he's in the.forty percent tax bracket so he's going.to being forty percent tax on the five.hundred thousand dollars because he owns.50% of this s Cobb and this income has.flowed through to his individual 1040 so.he's going to be paying let's say two.hundred thousand dollars of tax on this.let's say mr. white he's in the twenty.five percent tax bracket he's being.twenty five percent tax on this so on.the hundred thousand dollars that's Lord.through from the S corporation he's only.paying twenty five thousand dollars of.tax with that let's say mr. Z he is.let's in the thirty three percent tax.bracket so the four hundred thousand.dollars that's Lord through to his.individual 1040 from the S call he's.going to be paying thirty three percent.taxes on that let's say one hundred.thirty three thousand dollars so as you.can compare and contrast here C.corporation they are paying taxes at the.entity level if the distribute dividends.out of the shareholders the shareholders.again paid taxes good news about S.corporation says they do not pay any.taxes at the entity level all the income.your income after all the deductions.flows through to the returns of the.individual shareholders.who paid taxes based on the individual.tax rates so there's no double tie so.here we are double taxation one and two.you know you just have a single level no.tax you're only a single level of.Taxation now when we get to reg four.we're gonna cover this in detail so the.way it happens is the S corp is going to.be giving out schedule K once to all its.shareholders and not only is it ending.up so the entire thing all the total.income less deductions everything would.flow into the individuals tax returns.wire that's scheduled k1 we'll cover.that in a lot of detail but now the.point that I want to put forth is C.corporation double taxation S Corp.single level of Taxation C cop 1120s cop.form 1120s now it's called a c-corp.because it's governed by subchapter C of.the Internal Revenue Code this one is a.s cop because this corporation has.elected the S status based on subchapter.S of the Internal Revenue Code we'll.talk about Internal Revenue Code further.but so now what you can do here is you.know when you're looking at C Corp we.are looking at all those complicated.huge corporations we'll be looking at S.corporations you're looking at simple.corporations they're not as complicated.and when you get to wreck for I'll tell.you ought to be a S corp to take this S.cup election a lot of conditions that.need to be followed so S corporation.cannot have within hundred shareholders.they could only have individuals as.their shareholders only u.s. citizens.presidents as the shareholders and they.can only have one class of stock so.we'll talk about all this in detail but.generally this is complicated this one.is simple this one is double taxation in.case of s cop we just looking at a.single level of Taxation so once again.let's get there and write three we gotta.come back here come back here so this is.C curve is something you cover in reg 3.and s cop I'll be talking about this.when we get to read for flow-through.entities and even in case of.partnerships works in a similar way just.an inch of shareholders you've got.partners there now so.we're focusing on c-corporations and.that's a form 1120 so looking at this.you know if you look at income less all.the deductions you're a taxable income.use the corporation tax rate calculate.the income tax then you've got credits.for for impacts is that the corporation.might have paid them so this is the.worldwide income there's not only us.this is us now slash the world now.if the pay taxes abroad they would be.getting foreign tax credits out here.then we had a empty alternative minimum.tax for individuals now in red three.I'll introduce you to alternative.minimum tax for corporations then we.couldn't talk about this we're gonna.talk about person holding how many taxes.or accumulated on expect these are like.penalty taxes if the C corporation tries.to retain a lot of earnings and we'll.talk about that there'll be the total.tax library.so let's get in the book look at form.1120 and then we'll come back and I'll.talk about all these components that I.have right here on my board I know it's.real exciting out here when page 800.from 1120 and this is the US I like.corporation income tax return and here.you have the name of the corporation the.address employer identification number.the date of incorporation the total.assets of the corporation on the left.hand side it says check and circle F and.B look at underlined consolidated return.online in to other than personal holding.company like a fo and I like schedule m3.so we could have talked about these.points as we go through this module on C.corporations.next we're looking at the line items for.highlight income and on line one.a put a box around gross receipts or.sales like one B that returns and.allowances one a minus 1 B gets you to.one C line number two you got cost of.goods sold and right there always.accrual so whether it's a cash basis or.an accrual basis taxpayer you always use.accrual for cost of goods sold and.inventory line three gets you to gross.profit line four is dividend income and.highlight Schedule C.line number five is interest income line.six is gross rents nine seven is gross.royalties line number eight is capital.gains and it says attach highlight.Schedule D line number nine is med gain.or loss from underlined form forty seven.ninety seven and if you recall from red.to this is the form the report gains or.losses from sale of long term business.property line number ten as other income.which gets you to line number eleven put.a box around total income.now we have the line items for highlight.deductions so line number 12 is.compensation of offices line 13 its.salaries and wages line 14 is repairs.and maintenance then we have line 15 for.bad debts and we know that you can have.bad debts only for a current basis.taxpayer right there.only if accrual basis line number 16 is.ran spade line 17 is taxes and license.fees paid line number 18 that's interest.paid like 19 highlight charitable.contributions line number 20 is.depreciation from an in-form 4562 so we.return in detail about depreciation and.rag2.line number 21 that's depletion 22.authorizing expenses 23 expenses for.pensions profit sharing plans etc 924 as.expenses for employee benefit programs.line number 25 Halleck domestic.production activities deduction.line 26 is other reductions and now we.get to line number 27 which is the sum.of line 12 through line 26 and this one.is put a box around total deductions.then we have line number 28 put a box.from taxable income before net operating.loss deduction and special deductions.joined arrow from this box.and right ties to schedule m1 so we will.soon talk about schedule m1 which is the.reconciliation of your book or GAAP.income to your taxable income that you.have your on line 28.929 a highlight net operating loss.deduction 29 B highlight special.deductions from Schedule C line 20 and.rider equals D Rd so the special.deduction that we're talking about is.the dividend received deduction then you.have line number 30 put a box around.taxable income so that's line number 28.less the net operating loss deduction.less the special dividend received.deduction and on this taxable income.we're going to calculate put a box.around total tax so that's about the.u.s. corporation income tax return.now I'm going to be seven where we have.an overview of form 1120 halide.total income and you have less ordinary.deductions pretty ordinary business.expenses you got less charitable.contributions like a charity equals up.to ten percent of eighty I and we'll.talk about that adjusted taxable income.here then you have less domestic.production activities reduction which is.also called a QP AI deduction or.qualified production activities income.deduction this gets you to income before.annual deduction and special deduction.you have less net operating loss.deduction so right that NOL deduction.which gets you to income before special.deduction and then you have the dividend.received deduction right there dr d.equals special deduction this gets us to.highlight taxable income which.multiplied by the tax rate gives us.highlight gross tax liability then you.have less foreign tax credit add any.alternative minimum tax people by the.corporation and then you have personal.holding company tax right there or.accumulated earnings tax put a bracket.around bodies and write penalty taxes so.all these finally get us to highlight.total tax liability on the corporation.income tax return form 1120.don't waste her teen and under who must.find from lemon 20 highlight all.domestic c-corporations also really must.fight even if there is no taxable income.the next question is when to file from.1120 it needs to be filed by helot 15.day or the third month following the.close of the corporations tax here so.this is right by March 15 F calendar.your corporation and a six month.automatic extension is granted to.taxpayers on filing form seven thousand.four now this does not extend the time.to pay only the time to file so right.there plus six month extension.now if a corporation needs to file and.like amended returns circle all an.underlined claim of refund.in that case they would file highlight.form 1120 X which may be filed up to the.later of three years after the original.due date including extensions and two.years after actual tax payment.turn to page 14 we'll be looking at.consolidated tax returns which may be.filed by highlight affiliated group of.corporations and here we're looking at.highlight 80 percent control so under.GAAP the threshold for consolidation was.a 50 percent but for tax purposes it's.80 percent now in case of consolidated.tax returns highlight dividends received.100 percent eliminated on consolidation.as intercompany difference.see corporations must generally use the.accrual basis of accounting but they.could use helot cash basis if and it.average annual gross receipts do not.exceed five million dollars.you.

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