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Taxation: C-Corporations

Teacher: S. Woods
Horizontales
Amount of taxes refundable in the current year
Differences that do not reverse over time
Acquisition by one corp. of the assets and liabilities of another corp. No new entity is created
Taxpayer's acquisition basis plus capital improvements less depreciation or amortization
Difference that requires an add back to book income
Distribution to shareholders of money or property from the corporation's earnings and profits
Amount of corp's net capital loss from one year used to offset net capital gains in three preceding tax years
Combining of the assets and liabilities of two or more corporations into a new entity
Payment made by a corp. to a shareholder that is recharacterized by the IRS as a dividend
Gain or loss that results from an exchange of property rights in a transaction
Differences in the amount of an income item or deduction item for book vs tax purposes
Verticales
Excess of allowable deductions over gross income
Amount of taxes payable in a current year
Property given or received in an otherwise nontaxable transaction that may trigger gain to a party to the transaction
A corporation does not have a high degree of certainty as to its tax consequences
Taxpayer's average rate of taxation on each dollar of total income
A corporation exchanges a ratio of shares of stock for each share held by the shareholder
Individual, trust, estate, partnership, association, company, or corporation.