美国税法2010 Corporations Distributions Not In Complete Liquidation.pptVIP

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2018-06-13 发布于浙江
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美国税法2010 Corporations Distributions Not In Complete Liquidation.ppt

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Chapter 19 Corporations: Distributions Not In Complete Liquidation Taxable Dividends Distributions from corporate earnings and profits (E P) Treated as a dividend distribution Taxed as ordinary income or as preferentially taxed dividend income Distributions in excess of E P Nontaxable to extent of shareholder’s basis (i.e., a return of capital) Excess distribution over basis is capital gain Earnings Profits(slide 1 of 2) No definition of E P in Code Similar to Retained Earnings (financial reporting), but often not the same Earnings Profits(slide 2 of 2) E P represents: Upper limit on amount of dividend income recognized on corporate distributions Corporations economic ability to pay dividend without impairing capital Calculating Earnings Profits(slide 1 of 4) Calculation generally begins with taxable income, plus or minus certain adjustments Add previously excluded items and certain deductions to taxable income including: Muni bond interest Excluded life insurance proceeds Federal income tax refunds Dividends received deduction Domestic production activities deduction Calculating Earnings Profits(slide 2 of 4) Calculation generally begins with taxable income, plus or minus certain adjustments (cont’d) Subtract certain nondeductible items: Nondeductible portion of meal and entertainment expenses Related-party losses Expenses incurred to produce tax-exempt income Federal income taxes paid Key employee life insurance premiums (in excess of increase in cash surrender value) Fines, penalties, and lobbying expenses Calculating Earnings Profits(slide 3 of 4) Certain E P adjustments shift effect of transaction from the year of inclusion in or deduction from taxable income to year of economic effect, such as: Charitable contribution carryovers NOL carryovers Capital loss carryovers Gains and losses from property transactions Generally affect E P only to extent recognized for tax purposes Thus, gains and losses deferred under the like-kind exchange provis