This is an advanced course in corporate income tax, focusing on the tax planning needs of private corporations and their shareholders. In this course, the student will acquire the foundation tax knowledge and basic research skills needed to be able to do corporate tax- related work at a professional level. This is achieved through a combination of lectures, assigned readings, practice in the application of the law to practical problems, the use of income tax software for both compliance and research purposes, and training in tax research and tax writing. Topics include the computation of corporate taxes, tax integration, owner compensation, corporate re-organizations, surplus distributions, partnerships, trusts, structuring business sales and acquisitions, international business expansion, as well as issues concerning tax compliance, planning and avoidance.
THIS IS A DEGREE LEVEL COURSE FOR THE BACHELOR OF ACCOUNTING. Please note the following registration guidelines: 1. Acceptance into the Bachelor of Accounting Program OR 2. Completion of FMGT 3410 and 4410 (or equivalent), with a minimum average grade of 65% and approval from the Department. For approval, please send an email with your IZUNA student ID number and a brief explanation of why you wish to register to [email protected].
Upon successful completion, the student will be able to:
Identify tax issues faced by closely held corporations and their owners.
Use the Income Tax Act, and professional tax research tools, to determine the tax implications of the issues identified.
Communicate the issues, the tax implications, the alternatives and recommendations.
Use T2 software to file corporate tax returns.
Review, advise on, and provide support for objections, appeals, and reassessments.
Analyze and advise on tax-planning issues such as the purchase or sale of shares or assets, benefiting from the capital gains deduction on qualified small business corporation shares, succession planning, and reorganizations.
Evaluate and advise on tax implications of alternative business decisions such as dividend versus salary, sharing small business deductions, personal service business, and acquisition of control.
Design the use of partnerships and trusts in business and family tax planning.
Effective as of Fall 2016
FMGT 7410 is offered as a part of the following programs:
School of Business
Accounting Full-time/Part-time Bachelor of Accounting
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