1 Corporate Tax Credits Give some examples of Refundable vs Non refundable Corporate tax credits Refundable number 13 23 2 Corporate Tax Credits What order are these tax credits taken in, also considering prepayment 3 Consolidated tax returns Who can file corporate consolidated returns (MAC) 4 Consolidated tax returns List a couple of advantages and disadvantages Consolidated tax returns Explain What are the two major types of adjustments (2 and 3) What question does adjusting for intercompany transactions (step 2) answer for the consolidated firms Why adjust for intercompany transactions Why are the stand alone deductions eliminated Differences between Book and Tax Explain, what are the types of differences that occur Why do they each occur Give an example of each 8 At December 31, Year 1, the Colonel Corporation had $10,000 of accumulated E P For the taxable year, Year 1, Colonel had Current E P (before distribution) of $15,000 In year 2, Cole Corp made a distribution of $35,000 The sole shareholder had a basis in the stock of $5,000 at the time of the distribution What is the tax treatment of this transaction Cole Corp Shareholders

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1. Corporate Tax Credits. Give some examples of Refundable vs. Non-refundable Corporate tax credits? Refundable: number 13 23 2. Corporate Tax Credits. What order are

1. Corporate Tax Credits. Give some examples of Refundable vs. Non-refundable Corporate tax credits?

Refundable: number 13 23

2. Corporate Tax Credits. What order are these tax credits taken in, also considering prepayment?

3. Consolidated tax returns? Who can file corporate consolidated returns (MAC)?

4. Consolidated tax returns. List a couple of advantages and disadvantages.

Consolidated tax returns. Explain
1. What are the two major types of adjustments (2 and 3)?
1. What question does adjusting for intercompany transactions (step 2) answer for the consolidated firms? Why adjust for intercompany transactions?
1. Why are the stand-alone deductions eliminated?

Differences between Book and Tax.
1. Explain, what are the types of differences that occur?
1. Why do they each occur?
1. Give an example of each?

8. At December 31, Year 1, the Colonel Corporation had $10,000 of accumulated E&P. For the taxable year, Year 1, Colonel had Current E&P (before distribution) of $15,000. In year 2, Cole Corp. made a distribution of $35,000. The sole shareholder had a basis in the stock of $5,000 at the time of the distribution. What is the tax treatment of this transaction? Cole Corp. Shareholders -