1. The reallocation of income between related parties by the IRS occurs if Companies are not in compliance with IRC Section 822.

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2. the court case Welch vs. Helvering, we learned that expenses incurred by the Companys officer with regards to paying the debts of a Grain Company were fully deductible for US tax purposes since they were necessary to solidify his credit with customers.

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3. If individual taxpayers have high adjusted gross income, they may also be subject to Alternative Minimum tax and/or Net Investment income tax

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4. As a result of the TCJA, global companies headquartered in the US are generally taxed in the US on not just income earned in the US but income earned globally thanks to subpart F and GILTI rules.

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5.Corporations are required to reconcile their US GAAP book income to their computed taxable income using Form 1120 Schedule K-1.

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6. Affiliated groups consists when a parent corporation owns at least 80% of other companies. A domestic affiliated group can elect to file a consolidated return but is not required to.

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