Entity & Property Taxation Flashcards
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Terms in this set
- Corporate Taxation The federal income taxation of C corporations, which are taxed separately from their owners.
- S Corporation A corporation that elects pass-through taxation so income flows to shareholders, generally avoiding entity-level tax.
- Partnership Taxation The pass-through taxation of partnerships, where income is taxed to the partners, not the entity.
- Tax Basis A taxpayer's investment in property used to measure gain, loss, and depreciation.
- Capital Gains Gains from the sale of capital assets, taxed at favorable rates if held long enough.
- MACRS Depreciation The Modified Accelerated Cost Recovery System used to depreciate business assets for federal tax purposes.
- Like-Kind Exchange A nonrecognition exchange of business or investment real property for similar property.