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1120 Preparation and Planning Guide: Module 3 (CCH Testing Center Web-Based CPE Course )

The 1120 Preparation and Planning Guide thoroughly covers the preparation of corporate income tax returns. It provides a comprehensive review of the basic principles of corporate income tax preparation. The provisions of recent legislation that impact the 2006 tax return are highlighted and significant recent court decisions and revenue rulings that affect corporate returns are examined.

Module 3 gives step-by-step instructions for completing the tax and payments section of Form 1120. It then covers estimated tax payments and looks at special tax planning rules for corporations. The course alerts practitioners to planning opportunities presented by recent legislation and provides numerous tax-saving suggestions and compliance advice. Topics covered include:

Figuring the tax
Alternative minimum tax
ACE adjustment
Tax credits and payments
Rules for figuring the estimated tax and making required payments to avoid penalties
Obtaining quick refunds
Estimated tax payment strategies
Passive activity rules
Accumulated earnings penalty
Multiple corporations and other tax returns for certain corporations