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C Corporations

1.0 CPE CREDIT

The Tax Cuts and Jobs Act (TCJA) eliminated graduated tax rates and AMT for C corporations. All corporations are now taxed at a flat 21% beginning January 1, 2018. On the surface, this change may seem like an incentive to use the C corporation structure for conducting a business. However, there are many factors other than tax rates to consider when evaluating whether a business should be organized as a C corporation.

In this self-study course on C-Corporations at the U. of I. Tax School, you will analyze whether it makes sense for your business clients to maintain their C corporation or to convert to a pass-through entity. Pass-through entities can take advantage of the 20% qualified business income deduction. C corporations cannot. Does it make sense for a new business to form as a C corporation? Should an S corporation revoke its election and convert to a C corporation? What are the consequences of the complete liquidation of a C corporation? How about for an S corporation?

We cover these issues and more in this self-study course.

Last reviewed for accuracy: April 2022

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Instructor Bio: Jerry Brune

Jerry Brune has been an instructor for the Tax School and has served as an author and reviewer for the annual University of Illinois Federal Tax Workbook since 1999. Jerry was employed as a revenue agent with the IRS for 31 years before retiring. Jerry has taught accounting and business taxation courses at Illinois Central College and the University of Illinois at Springfield, respectively. Jerry is an EA and CPA, and he currently practices in Bolingbrook. His alma mater is St. Joseph’s College in Rensselaer, Indiana.