corp io 2009 fm -...

Prentice Hall’s Federal

Taxation 2010: Corporations,

Partnerships, Estates, and Trusts

Kenneth E. Anderson Thomas R. Pope John L. Kramer

INSTRUCTOR’S GUIDE Caroline Strobel

Prentice HallBoston Columbus Indianapolis New York San Francisco Upper Saddle River

Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal TorontoDelhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from it should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials.

Publisher: Natalie Anderson Editorial Project Manager: Karen Kirincich Senior Managing Editor, Production: Cynthia Zonneveld Operations Specialist: Diane Peirano Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. ______________________________________________________________________________________ Copyright © 2010 by Pearson Education, Inc., Upper Saddle River, New Jersey, 07458. Pearson Prentice Hall. All rights reserved. Printed in the United States of America. This publication is protected by Copyright and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. For information regarding permission(s), write to: Rights and Permissions Department. Pearson Prentice Hall™ is a trademark of Pearson Education, Inc. Pearson® is a registered trademark of Pearson plc Prentice Hall® is a registered trademark of Pearson Education, Inc. Pearson Education Ltd., London Pearson Education North Asia, Ltd., Hong Kong Pearson Education Singapore, Pte. Ltd Pearson Educación de Mexico, S.A. de C.V. Pearson Education, Canada, Inc. Pearson Education Malaysia, Pte. Ltd Pearson Education–Japan Pearson Education Upper Saddle River, New Jersey Pearson Education Australia PTY, Limited

10 9 8 7 6 5 4 3 2 1

ISBN: 978-0-13-611205-1ISBN: 0-13-611205-6

iii

TABLE OF CONTENTS

Preface P-1 Sample Syllabi C:S-1

Instructor Outlines (Ordered by Chapter No.) C:IO-1 Tax Form/Return Preparation Problems C:TRP-1

© 2010 Pearson Education Inc, publishing as Prentice Hall

P-1

PREFACE General

The text materials from Prentice-Hall's Federal Taxation, 2010: Corporations, Partnerships, Estates, and Trusts (Anderson, Pope, and Kramer) are principally designed for use in a second course in federal taxation for undergraduate or graduate accounting and business students.

With the inclusion of chapters on partnerships, S corporations, C corporations, estates and trusts, and gift and estate taxation, the text also can be used in a survey federal taxation course for undergraduate or graduate students.

The text also could be used in an introductory business entities course in law school to the extent the instructor prefers a more direct approach than the case method.

The text includes a full complement of supplementary and ancillary materials. We recommend that all adopters refer to the Preface to the text for the supplementary and ancillary materials provided to adopters. Many of these items are available to faculty and students at no charge. Adopters are encouraged to use these materials to enhance their teaching effectiveness and their students' learning experience. Sample Syllabi

This guide contains two sample syllabi for a one-term second tax course. It contains suggested reading and problem assignments that can be turned into a complete assignment sheet with only minimal work. Because the term is broken down into individual class sessions, either syllabus can be used for classes taught on the quarter system. Instructor Outlines

The instructor outline for each chapter includes: learning objectives, areas of greater significance, areas of lesser significance, problem areas for students, highlights of recent tax law changes, teaching tips, lecture outline, and a set of references to court are designed to be interesting and informative to the student. A summary description of each area is presented below. Learning Objectives

The materials for each chapter include the learning objectives for that chapter. This focus will be useful to the instructor and may be communicated to students to assist their study.


P-2

Areas of Greater Significance

The materials for each chapter point out the areas of greater significance. This feature permits the instructor to allocate a greater share of class time and homework assignments to these areas. Areas of Lesser Significance

The materials for each chapter point out the areas of lesser significance. This feature permits the instructor to reduce the amount of class time and homework assignments devoted to these areas. Problem Areas for Students

The materials for each chapter detail areas in which students are likely to experience difficulty in learning and in retaining. Instructors may allocate more class time to these topics, while letting the student learn other topics directly from the text and problems. Highlights of Recent Tax Law Changes

Recent tax law changes are highlighted so that faculty members are aware of revisions that have modified the current edition of the text. Teaching Tips

Each lecture outline contains a series of teaching tips designed to improve an instructor's coverage or presentation of the materials in the chapter. Each of the teaching tips is keyed to a particular page in the chapter. Some of the teaching tips concern issues that might be added to the lecture outline at a particular point. Others are keyed to the method of presentation of a topical item or ancillary materials provided by Prentice Hall to make the learning process a better experience for the students. These teaching tips have been provided by the authors or instructors who are currently using the book. Lecture Outline

The lecture outlines for each chapter are organizational tools centered around the topics that could be covered in lecture discussions. Textual examples, tables, figures, and problems are referenced to the applicable topic. Microsoft Word files are available for the lecture outlines so that faculty members can use these outlines to develop their own lecture outlines.


P-3

The lecture outline computer files are available on line at: http://www.prenhall.com/phtax. A password and userid are required and can be obtained from your Prentice Hall representative. If you do not know your Prentice Hall representative, you may call the Accounting and Tax Hotline at 1-800-227-1816 or email acctng&[email protected]. (You also may request the files to be sent via email.)

The lecture outlines are designed so the instructor could hand out copies to students to assist them in taking notes and subsequent study. Court Case Briefs

Each chapter contains references to and a brief annotation of a series of selected court cases. These cases are recommended as a way for faculty members to incorporate interesting illustrations into their lectures.

Solutions to Tax Form/Return Preparation Problems The authors have prepared solutions to the Tax Form/Return Preparation Problems for their chapters.

Final Remarks

We hope these materials are helpful when teaching with the Prentice-Hall's Federal Taxation, 2010: Corporations, Partnerships, Estates, and Trusts text. We would appreciate receiving any suggestions that you have for improving these or any other supplemental materials. Please send any error corrections or suggestions to one of the three editors. If you would like to obtain an immediate solution to your question or problem, please do not hesitate to contact the editors at:

Kenneth E. Anderson Thomas R. Pope John L. Kramer

Editor E-mail Phone Fax Kenneth E. Anderson [email protected] (865) 974-1753 (865) 974-4631 Thomas R. Pope [email protected] (859) 257-4794 (859) 257-3654


C:S-1

SUGGESTED SYLLABUS STANDARD SECOND COURSE IN TAXATION - SEMESTER BASIS (12 Chapter course) Instructor: Class Time: Office: Class Location: Office Phone: Class Section: Office Hours: Texts: 1. Anderson, Pope, and Kramer, Prentice Hall's Federal Taxation 2010: Corporations,

Partnerships, Estates, and Trusts (Required). (APK).

2. Internal Revenue Code of 1986 (Optional) Course Description:

This course is directed at undergraduate and graduate accounting students who desire to obtain additional tax knowledge beyond the Federal Income Tax Accounting 1 course. It is designed to present a survey approach to the following topics: Tax Research, Corporate Taxation, Partnership Taxation, and International Taxation.

Course Objectives: 1. To enable the students to learn the fundamental concepts of the federal income tax system as

applied to entities other than individuals. 2. To enable the students to learn the fundamental concepts of tax research. 3. To apply the fundamentals learned in these two areas to problem situations likely to be

encountered in tax practice. Prerequisite: Problems:

A number of problems will be assigned during this term. Each problem involves an analysis and/or computation of a situation you might expect to encounter in public or industrial accounting when you leave school. The problems will not be collected but will form the basis for class discussion. Solutions to the problems will be placed in the library after the chapter is completed.


C:S-2

Research Memo

A tax research question will be assigned. The problem involves researching a client-related problem. The memorandum will not exceed five pages in length.

Tax Returns:

A C corporation tax return (Form 1120) will be assigned. The return will be done in groups of two. You also will be required to complete a partnership tax return (Form 1065), an S Corporation tax return (Form 1120S), and Schedule K-1s for the owners after the appropriate topics have been covered.

Case Analysis Problems:

Two case analysis problems will be assigned. These will be broader analyses of business situations likely to be encountered in public accounting practice. The write-ups will involve use of tax research techniques as well as tax concepts learned during the discussions of the various topical areas (i.e., corporate and partnership taxation). Additional instructions will be provided at the time the cases are assigned.

Grades:

Assignments

Points

Class Participation Tax Returns:

C corporation Partnership S corporation

Tax Research Memo Case Analysis (20% each) Total

100 150 100 50 300 200 400 1000

Author's Note: No classes are scheduled on days that major assignments are due. These

days are used to give the students immediate feedback about the assignments that are being turned in. Adopters might choose to hold classes on those days and cover, in addition, Chapter C:15 [Administrative Procedures].


C

:S-3

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8

9

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16

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18

19

20

21

22

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opic

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(pp.

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C:7

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C:7

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C:7

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C

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28

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30

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ax R

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pp. 2

7-34

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egul

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61,1

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46,C

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.

*The

text

read

ing

incl

udes

the

appr

opria

te p

ortio

n of

the

tax

plan

ning

c

onsi

dera

tions

and

com

plia

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and

proc

edur

al c

onsi

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sect

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of t

he c

hapt

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C:S-7

SUGGESTED SYLLABUS STANDARD SECOND COURSE IN TAXATION - SEMESTER BASIS (14 Chapter course) Instructor: Class Time: Office: Class Location: Office Phone: Class Section: Office Hours: Texts: 1. Anderson, Pope, and Kramer, Prentice Hall's Federal Taxation 2010: Corporations,

Partnerships, Estates, and Trusts (Required). (APK).

2. Internal Revenue Code of 1986 (Optional)

Course Description:

This course is directed at undergraduate and graduate accounting students who desire to obtain additional tax knowledge beyond the Federal Income Tax Accounting I course. It is designed to present a survey approach to the following topics: Tax Research, Corporate Taxation, Partnership Taxation, Transfer Taxation, and Income Taxation of Estates and Trusts.

Course Objectives: 1. To enable the students to learn the fundamental concepts of the federal income tax system as

applied to entities other than individuals. 2. To enable the students to learn the fundamental concepts of tax research. 3. To apply the fundamentals learned in these two areas to problem situations likely to be

encountered in tax practice. Prerequisite: Problems:

A number of problems will be assigned during this term. Each problem involves an analysis and/or computation of a situation you might expect to encounter in public or industrial accounting when you leave school. The problems will not be collected but will form the basis for class discussion. Solutions to the problems will be placed in the library after the chapter is completed.


C:S-8

Research Memo

A tax research question will be assigned. The problem involves researching a client-related problem. The memorandum will not exceed five pages in length.

Tax Returns:

A C corporation tax return (Form 1120) will be assigned. The return will be done in groups of two. You also will be required to complete a partnership tax return (Form 1065), and an S Corporation tax return (Form 1120S), and Schedule K-1s for the owners after the appropriate topics have been covered.

Case Analysis Problems:

Two case analysis problems will be assigned. These will be broader analyses of business situations, likely to be encountered in public accounting practice. The write-ups will involve use of tax research techniques as well as tax concepts learned during the discussions of the various topical areas (i.e., corporate and partnership taxation). Additional instructions will be provided at the time the cases are assigned.

Grades:

Assignments

Points

Class Participation Tax Returns:

C corporation Partnership S corporation

Tax Research Memo Case Analysis (20% each) Total

100 150 100 50 300 200 400 1000


C

:S-9

Dat

e

Wee

k 1

W

eek

2 W

eek

3

W

eek

4

Se

ssio

n

Num

ber

1

(50

min

s. ea

ch)

2

3

4

5

6

7

8

9

10

11

T

opic

In

trodu

ctio

n &

Tax

Res

earc

h Ta

x R

esea

rch

(con

tinue

d)

Tax

Res

earc

h (c

ontin

ued)

Ta

x R

esea

rch

(con

tinue

d)

**Ta

x R

esea

rch

Mem

o A

ssig

ned*

* Fo

rmat

ion

of th

e C

orpo

ratio

n Fo

rmat

ion

of th

e C

orpo

ratio

n

(con

tinue

d)

Taxa

tion

of th

e C

orpo

ratio

n Ta

x R

ates

and

Con

trolle

d G

roup

s Pr

oced

ural

Mat

ters

and

Fin

anci

al

St

atem

ent I

mpl

icat

ions

**

Tax

Res

earc

h M

emo

Due

**

Non

liqui

datin

g D

istri

butio

ns

A

PK

C

hapt

er*

Non

e C

:1(p

p. 1

-14)

C

:1(p

p. 1

4-24

) C

:1(p

p. 2

5-36

) A

ppen

dix

A

C:2

(pp.

1-2

0)

C:2

(pp.

20-

34)

C:3

(pp.

1-2

2)

C:3

(pp.

22-

35)

C:3

(pp.

35-

54)

Non

e C

:4(p

p. 1

-13)

C

ode

Sect

ion

&

R

elat

ed R

egul

atio

ns

N

one

N

one

N

one

N

one

35

1,35

8 36

2,35

7,10

32,1

65(g

), 12

44

63,1

70(a

)(2)

,170

(b)(

2),1

72(d

), 1

99, 2

43(a

),248

11

,267

,156

1(a)

,156

3(a)

66

55, S

FAS

No.

109

Non

e

301,

311,

312(

a)-(

b)

A

PK

Pr

oble

ms

Non

e

C:1

-3,C

:1-8

,C:1

-9,

C:1

-10,

C:1

-33,

C:1

-36

C:1

-14,

C:1

-20,

C:1

-39

C:1

-43,

C:1

-47,

C

:1-4

9,C

:1-5

1,C

:1-5

6 C

:2-2

7,C

:2-3

1,C

:2-3

4 C

:2-4

4,C

:2-4

5,C

:2-5

0,

C:2

-51,

C:2

-55,

C:2

-6,C

:2-

57

C:3

-35,

C:3

-36,

C:3

-40,

C

:3-4

3 C

:3-4

8,C

:3-4

9,C

:3-5

2,

C:3

-53

C:3

-57,

C:3

-58,

C:3

-59,

C

:3-6

1,C

:3-6

2,C

:3-6

3 C

:3-6

5 N

one

C:4

-29,

C:4

-31,

C:4

-34


C

:S-1

0

D

ate

W

eek

5

Wee

k 6

W

eek

7

Wee

k 8

Se

ssio

n

Num

ber

12

13

14

15

16

17

18

19

20

21

22

23

T

opic

St

ock

Div

iden

ds a

nd G

ener

al

Sto

ck R

edem

ptio

ns R

ules

Sp

ecia

l Rul

es

**C

Cor

pora

tion

Tax

Ret

urn

A

ssig

ned*

* O

ther

Cor

pora

te T

ax L

evie

s

-- A

MT

Oth

er C

orpo

rate

Tax

Lev

ies-

-

PHC

s and

A/E

Tax

Li

quid

atin

g D

istri

butio

ns-

Gen

eral

Liq

uida

tion

Liqu

idat

ing

Dis

tribu

tions

- C

ontro

lled

Subs

idia

ry C

orpo

ratio

ns

Taxa

ble

and

Tax-

Free

Acq

uisi

tion

Tra

nsac

tions

A

cqui

sitiv

e R

eorg

aniz

atio

ns:

Type

A

Acq

uisi

tive

Reo

rgan

izat

ions

: Ty

pes C

a

nd B

D

ivis

ive

Reo

rgan

izat

ions

: Typ

e D

**

C C

orpo

ratio

n Ta

x R

etur

n D

ue**

Ta

x-Fr

ee R

eorg

aniz

atio

ns:

Judi

cial

and

Oth

er C

once

pts

A

PK

C

hapt

er

C:4

(pp.

13-

23)

C:4

(pp.

23-

27)

C:5

(pp.

1-1

6)

C:5

(pp.

16-

35)

C:6

(pp.

1-1

0,

15-1

7)

C:6

(pp.

10-

14)

C:7

(pp.

1-1

3)

C:7

(pp.

14-

25)

C:7

(pp.

25-

33)

C:7

(pp.

33-

38)

C:7

(pp.

40-

43)

C

ode

Sect

ion

&

R

elat

ed R

egul

atio

ns

30

2,30

5,30

7

302(

e), 3

03(a

)-(b

)

53,5

5-59

531-

533,

541-

543

33

1,33

6

332,

337

33

8

368,

354-

56,3

61,3

62(b

)

Non

e

Non

e

381(

a)-(

b)

A

PK

Pr

oble

ms

C:4

-25,

C:4

-40,

C:4

-43,

C

:4-4

5 C

:4-4

6,C

:4-4

7,C

:4-4

8,

C:4

-51,

C:4

-58,

C:4

-59

C:5

-35,

C:5

-36,

C:5

-41,

C

:5-4

8 C

:5-6

3,C

:5-5

8,C

:5-6

1 C

:6-3

7,C

:6-4

1,C

:6-4

2 C

:6-4

4,C

:6-4

7,C

:6-4

8,

C:6

-54,

C:6

-55,

C:6

-56

C:7

-41,

C:7

-44,

C:7

-45

C:7

-47,

C:7

-48,

C:7

-51

C:7

-52,

C:7

-54,

C:7

-56,

C

:7-5

8 C

:7-6

1,C

:7-6

3 C

:7-6

8,C

:7-6

9


C

:S-1

1

D

ate

Wee

k 9

Wee

k 10

W

eek

11

Wee

k 12

Se

ssio

n N

umbe

r

24

25

26

27

28

29

30

31

32

33

34

35

T

opic

C

onso

lidat

ed T

ax R

etur

ns

Con

solid

ated

Tax

Ret

urns

(con

tinue

d)

Con

solid

ated

Tax

Ret

urns

(con

tinue

d)

**C

ase

No.

1 A

ssig

ned*

* Pa

rtner

ship

For

mat

ion

Partn

ersh

ip O

pera

tions

Pa

rtner

ship

Ope

ratio

ns

Gua

rant

eed

Paym

ents

and

Fam

ily

Pa

rtner

ship

s Sp

ecia

l Par

tner

ship

Issu

es -

Non

liqui

datin

g D

istri

butio

ns

Partn

ersh

ip L

iqui

datin

g D

istri

butio

ns a

nd

S

ale

of In

tere

st

**C

ase

No.

1 D

ue**

O

ther

Dis

posi

tions

of a

n In

tere

st

**Pa

rtner

ship

Ret

urn

Ass

igne

d**

Spec

ial F

orm

s of P

artn

ersh

ip In

tere

sts

A

PK

C

hapt

er

C:8

(pp.

1-8

)

C:8

(pp.

8-1

9)

C:8

(pp.

19-

34)

C:9

(pp.

1-1

2)

C:9

(pp.

12-

21)

C:9

(pp.

21-

27)

C:9

(pp.

27-

31)

C:1

0(pp

. 1-1

1)

C:1

0(pp

. 11-

19,2

6-29

) N

one

C:1

0(pp

. 19-

26)

C:1

0(pp

. 29-

35)

C

ode

Sect

ion

&

Rel

ated

Reg

ulat

ions

1501

-150

4

Non

e

Non

e

709,

721-

724

70

2-70

4,70

6

752

707

,704

(e)

731

-733

7

35,7

41,7

43,7

51,7

54

73

6

7704

,771

-777

A

PK

Pr

oble

ms

C:8

-30,

C:8

-31,

C:8

-35

,C:8

-36

C8:

37, C

:8-4

1, C

:8-4

6,

C:8

-47

C:8

-48,

C:8

-51,

C:8

-52,

C

:8-5

9, C

:8-6

5,C

:8-6

7 C

:9-2

6,C

:9-2

8 C

:9-3

0,C

:9-3

2,C

:9-3

3,

C:9

-34

C:9

-35,

C:9

-36,

C:9

-41,

C

:9-4

2,C

:9-4

6,C

:9-5

5,

C:9

-56

C:9

-48,

C:9

-50,

C:9

-52

C:1

0-26

,C:1

0-29

,C:1

0-31

, C:1

0-33

C

:10-

35,C

:10-

36,C

:10-

37,C

:10-

52,C

:10-

56

Non

e C

:10-

40,C

:10-

41,C

:10-

45,C

:10-

49,C

:10-

58

C:1

0-53

,C:1

0-54

,C:1

0-55


C

:S-1

2

D

ate

W

eek

13

W

eek

14

W

eek

15

Fin

al E

xam

Ses

sion

N

umbe

r

36

37

38

39

40

41

42

43

44

45

T

opic

S

Cor

pora

tions

- R

equi

rem

ents

and

Elec

tion

S C

orpo

ratio

ns -

Ope

ratio

ns

S C

orpo

ratio

ns-B

asis

and

Los

s Pas

sthr

ough

s **

Partn

ersh

ip R

etur

n D

ue**

S

Cor

pora

tions

-Dis

tribu

tion

and

Oth

er

Con

cept

s **

S C

orpo

ratio

n R

etur

n A

ssig

ned*

* G

ift T

axes

-Cal

cula

tion

of T

rans

fer T

ax B

ase

Gift

Tax

es-C

alcu

latio

n of

Tax

Lia

bilit

y **

Cas

e N

o. 2

Ass

igne

d**

Esta

te T

axes

-Cal

cula

tion

of T

rans

fer T

ax

B

ase

Esta

te T

axes

-Cal

cula

tion

of T

ax L

iabi

lity

Inco

me

Taxa

tion

of T

rust

s & E

stat

es

**S

Cor

pora

tion

Ret

urn

Due

**

Inco

me

Taxe

s of T

rust

s & E

stat

es

(c

ontin

ued)

**

Cas

e N

o. 2

Due

**

A

PK

C

hapt

er

11(

pp. 1

-13)

1

1(pp

. 13-

19)

11(

pp. 1

9-27

) 1

1(pp

. 27-

34)

C:1

2(pp

. 1-2

3)

C:1

2(pp

. 23-

28)

C:1

3(pp

. 1-2

2)

C:1

3(pp

. 23-

27)

C:1

4(pp

. 1-1

9)

C:1

4(pp

. 19-

33)

C

ode

Sect

ion

&

R

elat

ed R

egul

atio

ns

13

61,1

362

1363

,137

4,13

75,1

377,

1378

1366

,136

7

1368

,137

1(a)

,137

2

2501

-250

5

Non

e

2031

,203

2

2001

,201

0,20

11

64

1-64

5

Non

e

A

PK

Pr

oble

ms

C:1

1-29

,C:1

1-30

,C:1

1-31

C

:11-

34,C

:11-

35,C

:11-

36, C

:11-

37

C:1

1-45

,C:1

1-46

,C:1

1-57

, C:1

1-59

C

:11-

50,C

:11-

51,C

:11-

54,C

:11-

55,C

:11-

61,C

:11-

62

C:1

2-6,

C:1

2-35

C

:12-

20,C

:12-

41,C

:12-

49,C

:12-

55

C:1

3-5,

C:1

3-35

,C:1

3-36

C

:13-

52,C

:13-

56,C

:13-

58

C:1

4-33

,C:1

4-35

C

:14-

38,C

:14-

39,C

:14-

44, C

:14-

51,C

:14-

52

*The

text

read

ing

incl

udes

the

appr

opria

te p

ortio

n of

the

tax

plan

ning

/con

side

ratio

ns a

nd c

ompl

ianc

e an

d pr

oced

ural

con

side

ratio

ns se

ctio

ns o

f the

cha

pter

.


corp io 2009 fm -...

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