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REG Review: Corporate Taxes
line items in calculating corporate income taxes
26
Accounting
Professional
10/05/2011

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Cards

Term
COGS
Definition
deduct from gross receipts in calculating income
Term
Dividends received
Definition
include in income
(Schedule C)
Deduction for dividends received from domestic corporation:
own < 20% deduct 70% dividends
own 20%-80%, deduct 80%
own > 80%, deduct 100% dividends recd
Term
Interest received
Definition
Include in income
Term
Rent received
Definition
include in income
Term
Royalties received
Definition
include in income
Term
Capital gains
Definition
include in income
(Schedule D)
only to extent of capital losses
Term
Other gains and losses
Definition
include in income (Form 4797)
Term
Other income
Definition
include in income
Term
Compensation of officers
Definition
deduct from income (Schedule E)
Term
Salaries and wages
Definition
deduct from income
Term
Repairs and maintenance
Definition
deduct from income
Term
Bad debts
Definition
deduct from income
Term
rents paid
Definition
deduct from income
Term
taxes and licenses paid
Definition
deduct from income
Term
Interest paid
Definition
deduct from income
Term
Charitable contributions
Definition
deduct from income
limited to 10% of taxable income; carryforward 5 years
Term
Depreciation
Definition
deduct from income (form 4562)
Term
depletion
Definition
deduct from income
Term
advertising
Definition
deduct from income
Term
pension and profit sharing plans
Definition
deduct from income
Term
employee benefit programs
Definition
deduct from income
Term
net operating loss
Definition
deduct from income; carry back 2 years and forward 20 years
Term
special deductions
Definition
deduct from income (schedule C)
Term
key person life insurance premiums
Definition
not deductible
Term
key person life insurance proceeds
Definition
not included in gross income
Term
Capital losses
Definition
only deductible to extent of capital gains; carry back 3 years and forward 5 years
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