Identify classifications, conventions, and limitations used in the cost recovery of assets.

Calculate the depreciation of tangible assets, amortization of intangible assets, and depletion of natural resources.

Distinguish between realized gains and losses versus recognized gains and losses.

Compute the netting of gains and losses for ordinary items, Section 1231 assets, and short-term or long-term capital transactions.

Evaluate the tax treatment of different organizational forms.

Compare and contrast the taxation of individuals and corporations.

Calculate the corporate income tax.

Determine the tax effects of incorporation, corporate distributions to shareholders, complete corporate liquidations, and corporate reorganizations.

Determine the tax effects of forming a partnership, partnership distributions, and partnership terminations.

Distinguish between the types of entities treated as partnerships for tax purposes.

Apply partnership tax provisions to limited liability companies and limited liability partnerships.

Identify corporations that qualify for the Subchapter S election.