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Discuss the following regarding corporate vs individual taxation.

A. Determination of gross income

B. Property transactions

C. Credits that are personal in nature

D. Charitable contributions and casualty/theft losses

E. Accounting periods.

Oct 23rd, 2017

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A) Gross income refers to the total income of an individual, or the income after cost of goods sold for a corporation.

B) The rights, claims, and title of a piece of real estate (land) is transferred between two or more parties. For an individual, property is owned as a title in name. A corporation that owns property owns it as an asset. Individuals and corporations may deduct mortgage interest on the sale of real property, but improvements to property are never deductible when owned by an individual. Corporations that invest in property may deduct the investment as an expense or capitalize, as required.

The field of property transactions is vastly more complicated than can possibly be expounded upon in the 20 minutes I have to write this :)

C) Personal credits refer to income tax allowances for individuals, such as the married/civil partner tax credit, widower tax credit, single parent/single individual tax credit, and so on. These are tax allowances of a nature that a corporation could not have, for example having children or being married.

D) Corporations may not declare charitable contributions, however individuals receive tax breaks for same.

E) For an individual, an accounting period refers to the calendar year. Corporations have accounting periods that are generally one year in length but may not begin on the first of the year or end on the last day of the year. Corporations also have inter-calendar accounting periods, such as quarterly earnings statements that may be contractually required.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 12th, 2015

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