Recognize regular corporation elements, specify their advantages and disadvantages specifying tax treatment, and determine how to distinguish them from PSC corporations.

Identify §351 requirements for tax-free incorporation, recognize the impact of the transfer of money, property, or both by prospective shareholders, and determine the availability of §1244 for stock losses and §195 for amortization of start-up expenditures.

Recognize the repeal of the corporate alternative minimum, specify the corporate tax consequences of capital gains and losses, and recognize ways to avert the accumulated earnings trap identifying the potential use of the accumulated earnings credit.

Determine accounting periods and methods available to corporations and specify the tax consequences of liquidating property distributions.