Understand the intricacies of the ever-popular S corporation form of doing business and consider the tax effect that various types of S corporation distributions will have on the corporation's shareholders. Updated for the latest guidance on recently enacted tax legislation, this course examines planning and reporting successful complex S corporation transactions. The uses of Qualified Subchapter S Subsidiaries are also explored to help you minimize your client's tax bill with winning strategies related to this type of entity.
Objectives
- Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
- Calculate gain and loss on the distribution of property.
- Identify the rules concerning fringe benefits received by S corporation shareholder-employees.
- Apply the corporate reorganization rules to S corporations.
- Calculate the tax effect of a redemption of S corporation stock.
- Apply the rules relating to Qualified Subchapter S subsidiaries.
Highlights
S corporation current developments: tax planning impact
Compensation planning
Basis in S corporation stock
Distributions
Use of qualified subchapter S subsidiaries
Liquidations, reorganizations, and redemptions
Estate planning and use of trusts
Who Will Benefit
Managers and partners in public accounting firms
CPA sole proprietors specializing in taxation of S corporations
Tax planning professionals
