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.
Learning Objectives
- • Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
• Calculate the basis limitations on losses.
• Apply the rules for cash distributions.
• Calculate gain and loss on the distribution of property.
• Apply the corporate reorganization rules to S corporations.
• Calculate the tax effect of a redemption of S corporation stock.
• Identify the rules relating to the liquidation of an S corporation.
• Determine the effect of a shareholder's death on the S corporation.
Major Topics
• 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