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Overview

8.0 Credits
ONLINE

Understand the intricacies of the ever-popular S corporation form of 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, examine 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 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

Prerequisite

Basic knowledge of S Corporation taxation
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