Advanced Tax Planning S Corporations - Tax Staff Essentials

Overview

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.

Prerequisites

Basic knowledge of S corporation taxation

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