Consider the difference in tax consequences based on the decision to be either a partnership, S corporation or C corporation. Review key variables such as tax rates, double tax possibility and special rules that differ for partnerships and corporations. Focus on the taxation of current operations, including plans to make corporate profits available to the owners, and more unusual transactions such as the sale of the business or “buyout” of the owner. Transfers of property for stock or partnership interests will also be considered.
• Identify and evaluate differences in tax rates applicable to corporations and individuals.
• Explain and analyze the significance of the qualified business income deduction, IRC 199A.
• Recognize the potential for double tax for a C corporation including tax planning ideas to avoid double taxation.
• Recall special rules that are different for partnerships compared to corporations.
• Identify non-tax factors that are different for the various legal entity choices.
• Determine the importance of the difference in tax results for entity assets transferred to the owners.
• Compare the tax consequences of selling a business conducted as a partnership, S corporation or C corporation.
• Analyze the differences between partnerships and corporations when assets are transferred for stock or a partnership interest.
• Identify differences in tax consequences at the death of an owner.
• Taxation of corporations and shareholders—potential double taxation
• Comparison of individual and corporate tax rates
• The qualified business income deduction, IRC 199A.
• Special rules—differences that matter
• Non-tax factors
• Taxation of operations—differences beyond tax rates
• Tax considerations of making business assets available to owners
• Taxation of the sale of the assets of a business
• Taxation of sale of stock or interest in the partnership
• Transfer of assets for stock or a partnership interest
• Death of an owner
• Hybrid structure planning
CPAs, financial professionals, attorneys and tax practitioners.
An understanding of the taxation of individuals, corporations, S corporations and partnerships.
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