Considers a wide range of topics related to S Corporations with the purpose of creating or refreshing a solid foundation of knowledge in this specialized area of tax law. Review the requirements to elect S Corp status, the process of electing, and the consequences of the election. Discuss the decision to elect or terminate and the sale of the corporate business which create valuable insights and perspective for more advanced S Corp study in the future.
• Determine tax consequences of making the S corp election to the corporation and shareholders.
• Understand the application of the “qualified business income” deduction (IRC 199A)
• Recall requirements that must be satisfied to elect and maintain S corp status.
• Determine how to make an effective S corp election.
• Determine the income and stock basis effect of allocating corporate-level items to the shareholders.
• Identify situations where shareholders could be limited in loss deductions.
• Identify tax planning opportunities related to election or termination of the S corp status.
• Tax consequences of an S corp election.
• Explanation and analysis of the “qualified business income deduction” (IRC 199A)
• Qualification requirements to make and maintain an S corp election.
• Filing the S corp return.
• Allocation of corporate results to the shareholders.
• Adjustments to the basis of the stock of an S corp.
• Limitations on deducting S corp losses.
• Tax consequences of distributions to shareholders.
• Tax planning related to S corp elections or terminations.
• Sale of an S corp business: the basics.
CPAs and attorneys.
Basic understanding of the taxation of individuals, corporations, S corps and partnerships.
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