For those who have mastered the basics of the S corporation form, this course delves deep into the tax effects that various types of distributions will have on an S corporation's shareholders. This course, updated for the effect of H.R. 1, commonly referred to as OBBBA, examines planning and reporting successful complex S corporation transactions. The uses of qualified subchapter S subsidiaries are also explored to help minimize client tax bills with winning strategies related to this type of entity.
Objectives
When you complete this course, you will be able to:
Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
Calculate gain and loss on the distribution of property.
Evaluate the rules concerning fringe benefits received by and expenses incurred by S corporation shareholder-employees.
Apply the rules relating to qualified subchapter S subsidiaries(QSubs).
Assess the corporate reorganization rules for S corporations.
Evaluate the effects of a shareholder's death on the S corporation.
Calculate the Section 199Adeduction
Highlights
Basis in S corporation stock
Distributions
Compensation planning
Qualified subchapter S subsidiaries
Liquidations, reorganizations, and redemptions
Estate planning and the use of trusts
Section 199A
