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.
Learning 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
- 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(Subs)
- Assess the corporate reorganization rules for S corporations
- Evaluate the effects of a shareholder’s death on the S corporation
- Calculate the Section 199Adeduction
Major Topics
- 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