This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little-known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.
Learning Objectives
• Identify the transfer of money, property, or both by prospective shareholders and the basic requirements associated with §351.
• Recognize the differences between start-up and organizational expenses, and identify the elements of corporate tax recognition including capital gains and losses.
• Specify the requirements for corporate charitable contributions and determine how to avoid §541 status.
Major Topics
Business Forms & Characteristics • Corporate Formation & Capitalization
• Corporate Principals & Employees
• Basic Fringe Benefits
• Business Entertainment
• Insurance
• Retirement Plans
• Nonqualified Deferred Compensation
• S Corporations
• Business Dispositions & Reorganizations
