[WEB] Liquidations for S and C Corporations

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

Seminars in the S & C Corporation Series cover tax topics that apply to both S and C corporations (§1371(a)). This course will review the applicable rules and regulations as they apply to the liquidation of both a C corporation and an S corporation.

Objectives

After completing this course the participant will be able to:

• Discuss the requirements under state law to liquidate a corporation.
• Apply the 3.8% Medicare tax to the liquidation of a C and S corporation.
• Describe the filing requirements under federal and state law to liquidate a corporation, including filing Form 966.
• Distinguish between a sale of assets and a distribution of assets under §331 and §336.
• Explain the options available for goodwill after Martin Ice Cream and Norwalk.
• Illustrate when losses are disallowed under §336(d).
• Describe the tax effect of a liquidation of a subsidiary under §332 and §337 and making a QSub election by filing Form 8869.
• Illustrate the sale of the assets of a C or S corporation for an installment note and the distribution of the installment note in liquidation of the corporation.
• Discuss the §338 election, the §338(h)(10) election for an S corporation (and filing Form 8023), and the §336(e) election for an S corporation (and filing Form 8883).
• Describe the treatment of expenses and debts after the dissolution of the corporation.
• Dsicuss the limitations on the use of losses under §382, §383, and §384.
• Describe the tax attributes which survive a liquidation and the term "transferee liability."