[WEB] Advanced S Corporation Tax Workshop

Description

This course is designed to deal with many of the operating issues and planning ideas available to a business operating as an S corporation, including IRS audit issues and common problems associated with a C corporation that has recently elected S corporation status.

Objectives

• Discuss the problems associated with one-class-of-stock rules and check-the-box regulations.
• Describe issues related to compensation and fringe benefits, including compensating an employee with an ownership interest in the S corporation.
• Explain problems and pitfalls in allowing a trust to hold S corporation stock, including an
  ESBT and QSST, as well as having a marital trust make either an ESBT or QSST election.
• Identify specific problems with S corporation loan and stock basis, net negative adjustment, and AAA, including maximum amount of loss deductible under the basis and at-risk rules, repayment of debt, guarantee of corporate debt, and corporate distributions with and without sub-C earnings and profits, as well as reporting the K-1 items on Form 7203.
• Discuss the treatment of S corporation cancellation of debt (COD) income.
• Discuss the passive loss rules and the self-charged interest rules and the calculation of qualified business income under § 199A.
• Discuss the practical problems that may be encountered if the S corporation operates in a state which has enacted the PTE election.
• Discuss strategies for minimizing the built-in gains tax.
• Calculate the tax on excess net passive income.
• Use the stock redemption rules to the advantage of the S corporation shareholder.
• Discuss the liquidation of an S corporation, including §338(h)(10) and §336(e) elections.
• Employ an S corporation in a reorganization, including qualified subchapter S subsidiaries.