Advanced Tax Workshop for S and C Corporations

Description

The program is designed to take the participants beyond the basic rules that apply to the preparation of the tax return and discusses corporate problems that are commonly encountered later on in the life cycle of the corporation. The instructor will assume that the participant is familiar with all the forms necessary for the preparation of Forms 1120 and 1120S and understands the basic operating provisions for both C and S corporations.

Highlights

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

Objectives

After completing this course the participant will be able to:

• Discuss the tax effect of various corporate distributions, including dividends, qualified dividends, nonliquidating distributions, and distributions of property for C and S corps.
• Calculate earnings and profits and AAA for an S corporation.
• Determine the tax effects of stock redemptions, partial liquidations, and the attribution rules of §318 as the rules apply to both C and S corporation.
• Demonstrate the problems with redeeming stock using a related corporation under §304.
• Illustrate taxable and nontaxable stock dividends and define §306 stock.
• Calculate the personal holding company tax.
• Describe the tax effects of complete liquidations of both C and S corporation, including a §338(h)(10) election and a §336(e) election as well as the steps to convert an LLC taxed as an S corporation to an LLC taxed as a partnership.
• Explain the limitation on deduction of net operating losses after an ownership change occurs under §382.
• Identify the basic types of acquisitive and divisive reorganizations for both a C and S corporation, including a nontaxable corporate division under §355, and identify when to use each, as well as using an F reorganization with a QSub election to facilitate the sale of assets in an S corporation where it is important to retain the ID number and leases and contracts of the acquired S corporation.