[WEB] Tax Refresher for S and C Corporations

Description

The course will provide the practitioner with an overview and refresher of the corporate tax provisions of subchapter C as they apply to both S and C corporations.

Highlights

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

Objectives

After completing this course the participant will be able to:

• Describe classification problems, including check-the-box regulations and an association taxable as a corporation.
• Describe the tax problems encountered with the formation of a corporation and transfer of assets, and potential pitfalls to be avoided.
• Discuss operational problems, including selection of tax year, restrictions on method of accounting, effect of the aggregation rules on accounting methods, electing S corporation status, calculating earnings and profits and AAA, and common closely held corporation problems.
• Discuss distribution problems, including dividends, qualified dividends, nonliquidating distributions, and distributions of property.
• Determine the effects of stock redemptions, partial liquidations, and the attribution rules.
• Demonstrate the problems with redeeming stock using a related corporation under §304.
• Illustrate taxable and nontaxable stock dividends and define §306 stock.
• Describe the tax effects upon complete liquidations of a corporation.
• Explain a §338(h)(10) election and a §336(e) election.
• Compute the personal holding company tax.
• Identify the basic types of acquisitive and divisive reorganizations, including a nontaxable corporate division under §355.
• Identify the basic tax attributes of a corporation and when their use is limited by §382.

Designed For