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Incorporating a Business (4152996A)
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The tax consequences related to the transfer of property to a corporation for corporate stock can be eligible for a favorable tax deferred result. Learn when and how the favorable result is accomplished. Topics considered include asset transfer for stock, the formation of a new corporation starting a new business, the incorporation of an existing business, incorporation of partnerships or LLCs, statutory entity conversions and checking the box for existing partnerships converting to a corporatio

8/7/2015
When: 8/7/2015
9:30 AM - 1:00 PM
Where: Webcast/Webinar
Presenter: John G. McWilliams, CPA, JD
Contact: April Deneault
801-834-6634


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The tax consequences related to the transfer of property to a corporation for corporate stock can be eligible for a favorable tax deferred result. Learn when and how the favorable result is accomplished. Topics considered include asset transfer for stock, the formation of a new corporation starting a new business, the incorporation of an existing business, incorporation of partnerships or LLCs, statutory entity conversions and checking the box for existing partnerships converting to a corporation.

Objectives:

Determine the requirements to qualify for tax deferral as a result of IRC 351.
Recognize the tax consequences of receiving something other than stock (boot).
Identify and illustrate complications related to liability assumptions.
Recall anti-abuse rules related to transferring assets with built in losses.
Determine how to apply IRC 351 to transactions converting partnerships and LLCs to corporations.
Identify special complications related to incorporating an existing business.
Recognize the complications related to transfers involving both property and performance of services.


Major Subjects:

IRC 351: Qualification for tax deferred result and application of to transactions converting partnerships and LLCs to corporations
Tax consequences of receiving something other than stock (boot)
Complications related to liability assumptions
Anti-abuse rules related to transferring assets with built in losses
Incorporating existing businesses
Transfer involving both property and the performance of services
Transfers with both corporate debt and stock received for property
Complication when corporation has multiple classes of stock





Designed For:

CPAs and attorneys with at least two years of experience advising owners of privately held businesses; financial management and owners of privately held corporate businesses; IRS and FTB employees.

Prerequisite: None


 

Advanced Prep: None

  

Speaker: John G. McWilliams, CPA, JD

Vendor: CalCPA

Field of Study: Tax

Level: Overview

CPE Credit: 4 Hours

Acronym: INCB

 

Registration Fees:

Members: $140

Nonmembers: $188

 

Meet the Speaker:

John McWilliams, CPA, JD is Professor of Accounting at Golden Gate University. Previously he was a Professor of Accounting at San Francisco State University. He began his career as a tax adviser with a Big Four CPA firm. For more than 30 years, while teaching, he has been a tax adviser to lawyers and CPAs regarding the tax matters of their clients. Areas of expertise include tax issues related to buying and selling privately held businesses, financially troubled businesses, business restructuring and reorganization and ownership succession to employees or family members. Mr. McWilliams is active in CalCPA, having served as president of the San Francisco Chapter, chair of the Financial Literacy Initiative, a member of the CalCPA Board of Directors serving as Vice Chair. He is currently a member of the Taxation Committee, the Financial Literacy Committe, and the Accounting Education Committee. He has served as a California representative to the AICPA Council and is currently a member of the AICPA Financial Literacy Commission. Mr McWilliams is author of two chapters of the CCH Expert Treatise Library : Federal Taxation of Corporations & Shareholders.

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