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S Corporations: Qualification, Election and Termination 4173330B
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The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied to make this tax election and the process necessary to make the election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

11/13/2017
When: 11:00 AM to 1:00 PM
Where: Webinar/Webcast
United States
Presenter: John G. McWilliams, CPA, JD
Contact: April Deneault
801-466-10560


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Curriculums:   Business and Corporate Taxation,Financial Leadership Forum,Business and Industry

NASBA Credit Category:  Taxes

CPE Hours:  2

Description

The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied to make this tax election and the process necessary to make the election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

Materials are provided as an ebook for this course.



Major Subjects

  • Qualified shareholder requirement
  • Trusts as shareholders
  • Estates as shareholders
  • Qualified tax exempt shareholders
  • Tax planning ideas to accommodate economic investments by disqualified investors
  • Special rules for counting number of shareholders
  • One class of stock requirement
  • Indirect preferences creating risk of failing one class of stock requirement
  • Disqualified corporations
  • Making an effective S corporation election
  • Relief for late or defective elections
  • Inadvertent termination relief for involuntary terminations
  • Reasons for involuntary termination
  • How to voluntarily revoke an S corporation election
  • Why voluntarily revoke an S corporation election
  • Tax planning related to a planned termination.
  • Re-election after termination

Objectives

  • Identify and discuss the requirements that must be satisfied to make the S corporation election.
  • Recognize complications related to having trusts, estates, tax exempt and ESOP shareholders.
  • Review and application of the one class of stock requirement to accomplish continued qualification.
  • Determine tax planning ideas to accommodate economic participation by disqualified investors.
  • Identify the process that must be followed to make the election, including when the election must be made and the consequences of a defective election.
  • Recognize tax planning opportunities related to a voluntary termination.
  • Identify the possible application of the inadvertent termination rule to avoid an unplanned termination.
  • Recognize limitation on re-electing after a termination.

Level:  Overview

Designed For

CPAs and attorneys with at least two years of experience advising privately owned businesses.

Advanced Prep:

None.

Prerequisite

Understanding the basics of taxation of corporations, S corporations and partnerships.

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