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Buying and Selling S Corporations: Tax Planning Opportunities 4172317D
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Buying or selling an interest in a closely held corporate business is an important transaction. CPAs must be prepared to carefully consider the unique tax characteristics of an S corp to best advise their clients whether they are the sellers or buyers. This course will consider buyer and seller perspectives, relevant law, tax planning opportunities, pitfalls to avoid and necessary compliance issues.

 Export to Your Calendar 12/15/2017
When: 7:30 AM to 3:00 PM
Where: Webinar/Webcast
United States
Presenter: John G. McWilliams, CPA, JD
Contact: April Deneault
801-466-10739


Online registration is available until: 12/15/2017
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Curriculums:   Business and Corporate Taxation,Financial Leadership Forum,Business and Industry

NASBA Credit Category:  Taxes

CPE Hours:  8

Description

Buying or selling an interest in a closely held corporate business is an important transaction. CPAs must be prepared to carefully consider the unique tax characteristics of an S corp to best advise their clients whether they are the sellers or buyers. This course will consider buyer and seller perspectives, relevant law, tax planning opportunities, pitfalls to avoid and necessary compliance issues. Also, review the rules related to determining stock basis of an S corp, treatment of suspended losses, distributions, accumulated adjustment accounts, the built-in gain tax, excess net passive income tax, allocation of income and losses related to changes in ownership of an S corp, and tax treatment of S corp election terminations. Plus, study different tax consequences of asset sales and stock sales, including Sect. 338 and 336(e) elections.

Materials are provided as an ebook.



Major Subjects

  • Making the S election.
  • Built-in gain tax, including planning ideas.
  • Net excess passive income tax and planning.
  • Liquidation of S corps, including special rules related to installment obligations.
  • Suspended loss rules, including tax planning opportunities.
  • Sect. 338(h)(10) and Sect. 336(e) elections.
  • Qualified subchapter S subsidiary election.
  • Special rules for net operating losses and tax credit carryforwards.
  • ESOPs.
  • Consequences of and tax planning for termination of S corp elections.
  • Redemption of S corp stock, including planning opportunities.
  • Basics of acquisitive reorganizations as applied to S corps.

Objectives

  • Identify potential tax advantages or costs of making an S corp election.
  • Recognize tax considerations of liquidating an S corp.
  • Determine when to use Secs. 338(g), 338(h) (10), 336(e) and qualified subchapter S subsidiary elections.
  • Identify allocation taxable income or loss between the buyer and shareholder.
  • Determine how to use an ESOP to sell stock to employees.
  • Identify the basics of acquisitive reorganizations and S corps.

Level:  Intermediate

Designed For

CPAs and attorneys with at least five years of experience advising owners of privately owned businesses who own or acquire S corps; owners and financial managers of privately held corporate businesses; and IRS and FTB employees.

Advanced Prep:

None.

Prerequisite

An understanding of S corp tax law.

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