Consider the difference in tax consequences based on the decision to conduct a profit-seeking activity as a sole proprietor. Including sole member limited liability company) partnership, S corporation or C corporation. Review key variables such as tax rates, double tax possibility and special rules that differ for partnerships and corporations. Focus on the taxation of current operations, including plans to make corporate profits available to the owners, and more unusual transactions such as the sale of the business or "buyout" of the owner. Transfers of property for stock or partnership interests will also be considered.
Learning Objectives
• Identify and evaluate differences in tax rates applicable to corporations and individuals
• Explain and analyze the significance of the qualified business income deduction, IRC 199A
• Identify non-tax factors that are different for the various legal entity choices
• Compare the tax consequences of selling a business conducted as a partnership, S corporation or C corporation
Major Topics
• Taxation of corporations and shareholders—potential double taxation
• Comparison of individual and corporate tax rates
• The basics of qualified business income deduction, IRC 199A
• Non-tax factors
• Taxation of operations—differences beyond tax rates
• Taxation of the sale of the assets of a business
• Taxation of sale of stock or interest in the partnership
• Transfer of assets for stock or a partnership interest
• Death of an owner
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