This course explores a wide range of topics related to S corporations to create or refresh a solid foundation of knowledge in this specialized area of tax law. Review the requirements to elect S corporation status, the process of electing, and the consequences of the election. Discuss the decision to elect or terminate and the sale of the corporate business, which create valuable insights and perspective for more advanced S corporation study in the future.
Learning Objectives
• Determine tax consequences of making the S corporation election to the corporation and shareholders
• Recall requirements that must be satisfied to elect and maintain S corporation status
• Determine how to make an effective S corporation election
• Identify situations where shareholders could be limited in loss deductions
• Identify tax planning opportunities related to election or termination of the S corporation status
Major Topics
• Tax consequences of an S corporation election
• Explanation and analysis of the "qualified business income deduction" (IRC 199A)
• Qualification requirements to make and maintain an S corporation election
• Filing the S corporation return
• Allocation of corporate results to the shareholders
• Adjustments to the basis of the stock of an S corporation
• Limitations on deducting S corporation losses
• Tax consequences of distributions to shareholders
• Tax planning related to S corporation elections or terminations
• Sale of an S corp business: the basics
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