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Electing S corporations may find it desirable or necessary to terminate this election and convert to a C corporation. Alternatively, qualifying C corporations may determine the S status to be the preferred tax status. Terminating or electing S corporation status can be desirable with important current and future tax considerations. We’ll consider situations when such conversions are desirable—identifying and discussing tax planning opportunities and complications at conversion.
• Discuss and analyze situations where terminating an S corporation election could be desirable.
• Consider common situations where S-election may involuntarily terminate.
• Understand the process and tax planning opportunities related to a voluntary revocation.
• Evaluate complications related to mid-year termination of S corporation status.
• Discuss and evaluate limitations on re-electing S corporation status.
• Consider tax result from making the S corporation election – how and the why
• Discuss built-in gain tax planning.
• Reasons to terminate an S corporation election
• Involuntary terminations
• Voluntary revocations the process and the consequences
• Tax planning opportunities related to the termination of S corporation status
• Complications arising from a mid-year termination
• Limitations on re-electing S corporation status
• Making the S corporation election how and why
• Built-in gain planning
Understanding the basics of taxation of individuals, corporations, S corporations and partnerships.
CPAs and attorneys.