2016 S Corporation Update (Currently Unavailable)

Author: Robert Barnett

S corporations continue to play an important role in business structure. If the specific rules and requirements are not followed, this special tax status may be lost resulting in significant increases in corporate taxation. This course will focus on new cases and rulings with specific attention to avoiding traps and pitfalls.

Publication Date: September 2016

Designed For
All practitioners involved in corporate return preparation and transactions.

Topics Covered

• S Corporation — Election and Qualification
• Passive Activity and 3.8% Medicare Surtax
• Loss Utilization and Basis
• Open Account Debt Regulations
• Shareholder Loans
• Compensation Issues

Learning Objectives

• Identify how to avoid traps and pitfalls in S corporation business structure
• Recognize new opportunities and risks in corporate taxation
• Identify planning opportunities for your client
• Differentiate requirements to make for an S corp election
• Utilize Wade v. Comm'r and the Squeri case as a precedent in client scenarios
• Identify passive activity losses for an S corporation
• Recognize and apply regulations for open account debt
• Describe how to make a sub election for your S corp subsidiary
• Identify how to get relief for a late S corp election
• Differentiate private letter rulings to find how you would be permitted a shareholder agreement
• Identify S corporation interest that has been received in installments from a sale of the business
• Recognize how rental income would be classified through an S corporation
• Differentiate various court cases where shareholders failed to deduct prior year losses

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of S corporations.

Advance Preparation
None