For those who have mastered the basics of the S corporation form, this course delves deep into the tax effects that various types of distributions will have on an S corporation?s shareholders. This course, updated for the effect of H.R. 1, commonly referred to as OBBBA, examines planning and reporting successful complex S corporation transactions. The uses of qualified subchapter S subsidiaries are also explored to help minimize client tax bills with winning strategies related to this type of entity.
Learning Objectives
When you complete this course, you will be able to:
- Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
- Calculate gain and loss on the distribution of property.
- Evaluate the rules concerning fringe benefits received by and expenses incurred by S corporation shareholder-employees.
- Apply the rules relating to qualified subchapter S subsidiaries (QSubs).
- Assess the corporate reorganization rules for S corporations.
- Evaluate the effects of a shareholder’s death on the S corporation.
- Calculate the Section 199A deduction.
Major Topics
- Basis in S corporation stock
- Distributions
- Compensation planning
- Qualified subchapter S subsidiaries
- Liquidations, reorganizations and redemptions
- Estate planning and the use of trusts
- Section 199A
