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S Corporation Answer Book, Eighth Edition

S Corporation Answer Book, Eighth Edition

By Michael Kosnitzky , Keith Blum, Sydney S. Traum
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Looseleaf
$479.00

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Overview

Maximize S Corporation advantages and minimize taxes. This quick-reference manual enables you to avoid tax traps, make a QSub election, capitalize on the permissible differences in stock rights to facilitate estate planning and ownership transfers, determine allocation of income, losses, and deductions in the termination year of the S corporation; with full citations to the controlling rules, regulations, and court decisions to save you hours of research. By Judith Rood Traum and Sydney S. Traum

S Corporation Answer Book, Eighth Edition lets you help clients take full advantage of their S corporation status and minimize their taxes. This quick-reference manual leads you directly to authoritative information on every aspect of the S corporation, enabling you to

  • Arm the S corporation against the potential tax traps hidden in the Small Business Tax Protection Act.
  • Maximize the tax benefits of S corporation status.
  • Make a qualified Subchapter S Subsidiary (QSub) election.
  • Identify transactions that will trigger the built-in gains tax.
  • Avoid added tax liability or loss of S corporation status from passive investment income.
  • Capitalize on the permissible differences in stock rights to facilitate estate planning and ownership transfers.
  • Determine allocation of income, losses, and deductions in the termination year of the S corporation.

Plus, there are citations to the controlling rules, regulations, and court decisions that will save you hours of research.

Last Updated 07/09/2018
Update Frequency Updated twice annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454845133
SKU 10046219-7777
Table of Contents

List of Questions

Chapter 1

Qualifying as an S Corporation

   

Basic Considerations

   

Ownership and Business Considerations

   

Capital Structure

   

Organization and Contributions to Capital

   

Foreign Operations

Chapter 2

Elections and Consents

   

Manner and Time of Election

   

Consents

   

Withdrawal and Amendment

   

Reelection

   

Private Letter Rulings

Chapter 3

Taxable-Year Rules

   

Taxable-Year Options

   

Taxable-Year Election Mechanics

   

Maintenance and Termination of the Section 444 Election

Chapter 4

Terminations and Revocations

   

Basic Considerations

   

Terminations

   

Revocations

   

Accounting for a Termination or Revocation

   

Post-Termination Estimated Tax

Chapter 5

Reorganizations of S Corporations

   

Basic Considerations

   

Mergers and Consolidations

   

Divisions, Acquisitions, and Sales

   

Other Transactions

Chapter 6

Protecting the S Corporation Election; Invalid Elections

   

Threats to the Election

   

Protective Measures

   

Invalid Elections

Chapter 7

Passive Investment Income

   

Basic Considerations

   

Gross Receipts

   

Income Characterization

   

Corporate Planning

Chapter 8

S Corporations' Taxable Income and Losses; Taxation of the S Corporation

   

Fundamental Principles

   

Tax on Excess Passive Investment Income

   

Long-Term Capital Gains—Historical Perspective

   

Built-in Gains

   

Investment Tax Credit Recapture

   

Last-In, First-Out (LIFO) Recapture

   

Estimated Tax Payments

Chapter 9

Taxation of S Corporation Shareholders—Basic Pass-Through and Allocation Principles

   

Pass-Through of Income, Losses, and Other Items

   

Changes in Ownership

   

Other Concerns

Chapter 10

Limitations on Shareholder Losses and Deductions

   

Basis Limitations

   

Interrelationship of Subchapter S and Code Section 1244

   

At-Risk Rules

   

Passive Activity Loss (PAL) Rules—Overview

   

PAL Rules—Definition of Activity

   

PAL Rules—Material Participation

   

PAL Rules—Disallowed Losses and Credits

   

PAL Rules—Rental Activities

   

PAL Rules—Dispositions of Property or Interests in Property

   

PAL Rules—Effective Dates and Transitional Rules

Chapter 11

Shareholders' Basis in S Corporation Stock and Loans

   

Determining Basis

   

Structuring Loans to Increase Basis

   

Contributions to Capital—A Planning Tool

Chapter 12

S Corporation Distributions to Shareholders

   

Fundamental Concepts

   

Corporations Without E&P

   

Corporations with E&P

   

Post-Termination Distribution

   

Unintended Dividends

Chapter 13

Compensation; Fringe and Retirement Benefits

   

Compensation

   

Fringe Benefits

   

Retirement Plans

   

Life Insurance

Chapter 14

Tax Administration of S Corporations

   

Returns

   

S Corporation Audits Generally

   

Subchapter S Items

   

Statute of Limitations and Other Matters

   

Tax Return Issues

Chapter 15

Estate Planning and Administration

   

Pre-Death Considerations

   

Post-Death Considerations

Chapter 16

State Taxation

Chapter 17

Choice of Entity

   

Forms of Entities and Definitions

   

Taxation of Different Entities

   

Distinguishing Characteristics

   

Choosing the Form to Use

   

Switching Forms of Entity

Chapter 18

2017 Tax Reform

   

Summary of Changes

   

The (20%) Passthrough Business Income Deduction

   

Deemed Repatriation

   

Qualified Beneficiary ESBTs

   

Global Intangible Low-Taxed Income

   

Limitation on Deduction of Business Interest

   

S Corporation Conversion to C Corporation

   

Bonus Depreciation (For Both New and Used Property)

   

Availability of Cash Method Accounting

   

Reduced Income Tax Rates

   

Carried Interest

   

Significant Developments Regarding Tax Reform

   

Appendix A: Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns

   

Appendix B: Publication 5292—How to Calculate Section 965 Amounts and Elections Available to Taxpayers For use in Preparing 2017 Returns

   

Appendix C: H.R. 1-10: Part II—Deduction for Qualified Business Income of Pass-Through Entities

Tables

 
   

Internal Revenue Code Sections

   

Treasury Regulations Sections

   

Administrative Announcements

   

Cases

Glossary

Index

About The Experts
Volumes