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S Corporation Answer Book, Ninth Edition S Corporation Answer Book, Ninth Edition

S Corporation Answer Book, Ninth Edition

By Michael Kosnitzky, Keith Blum, Sydney S. Traum
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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. 

S Corporation Answer Book, Ninth 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.

Note: Online subscriptions are for three-month periods.

Previous Edition: S Corporation Answer Book, Eighth Edition 9781454845133

Pages 1362
Last Updated 03/13/2019
Update Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781543809985
SKU 10071416-7777
Publish Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010071699
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

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