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S Corporation Answer Book, Eighth Edition
S Corporation Answer Book, Eighth Edition
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.
- Qualifying as an S Corporation
- Elections and Consents
- Taxable-Year Rules
- Terminations and Revocations
- Reorganizations of S Corporations
- Protecting the S Corporation Election; Invalid Elections
- Passive Investment Income
- S Corporations' Taxable Income and Losses; Taxation of the S Corporation
- Taxation of S Corporation Shareholders—Basic Pass-Through and Allocation Principles
- Limitations on Shareholder Losses and Deductions
- Shareholders' Basis in S Corporation Stock and Loans
- S Corporation Distributions to Shareholders
- Compensation; Fringe and Retirement Benefits
- Tax Administration of S Corporations
- Estate Planning and Administration
- State Taxation
- Choice of Entity
Judith Rood Traum is an attorney at law in solo practice in Coral Gables, Florida. She has an A.B. magna cum laude from Radcliffe College (Harvard). After leaving graduate studies in psychology to raise three children, she returned to law school when the youngest entered school and earned a J.D. cum laude from the University of Miami. Ms. Traum has served as a Certified Mediator and as a member of the adjunct faculty of Miami-Dade College in their Legal Assistant Program. She has been a frequent lecturer on legal needs of the elderly. She currently devotes much of her time and expertise to various voluntary organizations.
Sydney S. Traum, a tax attorney and CPA, practices law in south Florida. He is sole shareholder and employee of Sydney S. Traum, P.A., which is Of Counsel to the law firm of Levy, Filler, Rodriguez, Kelso & Magilligan, LLP in Miami Beach, Florida. He received his B.B.A. from the City College of New York (Baruch School), J.D. from Harvard Law School, and LL.M. in taxation from New York University Law School. He has been an adjunct professor at the University of Miami Law School and at Florida International University. Mr. Traum has also been a frequent lecturer before numerous professional groups, including the New York State Society of CPAs, the Greater Miami Tax Institute, the Georgia Tax Conference, the Practicing Law Institute, the Philip E. Heckerling-University of Miami Institute on Estate Planning, Alabama Society of CPAs, Wisconsin Society of CPAs, New Mexico Society of CPAs, Washington Society of CPAs, Oregon Society of CPAs, Tennessee Society of CPAs, Arkansas Society of CPAs, Nebraska Society of CPAs, the Florida Institute of CPAs, the Florida Bar, the C.W. Post Tax Institute, the C.W. Post Center for Tax Studies, the Inter-racial Council for Business Opportunity of New York, Accounting Firms Associated, Inc., the International Group of Accounting Firms, the Estate Planning Council of Greater Miami, the Estate Planning Council of Broward County, the Estate Planning Council of Tampa, the North Dade Estate Planning Council, the South Dade Estate Planning Council, the Foundation of Jewish Philanthropies of the Greater Miami Jewish Federation, the Anti-Defamation League of B'nai B'rith, the Miami Chapter of American Society of Women Accountants, Cuban American CPAs Association, and the Miami Chapter of the American Society of CLUs. Mr. Traum is past president and current Board Chair of the Florida Association of Attorney-CPAs, is currently serving as Treasurer of the Harvard Club of Miami, and has an AV rating (the highest possible) from Martindale Hubbell. He is past-president of the American Association of Attorney-CPAs, the Greater Miami Tax Institute, and the Dade County Chapter of Florida Institute of CPAs. He is recognized by the Florida Bar as both a Board-Certified Tax Lawyer and a Board-Certified Wills, Trusts, and Estates Lawyer. Mr. Traum is the author of Aspen's best-selling looseleaf reference, The S Corporation: Planning & Operation, and has published numerous articles, including New IRS Guidance Provides Fresh Impetus for Using Electing Small Business Trusts in Journal of Taxation (May 2001), Bufferd v. Comm'r: Did the Supreme Court Resolve the Statute-of-Limitations Question on S Corporation Pass-Through Items? in Journal of S Corporation Taxation (Winter 1994), and Final Regulations Deal with Basis and Distributions for S Corporation Shareholder in Journal of S Corporation Taxation (Fall 1994). He has also been published in the American Institute of CPA's (AICPA's) Journal of Accountancy and in their other publication The Tax Advisor.