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Making the S-election avoids double taxation for corporate operations after the election is effective. Consider the special rules related to adjusting the stock adjusted basis, distributions and loss limitations. Rules surrounding the S Corporation election are necessary to accomplish the single level of tax at the shareholder level. Evaluate the details of the adjustments to the stock basis. Cover descriptions and illustrations regarding the calculation of the "accumulated adjustment account" (AAA) and determination of whether a distribution is from AAA. Loss limitation rules will be explained and illustrated, focusing on complications arising when distributions and losses occur in the same taxable year. Also, take into account the tax considerations of losses reducing the adjusted basis in shareholder loans. Identify and evaluate tax planning opportunities and strategies.
CPAs and attorneys.
NASBA ID#: 104822
Group Internet Based
Understanding the basics of taxation of individuals, corporations, S Corporations and partnerships.