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22WC-1115: S Corporations: Allocation of Results (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Monday, January 30, 2023
10:00am - 12:00pm Central Time
2 CPE (2 technical)

Review and discuss topics focused on how the tax results of an S Corporation are allocated among the shareholders. The determination of the nature of the allocated items can dramatically alter the shareholder-level tax consequences. When stock ownership changes during the S Corporation's year, a complex set of rules determines the allocation among shareholders. Consider how these rules apply when new stock is issued, redeemed, or sold. If there is a mid-year termination of the S-election, the rules that determine the taxable income of the S Corporation and C Corporation can determine not only the amount of tax but also who bears the tax cost of operating the business. We will discuss these rules and the related tax compliance requirements.

Major subjects

  • The general approach to the allocation of S Corporation tax results to the shareholders
  • Separately stated and non-separately stated items determination and consequences
  • Allocation complications and related tax consequences when the stock of the S Corporation is sold
  • Special allocation rules when new stock is issued or outstanding stock is redeemed
  • Allocation of taxable income when the S Corporation election is terminated mid-year
  • Tax compliance responsibilities related to a mid-year termination of the S Corporation status

Learning objective(s)

  • Determine the general approach of allocating the tax results of an S Corporation to the shareholders.
  • Discuss the determination and consequence of "separately stated" items
  • Explain how stock sales affect the allocation of taxable income and the tax consequences of the stock sale.
  • Recognize the special allocation complications when new stock is issued or existing stock is redeemed.
  • Recognize the allocation and tax compliance complications presented when the S Corporation election terminates mid-year.

Who should take this program?

CPAs and attorneys.

Fees

Our records indicate you are a nonmember. If you register, you will be charged $109.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $79.00
checkmarkStandard Nonmember Fee $109.00

More program information

Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (2.0)
Level Overview
Format Group Internet Based
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Prerequisites Prereq. Understanding the basics of taxation of individuals, corporations, S Corporations and partnerships.
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.