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23WC-1206: S Corporations: Built-in Gain Tax (Webinar)

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

Tuesday, February 27, 2024
12:00pm - 2:00pm Central Time
2 CPE (2 technical)

When an existing corporation considers making the S Corporation election, the potential corporate-level 'built-in gain tax' (IRC 1374) is often the most important tax cost to evaluate. Learn when and how the built-in gain tax is determined. Discuss topics that include the application of multiple 'limitations' on determining the tax and the potential use of existing corporate net operating losses and tax credits. Identify and evaluate tax planning ideas and strategies.

Major subjects

  • Identification of facts that could cause the imposition of the built-in gain tax
  • The calculation of the tax on "net recognized built-in gain" during the "recognition period"
  • The meaning of "current mandatory double tax"
  • The aggregate limitation based on "net unrealized built-in gain"
  • The limitation based on the "gain" that existed at conversion
  • The importance of valuation analysis at conversion
  • The taxable income limitation
  • Using existing corporate net operating losses and tax credits
  • Tax planning ideas and strategies to minimize or avoid the tax on the built-in gain

Learning objective(s)

  • Identify when the built-in gain tax could apply
  • Calculate the built-in gain tax including the application of three "limitations"
  • Recognize tax planning techniques to minimize or eliminate the built-in gain tax

Who should take this program?

CPAs and attorneys


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More program information

Instructor John McWilliams, JD, CPA
Location Online
of study
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 the taxation of individuals, C Corporations, S Corporations and partnerships
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If you have questions about this event, please call us at 952-831-2707.