This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.
Learning Objectives
- Discuss the conversion of a C corporation to an S corporation
- Examine operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations
- Describe the rules governing the liquidation of an S corporation
- Examine the issues in compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues
- Be familiar with the results of case studies that reinforce key learning points
Major Topics
- Detailed rules governing basis in the shareholder's debt and stock AAA
- Built-in gains incurred from the sale of assets
- Redemptions and liquidations
- Compensation planning for shareholders