Webcast: S Corporations - Allocation of Results (XCSCAR17)
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Delve into 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

7/17/2017
When: 07/17/2017
12:00 PM until 2:00 PM
Where: Webcast
CALCPA
4173335A
United States
Presenter: John G. McWilliams, CPA, JD


Online registration is closed.
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Acronym XCSCAR17
CPE 2 hours
Vendor CalCPA
Category
Taxation
Level Overview
Prerequisite Understanding the basics of taxation of corporations, S corporations, and partnerships.
Adv Prep None
Yellow Book? No
Designed for CPAs and attorneys with at least two years of experience advising privately owned businesses.
Registration
Member $60
CPA Non-Member $94

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

Delve into 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.

Objectives

  • 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 and tax compliance complications presented when the S corporation election terminates mid-year.

Major Topics

  • General approach to 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 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