S Corporations: Allocation of Results Webcast | 4173335B

Date :
November 20, 2017 10:00 AM - 12:00 PM
Location :
Webcast
Facility :
Webcast Rebroadcast
Level of Difficulty :
Overview
Member Price :
70.00
Nonmember Price :
94.00
CPE Credits :
CPE 2.00, MCLE 2.00
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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 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:

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  • 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.

Major Subjects:

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  • 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

Advanced Prep:

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None.

Misc. Information:

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Level of Difficulty:
Overview
Field of Interest:
Taxes
Prerequisites:
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Understanding the basics of taxation of corporations, S corporations, and partnerships.

Designed For:
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CPAs and attorneys with at least two years of experience advising privately owned businesses.

Instructors

John G McWilliams, CPA, Esq, Esq.

John McWilliams, CPA, Esq. is professor of accounting at Golden Gate University. Previously he was a professor of accounting at San Francisco State University. He began his career as a tax adviser with a Big Four CPA firm. For more than 30 years, while teaching, he has been a tax adviser to lawyers and CPAs regarding the tax matters of their clients. His areas of expertise include tax issues related to buying and selling privately-held businesses, financially-troubled businesses, business restructuring and reorganization, and ownership succession to employees or family members.

McWilliams has been active in CalCPA, having served as president of the San Francisco Chapter, chair of the Financial Literacy Initiative, member of the CalCPA Board of Directors serving as Vice Chair, and member of the Accounting Education Committee. He has served as a California representative to the AICPA Council, and as a member of two AICPA Tax Division Technical Resource Panels (Corporations, and Shareholders and Partnerships). McWilliams is the original author of two chapters of the CCH Expert Treatise Library: “Federal Taxation of Corporations,” and “Shareholders.”

No Agenda or Materials posted.