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If an S corporation owns 100% of the stock of another corporation, the tax consequences of the operation of the subsidiary will depend on whether the S corporation makes a "qualified subchapter S subsidiary election" (QSUB election ). Consider the factors that determine whether this election should be made. Discuss topics covering both immediate and long-term tax consequences and the process necessary to make the election.
Understanding the basics of the taxation of corporations, S corporations and partnerships.
CPAs and lawyers with at least two years of experience advising privately owned businesses.
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.”