S Corporations: QSUB Elections Webcast | 4173333B

Date :
December 11, 2017 10:00 AM - 11:00 AM
Location :
Webcast
Facility :
Webcast Rebroadcast
Level of Difficulty :
Overview
Member Price :
35.00
Nonmember Price :
47.00
CPE Credits :
CPE 1.00, MCLE 1.00
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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.

Materials are provided as an ebook for this course.

Objectives:

  • Recognize the immediate and long term tax consequences of making or not making a QSUB election.
  • Identify situations where the QSUB election can be made.
  • Analyze the result of the "deemed liquidation" including unusual facts which can create complications.
  • Discuss situations where the election could be desirable or undesirable.
  • Explain the tax compliance requirements  necessary to successfully make the QSUB election.

Major Subjects:

  • Requirements that must be satisfied to make the QSUB election.
  • How to make the QSUB election.
  • Immediate tax consequences of election, "deemed liquidation."
  • Potential complications of "deemed IRC 332 liquidation."
  • Situations where the QSUB election could be desirable.
  • Situations where the QSUB election could be undesirable.
  • Longer term consequences of the decision to elect or not elect.

Advanced Prep:

None.

Misc. Information:

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Level of Difficulty:
Overview
Field of Interest:
Taxes
Prerequisites:

Understanding the basics of the taxation of corporations, S corporations and partnerships.

Designed For:

CPAs and lawyers with at least two years of experience advising privately owned businesses.

Instructors

John G McWilliams, CPA, 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.