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When an existing corporation is considering making the S corporation election, the potential corporate level "built in gain tax" ( IRC 1374) is frequently the most important tax cost to evaluate. Focus on describing when and how the built in gain tax is determined. Discuss topics that include the application of multiple "limitations" on determining the tax and the potential use of existing corporate net operating losses and tax credits. Identify and evaluate tax planning ideas and strategies.
Understanding the basics of the taxation of corporations, S corporations and partnerships.
CPAs and attorneys with at least two years of experience advising privately owned business.
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.”