Taxation of S Corporations in a Nutshell
Authors:
Kahn, Douglas A. / Kahn, Jeffrey H. / Perris, Terrence G.
Edition:
2nd
Copyright Date:
2017
- Publication Date: February 24th, 2017
- ISBN: 9781683282204
- Subject: Taxation
- Series: Nutshells
- Type: Overviews
- Description: The Subchapter S rules are complex. This book describes the basic rules that apply to S corporations and their shareholders with sufficient detail to alert the reader to potential pitfalls. The topics covered include: (1) the qualification requirements for a Subchapter S election, (2) the allocation of tax items among the shareholders, (3) the effect of those allocations on a shareholder’s basis in stock and debt, (4) the limitations on the deduction of pass through items, (5) the treatment of corporate distributions, (6) the voluntary and involuntary termination of Subchapter S status, (7) the treatment of the year in which a Subchapter S election is terminated, (8) the limited availability of certain Subchapter S provisions after a Subchapter S election is terminated, and (9) the taxation of an S corporation’s passive investment income and built-in gains. The discussion of these issues is supplemented by numerous examples.
