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ISBN: 9780769847726
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This practical 2-volume set provides step-by-step guidance through every important area of tax planning for S corporations, offering analysis of relevant Code sections, regulations and rulings, together with flowcharts, case studies, checklists, computational examples, planning tips and more.

Coverage includes such vital areas as:

•  How to handle S corporation distributions and the accumulated adjustments account
•  Converting from C corp to S corp status
•  How and why an S corp can save tax dollars
•  Complying with the one-class-of-stock rules
•  The effect of the passive activity loss provisions
•  Rules for selecting a taxable year and for making estimated tax payments
•  Estate planning with S corp stock
•  Minimizing the built-in gains tax
•  How to maximize tax-free distributions
•  Limited liability companies

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Table of Contents


Chapter 1 Eligibility Requirements for S Status

Chapter 2 Taxable Years

Chapter 3 The S Election

Chapter 4 Termination of S Status

Chapter 5 Incorporation and Capitalization of an S Corporation

Chapter 6 Computation and Characterization of Income

Chapter 6A 3.8 Percent Medicare Tax

Chapter 7 Corporate Level Taxes on S Corporations

Chapter 8 Determining and Reporting Allocable Shares

Chapter 9 Calculating a Shareholder's Basis

Chapter 10 Compensation and Fringe Benefit Planning

Chapter 11 Tax Administration Issues for S Corporations


Chapter 12 Distributions

Chapter 13 Sales and Redemptions of S Corporation Stock

Chapter 14 Shareholder Agreements

Chapter 15 Taxable and Nontaxable Acquisitions

Chapter 16 Tax Consideration When Liquidating S Corporations

Chapter 17 Choice of Entity--Tax and Business Strategies

Chapter 18 Operating the Professional Corporation: The S Corporation Alternative

Chapter 19 Operating as an S Corporation Through a State Law Limited Liability Company

Chapter 20 Using the S Corporation as a Real Estate Developer

Chapter 21 Bankruptcy, Insolvency and Cancellation of Debt

Chapter 22 State Taxation of Subchapter S and Their Owners--An Overview

Chapter 23 Estate Planning

Chapter 24 Case Studies