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On-Demand Webcast

Credits: 2

Qualifies For: IRS

$49
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Formation, Distributions, and Compensation of S Corporations and Partnerships (RFDC)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

The ability to advise clients regarding the tax issues associated with the formation of pass- through entities and distributions made from such entities is an essential skill for an experienced tax advisor. This program will equip those who attend with the knowledge to advise their clients regarding the tax consequences associated with entity formation and entity distributions. The program combines a discussion of the applicable tax law principles with easily grasped examples so attendees will be able to apply these principles to assist their own clients.

Major Topics:

  • The basic rules under Sections 351 and 721 governing the tax formation of corporations and partnerships, respectively
  • What is "reasonable" compensation for an S corporation shareholder/employee
  • Tax treatment of S corporation distributions to shareholders, including a discussion of distributions by S corporations with and without earnings and profits
  • The rules regarding the tax impact to a partnership of cash and non cash property in a liquidating and nonliquidating partnership distribution
  • The basis of property to the distributee resulting from a pass-through entities distribution of property
  • Gain at the corporate level resulting when appreciated property is distributed

Learning Objectives

  • Evaluate various approaches to the amount of "reasonable compensation" an S corporation shareholder/employee should receive
  • Determine the taxability of cash and property distributions from a pass-through entity to its owners
  • Calculate the basis of distributed property to the distributee shareholder/partner/LLC member

Who should take this course:

Designed for:

Any tax practitioner who wishes to understand the tax rules regarding pass-through entity formation as well as distributions from such entities

Prerequisite:

Basic understanding of the tax rules impacting individuals and pass-through entities

Advanced Preparation:

None

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