TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 - Chapter 22: S corporations

The purpose of this chapter is: Describe the requirements and process to elect S corporation status; explain the events that terminate the S corporation election; describe operating issues relating to S corporation accounting periods and methods, and explain income and loss allocations and separately stated items;. | Chapter 22 S corporations Learning Objectives Describe the requirements and process to elect S corporation status. Explain the events that terminate the S corporation election. Describe operating issues relating to S corporation accounting periods and methods, and explain income and loss allocations and separately stated items. Explain stock-basis calculations, loss limitations, determination of self-employment income, and fringe benefit rules that apply to S corporation shareholders. Apply the tax rules for S corporation operating distributions and liquidating distributions. Describe the taxes that apply to S corporations, estimated tax requirements, and tax return filing requirements. S Corporation Elections Formation – §351 Qualification requirements Shareholder type and number limits on corporation type 1 class of stock Filing the election Effective date S Corporation Terminations Voluntary Terminations Elected by shareholders with > 50% stock Effective date Involuntary .

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• Business entities
• Individual taxation
• Multijurisdictional taxation
• Transfer taxes
• Operating distributions
• Post termination transition period
• Urban market business entities
• Competitiveness of urban market business entities
• Market business entities
• Organization and management capacity
• Finance competence and business performance
• Essentials of taxation
• Business tax credits
• Corporate alternative minimum tax
• Limited liability entities
• Profits and distributions
• Entity legal classification
• Nontax characteristics
• Business income
• Accounting methods
• Operating partnerships
• Flow through entities
• The financial statements
• Business deductions
• Financial statements
• Loss limitations
• Property transactions
• Corporate taxation
• Nonliquidating distributions
• Corporate formation
• Taxable acquisitions
• Partnership interests
• Partnership distributions
• Local taxes
• Income taxes
• Multinational transactions
• Taxing multinational transactions
• Wealth planning
• Tax rate structures
• Federal taxes
• Tax compliance
• Tax authorities
• Tax planning strategies
• Related limitations
• Individual income tax
• Filing status
• Gross income
• Recognize income
• Individual deductions
• Deductions for AGI