Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Join expert Greg White, CPA, for this two part course series to cover the best strategies for S Corporation taxation.
In part 2, Greg will take a deep dive into maximizing the QBID for S corporations. We’ll cover the tax consequences of property distributions from an S corp (including circumstances where ordinary income is triggered). We’ll discuss how to decide whether shareholders should provide funds through loans or contributions.
We’ll also cover when clients can get ordinary losses on sales or worthless of S corp stock. We’ll discuss exit strategies for S corporation owners. We’ll take a deep dive into “land banks” – using S corporations to maximize capital gains on the sale of land that will later be developed. You’ll gain a deep understanding of strategies that minimize Federal taxes when your clients dispose of their S corporation businesses.
Publication Date: November 2022
Designed For
Tax practitioners who want to expand tax planning strategies of S corporations.
Topics Covered
- Maximizing the QBID for S corporations
- Tax consequences of property distributions from an S corp (including circumstances where ordinary income is triggered)
- Whether shareholders should provide funds through loans or contributions
- When clients can get ordinary losses on sales or worthless of S corp stock
- Exit strategies for S corporation owners
- "Land banks" — using S corporations to maximize capital gains on the sale of land that will later be developed
Learning Objectives
- Identify strategies to maximize the section 199A deduction for clients in the context of S corporations
- Identify key considerations in making additional contributions to an S corporation
- Identify when an S corporation is the best choice for new clients
- Identify methods to provide a "step-up" to new shareholders — like the step-up that partnerships provide under §743
- Identify strategies to restructure intercompany debt to provide basis to shareholders
- Identify the requirements to take ordinary losses on the sale of S corporation stock
- Recognize a wide variety of exit strategies for S corporation shareholders
- Identify the K-1 "conformity" requirements that apply to shareholders
- Identify a method to create an ordinary loss on the sale of S corporation stock
- Recognize the downside of contributing appreciated property to an S corporation
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of preparing S Corporation returns.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.