S Corporation Taxation (2024)

S corporations file more tax returns than any other business entity in the United States of America. This book provides, in a single volume, a comprehensive guide and reference tool for the tax practitioner to solve the many problems arising in regard to S corporation taxation.

S Corporation Taxation is organized into 22 chapters.

• The early part of the book focuses on the numerous eligibility requirements which have various pitfalls and complications.
• Chapters 5 and 6 cover various elections, termination of S corporation status, and means to preserve S corporation status when inadvertent violations of the eligibility rules occur.
• Chapters 7 through 12 deal with the computation and reporting of income, deductions and distributions in the normal course of the S corporation’s business activities. Included in these materials are related party dealings, and the interplay of various loss limitations imposed on the corporation and each of its shareholders.
• Chapter 13 contains a comprehensive discussion of cancellation of debt, with special emphasis on the complex interactions between an S corporation, its creditors and its shareholders. This material includes important information on elections and timing rules.
• Chapters 14 through 16 deal with the corporate level taxes on built-in gains, LIFO recapture and passive investment income.
• Chapter 17 covers Qualified Subchapter S Subsidiaries and other multi-enterprise relationships which include S corporations.
• Chapters 18 and 19 cover corporation rules concerning incorporations, redemptions and liquidations, with the special effects that S elections have on these transactions.
• Chapters 20 and 21 describe various alternatives for acquisitions and divisions of S corporations, both taxable and tax deferred.
• Appropriately, Chapter 22 concludes the book with estate planning problems and opportunities.

This book removes some of the mystery surrounding S corporations and their complexities. Its thorough coverage, realistic examples, and tax pointers provide the reader with a unique addition to his or her tax library.