S Corporation Taxation 2017

Author: Robert W. Jamison
Publisher: Cch
ISBN: 9780808045151
Size: 37.33 MB
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The S corporation is the most popular entity for closely held businesses, but the rules that regulate S corporations and make them a popular choice are complex, confusing and in a state of flux.

Income Tax Fundamentals 2016

Author: Gerald E. Whittenburg
Publisher: Cengage Learning
ISBN: 1305664485
Size: 42.83 MB
Format: PDF
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LO 11.2 Compute basic capital gains and losses for corporations. LO 11.3
Ascertain how special deductions may affect corporate taxable income. LO 11.4
Identify the components of Schedule M-1 and how they are reported to the IRS.
LO 11.5 Know the corporate tax return filing and estimated tax payment
requirements. LO 11.6 Understand, in general, how an S corporation is taxed and
operates. LO 11.7 Understand the basic tax rules for the formation of a
corporation. LO 11.8 ...

South Western Federal Taxation 2018 Comprehensive

Author: William H. Hoffman
Publisher: Cengage Learning
ISBN: 1337386006
Size: 39.12 MB
Format: PDF, ePub, Docs
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S corporation income distributions do not count as compensation for computing
an employee's contribution formula for a qualified retirement plan. • The IRS and
the courts require ... If a partner or proprietor reports salary income from other
sources and the aggregate salaries exceed the annual FICA ceiling, a
partnership or proprietorship entity may provide tax savings over an S
corporation. ... EXAMPLE A calendar year C corporation has an NOL of $20,000
in 2016. The corporation ...

Ey Tax Guide 2016

Author: Ernst & Young LLP
Publisher: John Wiley & Sons
ISBN: 1119243122
Size: 72.95 MB
Format: PDF, ePub, Mobi
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If you are a member of an S corporation, you may protect yourself from
underpayment penalties by basing your payments on one of the exceptions
described in chapter 4, Tax withholding and estimated tax. Generally, an S
corporation must have its tax year-end on December 31. However, under certain
circumstances, an S corporation may operate on a fiscal year; that is, its tax year
may end on a date other than December 31. Your return should include all S
corporation income for its ...

Structuring Venture Capital

Author: Jack S. Levin
Publisher: Wolters Kluwer Law & Business
ISBN: 145487242X
Size: 33.98 MB
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Hence Newco S generally distributes cash to its shareholders equal to 39.6% of
its OI plus 20% of its LTCG and QDI (plus an additional amount to cover state
income tax). Indeed, a minority Scorp shareholder would be well advised to seek
a mandatory distribution agreement with the S corp requiring the S corp
periodically to make distributions to all shareholders approximately equal to the
income tax liabilities attributable to S corp stock ownership (generally at a single
uniform rate ...

Lawyer S Desk Book

Author: Dana Shilling
Publisher: Wolters Kluwer Law & Business
ISBN: 1454857382
Size: 62.88 MB
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1.05 SUBCHAPTER S CORPORATIONS An S Corporation, although it is a
corporation (and therefore its stockholders are entitled to limited liability
protection), is taxed by and large as a corporation. It is a pass-through entity, and
in most instances, there will be no tax at the corporate level (see §4.12[A] for the
exceptions). See Code §§311 and 1366–1368, and §4.12[A] of this volume, for S
Corporation taxation. As originally drafted, Subchapter S permitted only 75
shareholders, and ...

J K Lasser S Small Business Taxes 2016

Author: Barbara Weltman
Publisher: John Wiley & Sons
ISBN: 111914390X
Size: 40.80 MB
Format: PDF, Docs
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For example, items considered to be portfolio incomeincome other than that
derived in the ordinary course of business—are separately stated items. If the
partnership or LLC passes through losses to the partners and members, they
may be able to claim an NOL deduction on their personal returns. Refer to the
earlier discussion of “Self-Employed.” S Corporations Operating income of an
Scorporation is reported on Form 1120S, U.S. Income Tax Return for an S
Corporation ...

South Western Federal Taxation 2017 Corporations Partnerships Estates And Trusts

Author: William H. Hoffman
Publisher: Cengage Learning
ISBN: 1305874331
Size: 52.10 MB
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For 2016, the tax form he receives from HJ (Schedule K–1 of Form 1065) shows
business income of $40,000. During 2016, Henry received a $10,000 distribution
from HJ. a. How much must Henry report on his Form 1040 from HJ for 2016? b.
How would your answer change if HJ were instead an S corporation? 33. LO.5
Roscoe contributes a personal use asset with an adjusted basis of $15,000 and a
fair market value of $28,000 on the contribution date. Determine if any gain or
loss ...

Income Tax Fundamentals 2017

Author: Gerald E. Whittenburg
Publisher: Cengage Learning
ISBN: 1305872738
Size: 65.76 MB
Format: PDF, Kindle
View: 2823
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The corporation does not qualify for any of the relief provisions for late S
corporation elections for the 2016 tax year. The corporation is not an S
corporation until the 2017 tax year; it is a regular C corporation for 2016. ♢ After
electing S corporation status, the corporation retains the status until the election
is voluntarily revoked or statutorily terminated. If the corporation ceases to qualify
as an Scorporation (e.g., it has 102 shareholders in 2016), the election is
statutorily terminated. Also ...