• Course Information

    Title: Closely Held Corporations - Tax Planning
    Category: Taxation
    Field of Study: Taxes
    Course Code: T018-0110
    CPE Credits: 21.0
    Price: $112.95


This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 07/12/2018

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Chapter 1:     Business Forms & Characteristics
1. Specify the advantages and disadvantages of sole proprietorships including self-employed taxes and payment requirements and identify the characterization of sole proprietorship assets upon disposition.
2. Recognize partnerships and their advantages and disadvantages, identify partnerships taxation particularly the application of the passive loss (Section 469) and at-risk rules (Section 465), and determine correct partnership income or loss reporting stating the role of husband and wife partnerships and limited partnerships.
3. Identify the reporting requirements of estates, trusts and unincorporated associations, determine what constitutes a "corporation" for a subchapter S or a regular corporation, specify the characteristics of a personal service corporation and recognize the repeal of the alternative minimum tax for regular corporations.

Chapter 2:     Corporate Formation & Capitalization
1. Identify the transfer of money, property or both by prospective shareholders and the basic requirements associated with Section 351.
2. Recognize the requirements of Section 1244 and the small business stock exclusion, determine the differences between start-up and organizational expenses, and identify the elements of corporate tax recognition including the dangers of corporate ownership, and capital gains and losses stating dividends received treatment.
3. Specify the requirements for corporate charitable contributions, identify former Section 341 collapsible corporations, and determine how to avoid Section 541 status particularly as to personal service contracts.
4. Identify Section 531 status and determine accounting periods and methods available to corporations.
5. Specify methods for identifying inventory items including common methods of valuing inventory, and identify multiple corporation tax advantages, and the tax consequences of corporate liquidations and distributions.

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QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00086-14-S

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