December 1, 2021 11:00am – 1:00pm Map & Directions 602-252-4144

Webcast: S Corporations: Built-in Gain Tax

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Description

When an existing corporation considers making the S corporation election, the potential corporate-level 'built-in gain tax' (IRC 1374) is often the most important tax cost to evaluate. Learn when and how the built-in gain tax is determined. Discuss topics that include the application of multiple 'limitations' on determining the tax and the potential use of existing corporate net operating losses and tax credits. Identify and evaluate tax planning ideas and strategies.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

10:30am

Fees

Member:
$75
Non-CPA Staff:
$101
Non-CPA Staff (100% club):
$75
Non-CPA Staff (sole proprietor):
$75
Non-Member:
$101
Webcast
Taxation
2

Objectives

  • Identify when the built-in gain tax could apply.
  • Calculate the built-in gain tax including the application of three "limitations."
  • Recognize the nature of the built-in gain tax, "current mandatory double taxation."
  • Recognize tax planning techniques to minimize or eliminate the built-in gain tax.

Course Level

Overview

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

CPAs and attorneys.

Prerequisites

Understanding the basics of the taxation of individuals, corporations, S corporations and partnerships.

Highlights

  • Identification of facts that could cause the imposition of the built-in gain tax
  • The calculation of the tax on "net recognized built-in gain" during the "recognition period"
  • The meaning of "current mandatory double tax"
  • The aggregate limitation based on "net unrealized built-in gain"
  • The limitation based on the "gain" that existed at conversion
  • The importance of valuation analysis at conversion
  • The taxable income limitation
  • Using existing corporate net operating losses and tax credits
  • Tax planning ideas and strategies to minimize or avoid the tax on the built-in gain

Notes

Executive/VP; C-Suite; Sole Practitioner; Board

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