Virtual
S Corporations: Built-in Gain Tax 2023
Date: July 25, 2023
Time: 10 a.m. – 12 p.m. PT
Member
$89.00
Nonmember
$119.00
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Overview
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.
Product Code
1000001608-119281
Credit Type
CPE: 2CPE-Technical: 2CTEC-TX: 2IRS-TX: 2MCLE: 1.5MCLE LS-TX: 1.5Intended Audience
CPAs and attorneys.
NASBA Field of Study
Taxes
Level of Difficulty
Overview
Prerequisites
Understanding the basics of the taxation of individuals, corporations, S corporations and partnerships.
Advance Preparation
None
Learning Objectives
Major Subjects
- 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
Faculty
Additional Details
This course was recorded on 3/25/2022. The instructor will be available via the chat feature to answer questions during the presentation.