Choice of Entity & Tax Issue Entity Formations: Part 2

Authored by Jennifer Kowal
About this Course
Topics covered include: Section 351; Tax Consequences of 351; S Corps Formation; Partnership Contributions; Effect of Debt on Gain; Formation of a Partnership- Contribution of Property; Contribution of Property- Effects of Liabilities; Contribution of Property- Partner's Basis in Partnership Interest; Partnership's Basis in Property; Comparison of Choice of Entity; Effects on Income Taxes and Other Considerations; C Corporation-Double Taxation; Example-Ordinary Income; Pass-Through-Single Taxation Example; Other Specialty Forms of Owernship; Consider Pass through of Losses; Outside Investors; Exit Strategy; Tax Distributions; Tax Complexity; Basis Step Up; Other LLC Advantages; Tax Cut and Jobs Act Effects on Choice of Entity Considerations; Lower Corporate Rate; 20% Pass-Through Deduction; Other Provisions; Factors to Consider under TCJA; Further Discussion of Entity Choice Under New Law. Upon completing this course, you should be able to: Describe the business advantages and disadvantages of using C corporations, S corporations, LLCs, partnerships and sole proprietorships; Identify the tax advantages and disadvantages of each entity type; Describe tax consequences to forming various types of entities; Differentiate IRC sections and how they apply; Describe tax consequences of a Section 351 exchange; Identify the formula for determining the aggregate basis in stock; Recognize tax consequence of a Section 351 transaction; Describe partner's basis in a partnership interest; Recognize characteristics of a real estate investment trust; Recognize which types of entities do not allow entity debt to count toward shareholder basis; Identify types of entities and the effects on income taxes; Identify an advantage to the Limited Liability Company structure; Identify the C Corporation Tax Rate as a result of the TCJA; Recognize statements with respect to net operating loss deduction and the impacts from the TCJA; Describe Revenue Rulings; Identify when a corporation recognizes no gain or loss when it acquires property; Differentiate IRS Sections; Describe the characteristics Section 721 (a) provides a partnership with; Identify why Section 731 partner does not recognize gain on a distribution unless cash exceeds; Recognize a partner's beginning basis in a partnership; Identify characteristics of joint ownership of property as opposed to an investment in a REIT; Differentiate types of investments are commonly issued by C Corporations with respect to venture capital investments; Identify exceptions to the 20% pass through deduction as a result of the TCJA; Identify the new state and local tax deduction limitation as a result of the TCJA; Recognize which tax provisions were repealed as a result of the TCJA.
$ 60.00
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NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
4.0
Prerequisites
Basic experience with choice of entity and tax issues involved in entity formations.
Last Updated
03/01/2018
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