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
Course is unavailable for purchase.
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
12792