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Generally, S corporation distributions are treated as a nontaxable return of the shareholder's basis in the corporation stock. However, in certain cases, part of the distributions may be taxable as a dividend, or as a long-term or short-term capital gain, or as both. Determining the tax consequences of an S corporation's distributions to its shareholders requires a combination of corporate- and shareholder-level accounting. First, the corporation must determine the source of the distribution and report this information to its shareholders. Second, the shareholders must determine whether non-dividend distributions should be treated as a tax-free return of stock basis or as taxable gain from the sale or exchange of stock. In addition, two sets of rules determine the tax treatment of distributions to S corporation shareholders. One set applies if the S corporation making the distribution has no accumulated earnings and profits, and the other set applies if the S corporation possesses them. These two sets of rules provide different steps to be taken to determine the tax treatment of cash and other property distributions to shareholders.
Presented by S corporation guru, Robert W. Jamison, Ph.D., CPA, this two-hour webinar will provide a practical review of the tax treatment of S corporation distributions and help you develop the skills necessary to work out reasonable solutions to common S corporation distribution situations. When Subchapter S is silent, the rules of Subchapter C govern. As important as the distribution rules of Subchapter S may be, they do not encompass all of the problems that an S corporation may face. Consequently, Professor Jamison, the author of the S Corporation Taxation treatise published by CCH, will also refer to the relevant Subchapter C rules during his discussion to help you fully understand the tax treatment of a distribution by an S corporation.
All professionals in public practice and in industry involved with S corporation tax planning and compliance matters will benefit from this helpful seminar. Course materials will include a comprehensive and detailed reference materials prepared by Professor Jamison that will serve as a handy desk reference for future study and review. These materials will include valuable appendix resources - Basis Ordering Rules with Nondeductible Expenses; Ordering of Losses, Deductions and Nondeductible Expenses; and Basis Rules: Excess Losses and Charitable Contributions. Time will be provided for you to ask questions directly to our distinguished presenter via phone or e-mail during the program.
- Gain practical understanding of fundamental S corporation distribution concepts and rules
- Understand the most common distribution-related problems
- Discuss the potential opportunities available to taxpayers to avoid distribution problems
Who Should Attend?
Public practice tax partners, managers, and staff; CPAs; enrolled agents; tax return preparers; tax attorneys; and other business and financial advisors working with S corporations and S shareholder clients; industry tax staff responsible for S corporation tax compliance and planning matters
- Each registered site will also get a complimentary copy of CCH's Journal of Passthrough Entities
Register today for this convenient program on Tuesday, August 2 at 1 PM Eastern, Noon Central; 11 AM Mountain; 10 AM Pacific.
About the Speaker:
|Robert W. Jamison, Ph.D., CPA |
Robert Jamison is Professor of Accounting at Indiana University in Indianapolis. His principal teaching activities are concentrated in Master's Degree Taxation Courses. He specializes in taxation of closely held businesses, primarily S corporations. In addition to his university responsibilities, he is the author of S Corporation Taxation. Mr. Jamison is a contributing author of the Cengage Taxation Textbook Series and is a frequent chapter author for the Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook. His professional experience has included employment with Arthur Young, Ernst & Young, San Diego State University, Portland State University, University of Illinois, and Ohio University, where he was Director of the School of Accountancy. Mr. Jamison's articles have appeared in Practical Tax Strategies, The Tax Adviser, Journal of Legal Tax Research, Journal of Pass-Through Entities, Journal of Accountancy, and various other publications. He has taught many professional education programs for national and local accounting firms, the AICPA, and various universities. He received his Ph.D. in Accounting from The University of Texas at Austin. He earned an M.B.A. from Portland State University, and he has a bachelor's degree in Economics from DePauw University.
You may also be interested in archive recordings of these past CCH Seminars:
- Two hours CPE credit. One free CPE certificate for one person is provided with each site registration. CPE certificates are available for $25 each for each additional person wishing to receive CPE credit for their participation
- Course Level: Intermediate
- Prerequisite: Basic knowledge of federal taxation of S corporations
- NASBA Field of Study: Taxes
- CFP Credits: This course has been submitted for registration with the CFP Board
- Learn More About CCH’s NASBA Registration
Firms registering for this seminar will receive as a bonus the following publication: A complimentary gift copy of CCH's Journal of Passthrough Entities
If you are unable to attend this upcoming event and would like to order a recording—or if you would like to order recordings of past CCH Seminars, please visit the CCH Seminar Archive Library today.
(Note: CPE credit is not available for the CD version of the presentation.)
If for any reason you are not completely satisfied with this program, we will provide a full refund — no questions asked!
Register Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!