S Corporation Answer Book

This quick-reference manual lets you help clients take full advantage of their S corporation status and minimize their taxes. It leads you directly to authoritative information on every aspect of the S corporation, enabling you to:

• Arm the S corporation against the potential tax traps hidden in the Small Business Tax Protection Act.
• Maximize the tax benefits of S corporation status.
• Make a qualified Subchapter S Subsidiary (QSub) election.
• Identify dispositions that will trigger the built-in gains tax.
• Avoid added tax liability or loss of S corporation status from passive investment income.
• Capitalize on the permissible differences in stock rights to facilitate estate planning and ownership transfers.
• Determine allocation of income, losses, and deductions in the termination year of the S corporation.

Plus, there are citations to the controlling rules, regulations, and court decisions that will save you hours of research.