Recognize the immediate and long term tax consequences of making or not making a QSUB election.Identify situations where the QSUB election can be made.Analyze the result of the "deemed liquidation" including unusual facts which can create complications.Discuss situations where the election could be desirable or undesirable.Explain the tax compliance requirements necessary to successfully make the QSUB election.Understand tax consequences of termination of QSUB election Highlights
Consider the factors that determine whether a QSUB election should be made. Discuss topics covering both immediate and long-term tax consequences and the process necessary to make the election.If an S corporation owns 100% of the stock of another corporation, the tax consequences of the operation of the subsidiary will depend on whether the S corporation makes a 'qualified subchapter S subsidiary election' (QSUB election). We'll examine the tax compliance requirementsnecessary to successfully make the QSUB election.
Registration
PICPA Member: $37 Nonmember: $50
More Information
Course No.
4203333A
Level:
Overview
Prerequisites:
Understanding the basics of the taxation of corporations, and S corporations.
Notes
None
Speaker(s)
John McWilliams
California Society of CPAs
John McWilliams, CPA, JD is
Professor of Accounting at Golden Gate University. Previously he was a
Professor of Accounting at San Francisco State University. He began his
career as a tax adviser with a Big Four CPA firm. For more than 30 years,
while teaching, he has been a tax adviser to lawyers and CPAs regarding
the tax matters of their clients. Areas of expertise include tax issues
related to buying and selling privately held businesses, financially
troubled businesses, business restructuring and reorganization and
ownership succession to employees or family members. Mr. McWilliams is
active in CalCPA, having served as president of the San Francisco Chapter,
chair of the Financial Literacy Initiative, a member of the CalCPA Board
of Directors serving as Vice Chair. He is currently a member of the
Taxation Committee, the Financial Literacy Committe, and the Accounting
Education Committee. He has served as a California representative to the
AICPA Council and is currently a member of the AICPA Financial Literacy
Commission. Mr McWilliams is author of two chapters of the CCH Expert
Treatise Library : Federal Taxation of Corporations &
Shareholders.