S Corporations: Qualification, Election and Termination Webinar

• Identify and discuss the requirements that must be satisfied to make the S corporation election.
• Recognize complications related to having trusts, estates, tax exempt and ESOP shareholders.
• Review and application of the one class of stock requirement to accomplish continued qualification.
• Determine tax planning ideas to accommodate economic participation by disqualified investors.
• Identify the process that must be followed to make the election, including when the election must be made and the consequences of a defective election.
• Recognize tax planning opportunities related to a voluntary termination.
• Identify the possible application of the inadvertent termination rule to avoid an unplanned termination.
• Recognize limitation on re-electing after a termination.

• Qualified shareholder requirement
• Trusts as shareholders
• Estates as shareholders
• Qualified tax exempt shareholders
• Tax planning ideas to accommodate economic investments by disqualified investors
• Special rules for counting number of shareholders
• One class of stock requirement
• Indirect preferences creating risk of failing one class of stock requirement
• Disqualified corporations
• Making an effective S corporation election
• Relief for late or defective elections
• Inadvertent termination relief for involuntary terminations
• Reasons for involuntary termination
• How to voluntarily revoke an S corporation election
• Why voluntarily revoke an S corporation election
• Tax planning related to a planned termination.
• Re-election after termination