Class 7a S Corp Intro

Class 7a S Corp Intro - S Corporations - Intro Taxation of...

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Unformatted text preview: S Corporations - Intro Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA What is an S Corporation? What is an S Corporation? A hybrid of a Partnership and a Corporation Pass-through Tax Reporting with certain Corporate characteristics such as: limited liability protection from creditors S corporations are still corporations for legal purposes Owners receive the benefits of limited liability, ability to raise capital (within limits), etc... Subchapter S I ssues Subchapter S I ssues An S corporation is a tax reporting entity(rather than tax-paying) Tax liability may still arise at the entity level for: Built-in gains tax, or Passive investment income penalty tax Files Form 1120S by March 15 th for Calendar year taxpayers. C12-3 Taxable I ncome Taxable I ncome Taxation resembles partnership taxation Certain items (primarily business income and certain expenses) are accumulated and passed through to shareholders Other items are separately stated and each item is passed through to shareholders C12-4 Subchapter S I ssues Subchapter S I ssues An S corporation is not subject to the following taxes: Corporate income tax Accumulated earnings tax Personal holding company tax Corporate alternative minimum tax C12-5 Why Elect S Corp Status?Why Elect S Corp Status?...
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 7a S Corp Intro - S Corporations - Intro Taxation of...

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