CHAPTER 12 Notes - CHAPTER 12 NOTES TAX 4001 2011/2012...

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CHAPTER 12 NOTES TAX 4001 2011/2012
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Major Concepts Requirements to be a S Corporation Taxation of S Corporation Income Shareholder Loss Limitations Shareholder Basis Rules Allocation of Income and Loss Items
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Requirements to be a S Corporation Domestic Corporation 1 Class of Stock 100 Shareholder Limit Individuals, Estates, and Certain Trusts Object to have no shareholders with multiple owners Spouses, Ex Spouses, Lineal Ancestors and Lineal Descendents count as single shareholder No nonresident alien shareholders Election Required Form 2553 by end of preceding tax year or th
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Requirements to be a S Corporation (cont’d) Loss of S Corporation Status Failure to satisfy qualifying requirements 2d class of stock, non resident alien shareholder, etc. Majority of shareholders elect not to be treated as a S Corporation New shareholder with > 50% ownership refuses to consent to S Corporation status Fails Passive Income test (former C Corporations only) Re Election (5 year waiting period)
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This note was uploaded on 09/16/2011 for the course TAX 4001 taught by Professor Hampton,m during the Fall '08 term at University of Central Florida.

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CHAPTER 12 Notes - CHAPTER 12 NOTES TAX 4001 2011/2012...

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