Unit 1 - Entity Classification

Unit 1 - Entity Classification - Entity Classification...

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Entity Classification
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Learning Objectives Understand the “check the box” rules unincorporated business entities Understand the rules for electing out of Subchapter K Understand the Entity vs. Aggregate Concept
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3 Check-the-Box Rules
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Check the Box Regs. § 301.7701-1 et seq. all "business entities" with two or more members are taxed either as partnerships or corporations. Eligible entities that are not corps. may choose to be taxed as P/S or Corps.
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What is a “Business Entity”? Emphasis is on Business activity Sharing of profits
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“Per Se” Corporations Entity organized under a Federal or State statute if the statute refers to the entity as a corporate body , joint stock ownership or similar type entity Association Insurance company
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Corporations Include Most Banks Business entities wholly owned by a State or political subdivision. Business entities taxable as corporations under any other provision Certain listed foreign entities
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Unit 1 - Entity Classification - Entity Classification...

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