Paper instructions:
“Imagine you were in an accounting firm and your supervisor asked you to write a memo on an appropriate tax topic to refresh his/her understanding of the issues involved.”
Paper should be 5 pages minimum, on the Topic of S corporations (U.S.)
About 2-3 Pages about S Corporations, it’s features, pro’s/cons of choosing S Corporation election as your business type.
Research 3 Court Cases that relate to S Corporations (Summary of the court cases) and write about 2 pages on the cases.
Last page is a conclusion of your own thoughts on the topic and if you would recommend S Corporation election and the reasons why.
Should include the appropriate Tax codes or tax regulation.
Should include the appropriate Tax codes or tax regulation.
I will include the 3 court cases. See attachment for more info.
on the case of world v us
Nonresident aliens cannot own stock in a small business corporation. Shareholders with nonresident alien spouses in community property states cannot own S corporation stock because the non resident alien spouse would be treated as owning half of the community property
Found 1 more. In the gilitz case the Supreme Court held that discharge of debt, even if it is excluded from the shareholder’s income, is an item that increases the basis of S corporation stock to its shareholders. The Supreme Court also ruled that the increase in the S corporation shareholders’ bases occurs before a reduction in the S corporation’s tax attributes.
http://www.ccim.com/cire-magazine/articles/s-corporation-shareholders-benefit-supreme-court-ruling
0 comments