Liquidation of S Corporations: Mastering Tax Implications of Liquidating Distributions
Case Study on Planning, Calculations, and Property Dispositions
Recording of a 110-minute CPE webinar with Q&A
This course will delve into a case study on the planning, tax calculations, property dispositions and dissolution filings required to liquidate an S corporation. The panel will provide a briefing on the general rules stated in IRC Section 1371 tying liquidation rules back to those applying to C Corps, detailing the gain/loss on distributions in exchange for stock, and outline two-three scenarios illustrating the rules in action.
- Rules for sale or other distribution of assets in connection with liquidation of an S corporation
- Tax issues regarding character and timing arising from common transactions in a dissolution or liquidation
- Case study illustrating liquidation of S Corp
The panel will discuss these and other key issues:
- What are the rules for recognizing income and losses in year of liquidation of the S corporation?
- How does the S corporation report liquidating distributions of installment receivables and other property?
- How do the S corporation and the shareholders report distributions of encumbered property, including situations where the debt exceeds the value of the asset distributed?
- What are the ramifications to shareholders after liquidation regarding basis, payment of claims against the corporation and transferee liability?
Robert W. Jamison, CPA
Professor Emeritus, Accounting
Indian University, Kelly School of Business
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His... | Read More
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is a regular contributor to Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and to other professional organizations. He is a member of the AICPA S Corporation Technical Resource Panel. He consults on S corporation and other business entity problems and has secured letter rulings from the IRS.Close
Leslie Ellen Boyd, CPA, MST
Managing Principal of Tax
Ms. Boyd has experience with C corporation, S corporation, partnership, and individual income taxation, and has... | Read More
Ms. Boyd has experience with C corporation, S corporation, partnership, and individual income taxation, and has significant experience with tax provision preparation and documentation of tax positions. She co-authored a CPE seminar on partnership taxation, focusing on the effects of sales, exchanges, and distributions on partner basis adjustments.Close
Ms. Wilson concentrates her practice on federal tax planning and structuring and represents clients in a wide variety... | Read More
Ms. Wilson concentrates her practice on federal tax planning and structuring and represents clients in a wide variety of complex federal tax matters, with a particular emphasis on pass-through entities such as partnerships, S corporations and real estate investment trusts. Specifically, she focuses on advising clients on the formation, operation, acquisition and restructuring of pass-through entities.Close