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Table of Contents
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List of Forms by Chapter - Chapter 1 — Considerations In Electing S Corporation Status
- Chapter 2 — Electing S Corporation Status
- Chapter 3 — Operating and Maintaining the S Corporation
- Chapter Summary
- I. [3.1] Scope of Chapter
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II. Tax Consequences at the Corporate Level - [3.2] Effect of Election
- [3.3] Computation of Taxable Income
- [3.4] Elections of the S Corporation
- [3.5] Expenses Owed to Shareholders and Related Taxpayers
- [3.6] Earnings and Profits of S Corporations
- [3.7] Distributions of Appreciated Property
- [3.8] No Investment Tax Credit Recapture on Election
- [3.9] Carryforwards and Carrybacks
- [3.10] S Corporation as Shareholder of Regular Corporations
- [3.11] Certain Taxes Imposed at the Corporate Level
- [3.12] Passive Investment Income Rule and the “Sting” Tax
- [3.13] Corporations without accumulated earnings and profits
- [3.14] Corporations with accumulated earnings and profits
- [3.15] Tax Imposed by Internal Revenue Code §1374
- [3.16] Last-in, First-Out Recapture Tax
- [3.17] Information Returns and Tax Audits
- III. The S Corporation as a Conduit — Tax Consequences at the Shareholder Level
- [3.18] Conduit Aspects
- The Taxation Scheme of Subchapter S
- [3.19] Determination, Characterization, and Allocation of Shareholder Tax Items
- [3.20] “Taken into Account” and “Pro Rata Share”
- [3.21] The Mechanism for Passing Through the Character of Tax Items
- [3.22] Adjustments to Basis of Stock and Loans from Shareholders
- [3.23] Stock Basis Rules
- [3.24] Indebtedness Basis Rules
- [3.25] Deductibility of Deductions and Losses by Shareholder
- [3.26] Treatment of Distributions
- [3.27] Corporations Without Accumulated Earnings and Profits
- [3.28] Corporations with Accumulated Earnings and Profits
- [3.29] Elections Relating to the Source of Distributions
- [3.30] In-Kind Distributions
- IV. [3.31] Maximizing Use of Deductions and Losses
- V. [3.37] Distribution Planning
- VI. [3.40] Changes in Ownership
- VII. [3.44] Reorganizations Involving S Corporations
- VIII. [3.51] Compensating Employees of S Corporations
- IX. [3.54] Qualified Subchapter S Subsidiaries
- X. [3.55] Conclusion
- Chapter 4 — Passive Loss Rules: Application to an S Corporation and Its Shareholders
Authors
S Corporations 2026 Edition
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