Additional information
Credits | 12 |
---|---|
Format | On Demand |
Field of Study Department | Taxes |
CPE Approved | Yes |
IRS Approved | Yes |
Credits | 12 |
---|---|
Format | On Demand |
Field of Study Department | Taxes |
CPE Approved | Yes |
IRS Approved | Yes |
• Define a complete liquidation of a C corporation;
• Describe the tax consequences of a complete liquidation to a shareholder;
• Distinguish the tax consequences of a corporate loan to a shareholder from a shareholder loan to the corporation when the corporation completely liquidates;
• Explain how the discharge of indebtedness on liquidation affects the corporate debtor;
• Identify a plan of complete liquidation;
• Discuss how an installment sale of assets in connection with a complete liquidation is taxed;
• Analyze different techniques to avoid or defer gain on a complete liquidation; and
• Describe how a partial liquidation may be used as an alternative to a complete liquidation and its tax consequences to the corporation and the shareholders.
• Explain the circumstances when the redemption of S corporation stock is treated as a sale and the tax consequences of such treatment;
• Describe how income and loss is allocated to the shareholders in the year a shareholder’s stock is redeemed;
• Discuss how the redemption of S stock affects the income or loss, the accumulated adjustment account, and the C earnings and profits of the S corporation;
• Explain the tax consequences of a complete liquidation of an S corporation on the corporation and its shareholders;
• Discuss the use of an installment sale of assets in connection with the complete liquidation of an S corporation;
• Define a qualifying installment sale; and
• Identify the factors that must be considered in determining whether an S corporation should continue in existence or liquidate following the sale of its assets.
• Describe the general tax consequences to a partner on receiving a liquidating distribution with respect to the distribution, the timing, and amount of partnership income or loss in the year of the liquidation;
• Distinguish a §736(a) payment from a §736(b) payment;
• Identify hot assets and describe how they influence the taxation of a liquidating distribution;
• Discuss the tax consequences when a partnership debt is distributed to debtor-partners and the effects of a discharge of partnership indebtedness implicated on the liquidation of a partnership interest;
• Explain the special problems associated with distributions of property subject to depreciation recapture and of property that is an installment-sale obligation;
• Identify two different partnership tax terminations; and
• Discuss the tax effects of a partnership termination on capital accounts, contributed property, distributed property, noncontributing partners, distributions to contributing partners, the optional basis adjustment available, and the partnership’s taxable year.
• List the requirements to qualify a subsidiary liquidation under §332 and §337;
• Explain the tax consequences to a parent corporation and to the liquidating subsidiary;
• Describe the issues with respect to the debt of a parent to a subsidiary and the debt of a subsidiary to a parent in a complete liquidation;
• Discuss the computation of basis of assets distributed in a subsidiary liquidation including one that was preceded by a §338 election;
• Explain the carryover or adjustment of tax attributes in a complete liquidation of a subsidiary into a parent corporation;
• Describe the tax problems when the liquidating subsidiary is a member of a consolidated group that includes the parent;
• Define excess loss accounts and their relationship to basis; and
• Discuss the tax consequences of a disposition of subsidiary stock, distributions made by the subsidiary to a parent, and intercompany transactions.
This course was very helpful and I have already found myself using what I learned to prepare, sort, and filter tables in Excel.
Excel: Audit & Analytical Uses for Filters & Tables (AUMC)
Excel: Audit & Analytical Uses for Filters & Tables (AUMC)
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