US Income

S Corporations: Formation and Termination (730 - 2nd)

 

Portfolio Description

Tax Management Portfolio, S Corporations: Formation and Termination, No. 730-2nd, reviews the rules regarding the formation and termination of S corporations. It examines the eligibility requirements which need to be met and the mechanics of filing the S corporation election form and shareholder consents, including the procedures for filing late S corporation elections and late shareholder consents. It also discusses the various ways an S corporation election may be terminated -- either voluntarily or involuntarily -- and the mechanisms for obtaining relief for an inadvertent termination and for obtaining permission to re-elect to be an S corporation within five years of a termination.

The Portfolio provides practitioners with an analysis of the legislative history behind the S corporation Code provisions. The Portfolio also discusses current state and local taxation issues confronting S corporations. For additional discussion of S corporations, see 731 T.M., S Corporations: Operations.

This Portfolio may be cited as Starr, 730-2nd T.M., S Corporations: Formation and Termination.

Samuel P. Starr, PricewaterhouseCoopers, Washington, D.C., B.S., Pennsylvania State University; J.D., University of Virginia; LL.M. in Taxation, Georgetown University Law Center; member, AICPA, S Corporation Technical Resource Panel; former Chair, AICPA S Corporation Committee, and member of Partnership Tax Committee; former Co-Chair, ABA Tax Section Task Force on Taxable and Tax-Free Acquisitions Involving S Corporations; Adjunct Professor, Georgetown University Law Center; Member, Board of Advisors, Journal of Business Entities; Departmental Editor, Journal of Taxation; speaker and lecturer, various tax institutes.