Description
Adv Bus Cert Program: Convert Partnership to S-Corp – 2 CE Federal Tax
IRS Program #: X9QQU-T-01145-24-O
CTEC #: 6257-CE-0305
CE: 2 IRS and 2 CTEC credits
Speaker: David Woods, EA, USTCP
This program explores how a partnership for Federal tax purposes can choose to be treated as an S-Corporation for Federal tax purposes. Among the issues discussed will be the compliance aspects of each step of the process as well as the consequences of the decision. Specific attention will be paid to the real-world application of the code to decision with several examples used to demonstrate the process.
Learning Objectives:
- Determine when a partnership for tax purposes can be converted and classified as an S-corporation
- Walk through the process of “dissolving” the partnership and “forming” the S-corp
- Apply the rules for distributing assets and liabilities of a partnership to a partner
- Apply the rules for contributing assets and liabilities of a shareholder to a corporation
- Compare and contrast the various methods prescribed by the IRS for performing the conversion