Practical Guide to S Corporations (Fourth Edition) is written by noted practitioner, author and lecturer Michael Schlesinger. This new Fourth Edition contains extensive discussion of the changes brought about by the Pension Protection Act of 2006 and the Small Business and Work Opportunity Tax Act of 2007. It also covers Treasury regulations related to the Code Sec. 199 manufacturing deduction, as well as cases, rulings and pronouncements issued since the Third Edition.

Comprised of fifteen chapters, this book starts by considering the tax advantages of electing S corporation status. The middle chapters, Chapters 2-12, detail the operations of S corporations, discussing statutory requirements, taxpayers who qualify as shareholders, and considerations when converting a C corporation to S status. Chapter 13 provides a comparison of S corporations to other business entities such as limited liability companies, partnerships, and C corporations. Chapter 14 discusses S corporation subsidiaries, and Chapter 15 covers employee stock ownership plans (ESOPs) for S corporations.

The book also includes detailed reference material. The Index provides the best access to particular information, but the Contents in Detail can be used as a “second index” for quick entry into the topics. The Appendices supply sample language that can be used in practice, and the Case Table and Finding Lists compile all of the cases, statutes, rulings, and regulations documented throughout the chapters.

S corporations are the most popular business entity type, and this updated CCH resource helps practitioners understand and manage individual S corps election, compliance, tax, planning and life-cycle needs. It explains the merits and limitations of S corps in relation to other entity choices and provides clear and practical guidance. Readers will appreciate the Michael Schlesinger's real-world insights and crystal-clear analysis of even the most complex subjects.

Through its straight-forward explanations, generous examples and helpful pointers, Practical Guide to S Corporations provides quick-answers that time-burdened professionals value. Even the most experienced tax and legal professional will find clarity and helpful insight when a particular Code provision or Regulation causes confusion.

Topics and Contents

Tax Overview and Compliance

Elements of S Corporation Election and Timing

S Corporation Income and Expenses

Corporate Deductions and Expenses

S Corporation Income Taxes

Basis and Losses

S Corporations Distributions

Income and Estate Planning

Revocation, Termination, Redemption, Liquidations and Reorganizations

Comparison to Other Entities

Subsidiaries

S Corps and ESOPs, and More.

About the Author

Michael Schlesinger, J.D., LL.M., is an attorney who practices in San Diego and New York with more than 30 years of tax practice experience. He is the author of several books and numerous articles on taxation. He has also taught courses on business entities for 13 years at Pace University School of Law.