Manage Client Liquidation Distributions in C Corp, S Corp and Partnership Scenarios
Liquidation and the ultimate dissolution of a client's business entity can be a significant task for any tax practitioner. It could be precipitated by your client profitably selling the assets of the entity or the entity's unit of ownership, or it could involve an entity with a failed activity, where the client has lost interest and moved on to other business opportunities. In either case, tax practitioners may find themselves handling the dissolution details with less than stellar cooperation from the client.
This session with taxation expert Vicki L. Mulak, EA, CFP®, will present the tools necessary to assist you in handling a business entity’s dissolution in either scenario. Vicki will discuss the dissolution details for C corporations, S corporations, LLCs filing as partnerships, and LLCs filing as corporations. You will learn specifically about Internal Revenue Code (IRC) Sections 1202 and 1244. Vicki will provide helpful examples of common scenarios with calculations and completed tax forms.
Increase competency with the liquidation and dissolution details of each business entity type
Learn how various IRC sections, such as Sections 1202 and 1244, impact liquidation profits and losses
Gain expertise in special forms involved in dissolutions
Learn how to treat the sale of “customer intangibles” like “goodwill”
Learn how the net investment income tax (NIIT) applies to sales of interests in flow-through entities
NASBA & IRS Category of Study: Taxes
Who Should Attend
This session will provide valuable assistance to:
Other tax professionals involved with S corporation tax returns and the tax returns of the S corporation’s shareholders
Vicki L. Mulak is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.